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Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.	Description of Business

Bassett Furniture Industries, Incorporated (together with its consolidated subsidiaries, “Bassett”, “we”, “our”, the “Company”) based in Bassett, Virginia, is a leading manufacturer, marketer and retailer of branded home furnishings. Bassett’s full range of furniture products and accessories, designed to provide quality, style and value, are sold through an exclusive nation - wide network of

retail stores known as Bassett Home Furnishings (referred to as “BHF”). Of the

stores, the Company owns and operates

stores (“Company - owned retail stores”) with the other

being independently owned (“licensee operated”). We also distribute our products through other multi - line furniture stores, many of which feature Bassett galleries or design centers, specialty stores and mass merchants.

We sourced approximately

31%

of our wholesale products from various countries, with the remaining volume produced at our

four

domestic manufacturing facilities.

Zenith Acquisition

Prior to

February

2015

we held a

49%

interest in Zenith Freight Lines, LLC (“Zenith”) for which we used the equity method of accounting. On

February

2015

we acquired the remaining

51%

ownership interest (see Note

Business Combinations). Zenith provides over - the - road transportation of furniture, operates regional freight terminals, warehouse and distribution facilities in

twelve

states, and manages various home delivery facilities that service BHF stores and other clients in local markets around the United States. With the acquisition of Zenith, we established our logistical services operating segment.

Note 2 - Significant Accounting Policies

12 Months Ended

Nov. 26, 2016

Significant Accounting Policies [Text Block]

Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Our fiscal year ends on the last Saturday in

November,

which periodically results in a

- week year. Fiscal

2016,

2015

and

2014

each contained

weeks. The Consolidated Financial Statements include the accounts of Bassett Furniture Industries, Incorporated and our majority - owned subsidiaries in which we have a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. Accordingly, the results of Zenith have been consolidated with our results since the date of the acquisition. Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated, and Zenith’s operating costs and expenses since the date of acquisition are included in selling, general and administrative expenses in our condensed consolidated statements of net income. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Unless otherwise indicated, references in the Consolidated Financial Statements to fiscal

2016,

2015

and

2014

are to Bassett's fiscal year ended

November

26,

2016,

November

28,

2015

and

November

29,

2014,

respectively. References to the “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP.

For comparative purposes, certain amounts in the

2015

and

2014

financial statements have been reclassified to conform to the

2016

presentation. See “Recent Accounting Pronouncements” below regarding the impact of our adoption of Accounting Standards Update

2016

upon the classification of excess tax benefits from stock - based compensation in our consolidated statements of cash flows.

The equity method of accounting was used for our investment in Zenith prior to the date of acquisition because we exercised significant influence but did not maintain a controlling interest. Consolidated net income includes our proportionate share of the net income or net loss of Zenith prior to the date of the acquisition.

We analyzed our licensees under the requirements for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note

for disclosure of leases and lease guarantees. Based on financial projections and best available information, all licensees have sufficient equity to carry out their principal operating activities without subordinated financial support. Furthermore, we believe that the power to direct the activities that most significantly impact the licensees’ operating performance continues to lie with the ownership of the licensee dealers. Our rights to assume control over or otherwise influence the licensees’ significant activities only exist pursuant to our license and security agreements and are in the nature of protective rights as contemplated under ASC Topic

810.

We completed our assessment for other potential VIEs, and concluded that there were none. We will continue to reassess the status of potential VIEs including when facts and circumstances surrounding each potential VIE change.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, valuation of income tax reserves, lease guarantees, insurance reserves and assumptions related to our post - employment benefit obligations. Actual results could differ from those estimates.

Revenue Recognition

Revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. This occurs upon the shipment of goods to independent dealers or, in the case of Company - owned retail stores, upon delivery to the customer. We offer terms varying from

days for wholesale customers. For retail sales, we typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled.

Estimates for returns and allowances have been recorded as a reduction to revenue. The contracts with our licensee store owners do not provide for any royalty or license fee to be paid to us. Revenue is reported net of any taxes collected. For our logistical services segment, line - haul freight revenue and home delivery revenue are recognized upon the completion of delivery to the destination. Warehousing services revenue is based upon warehouse space occupied by a customer’s goods and inventory movements in and out of a warehouse and is recognized as such services are provided.

Staff Accounting Bulletin No.

104,

Revenue Recognition

(“SAB

104”)

outlines the

four

basic criteria for recognizing revenue as follows:

(1)

persuasive evidence of an arrangement exists,

(2)

delivery has occurred or services have been rendered,

(3)

the seller’s price to the buyer is fixed or determinable, and

(4)

collectability is reasonably assured. SAB

104

further asserts that if collectability of all or a portion of the revenue is not reasonably assured, revenue recognition should be deferred until payment is received. During fiscal

2016,

2015

and

2014,

there were no dealers for which these criteria were not met.

Cash Equivalents

The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of

three

months or less to be cash and cash equivalents. Our short - term investments, which consist of certificates of deposit, are not considered cash equivalents since they have original maturities of greater than

three

months.

Accounts Receivable

Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectibility of accounts receivable based on historical experience and current economic trends. Actual losses could differ from those estimates.

Concentrations of Credit Risk and Major Customers

Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At

November

26,

2016

and

November

28,

2015,

our aggregate exposure from receivables and guarantees related to customers consisted of the following:

	2016		2015
Accounts receivable, net of allowances (Note 5)	$	18,358	$	21,197
Notes receivable, net of allowances		10		10
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17)		1,865		2,441
Total credit risk exposure related to customers	$	20,233	$	23,648

November

26,

2016,

approximately

30%

of the aggregate risk exposure, net of reserves, shown above was attributable to

four

customers. At

November

28,

2015,

approximately

26%

of the aggregate risk exposure, net of reserves, shown above was attributable to

three

customers. In fiscal

2016,

2015

and

2014,

customer accounted for more than

10%

of total consolidated net sales. However,

one

customer accounted for approximately

36%

and

26%

of our consolidated revenue from logistical services during

2016

and

2015,

respectively.

We have no foreign manufacturing or retail operations. We define export sales as sales to any country or territory other than the United States or its territories or possessions. Our export sales were approximately

$3,607,

$4,516,

and

$4,774

in fiscal

2016,

2015,

and

2014,

respectively. All of our export sales are invoiced and settled in U.S. dollars.

Inventories

Inventories (retail merchandise, finished goods, work in process and raw materials) are stated at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the last - in,

first

- out (“LIFO”) method because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories is determined on a

first

- in,

first

- out (“FIFO”) basis. Inventories accounted for under the LIFO method represented

53%

and

43%

of total inventory before reserves at

November

26,

2016

and

November

28,

2015,

respectively. We estimate inventory reserves for excess quantities and obsolete items based on specific identification and historical write - offs, taking into account future demand and market conditions. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write - downs

may

be required.

Property and Equipment

Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company - owned retail operations, our logistical services operations, and corporate administration. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight - line method. Buildings and improvements are generally depreciated over a period of

years. Machinery and equipment are generally depreciated over a period of

years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter.

Retail Real Estate

Retail real estate is comprised of owned and leased properties which have been utilized by licensee operated BHF stores, including properties which are now leased or subleased to non - licensee

tenants.

These properties are located in high traffic, upscale locations that are normally occupied by large successful national retailers. This real estate is stated at cost less accumulated depreciation and is depreciated over the useful lives of the respective assets utilizing the straight line method. Buildings and improvements are generally depreciated over a period of

years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter. As of both

November

26,

2016

and

November

28,

2015,

the cost of retail real estate included land totaling

$990

and building and leasehold improvements of

6,178.

As of

November

26,

2016

and

November

28,

2015,

accumulated depreciation of retail real estate was

$4,311

and

$4,160,

respectively. The net book value of our retail real estate is included in other long - term assets in our consolidated balance sheets. Depreciation expense was

$152,

$184,

and

$400

in fiscal

2016,

2015,

and

2014,

respectively, and is included in other loss, net, in our consolidated statements of income.

During the year ended

November

28,

2015

we closed on the sale of our retail real estate investment property located in Sugarland, Texas and received cash in the amount of

$2,835.

During fiscal

2015

we recognized a non - cash charge of

$182

to write down the carrying value of the Sugarland real estate to the selling price.

During the year ended

November

29,

2014

we received proceeds from the disposition of retail real estate totaling

$5,157.

During the

first

quarter of fiscal

2014

we received

$1,407

from the sale of our retail real estate investment property in Henderson, Nevada. During the

third

quarter of fiscal

2014

we received net proceeds in the amount of

$3,750

from the sale of our retail real estate investment property located in Denver, Colorado. There were no material gains or losses associated with these dispositions during fiscal

2014.

The fiscal

2015

and

2014

sales proceeds described above are included in proceeds from sales of property and equipment in the accompanying consolidated statements of cash flows. The fiscal

2015

impairment charges described above are included in other loss, net, in our consolidated statements of income.

Goodwill

Goodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wood, Upholstery, Retail or Logistical Services. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired.

In accordance with ASC Topic

350,

Intangibles – Goodwill & Other

the goodwill impairment test consists of a

two

- step process, if necessary. However, we

first

assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the

two

- step goodwill impairment test described in ASC Topic

350.

The more likely than not threshold is defined as having a likelihood of more than

percent. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the

two

- step impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the

two

- step process.

Based on our qualitative assessment as described above, we have concluded that our goodwill is not impaired as of

November

26,

2016.

The

first

step compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, the

second

step is performed whereby we must calculate the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets of the reporting unit from the fair value of the reporting unit. This

second

step represents a hypothetical application of the acquisition method of accounting as if we had acquired the reporting unit on that date. Our impairment methodology uses a discounted cash flow analysis requiring certain assumptions and estimates to be made regarding future profitability of the reporting unit and industry economic factors. While we believe such assumptions and estimates are reasonable, the actual results

may

differ materially from the projected amounts.

Other Intangible Assets

Intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized but are tested for impairment annually or between annual tests when an impairment indicator exists. The recoverability of indefinite - lived intangible assets is assessed by comparison of the carrying value of the asset to its estimated fair value. If we determine that the carrying value of the asset exceeds its estimated fair value, an impairment loss equal to the excess would be recorded.

Definite - lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts

may

not be recoverable. We estimate the useful lives of our intangible assets and ratably amortize the value over the estimated useful lives of those assets. If the estimates of the useful lives should change, we will amortize the remaining book value over the remaining useful lives or, if an asset is deemed to be impaired, a write - down of the value of the asset

may

be required at such time.

Impairment of Long Lived Assets

We periodically evaluate whether events or circumstances have occurred that indicate long - lived assets

may

not be recoverable or that the remaining useful life

may

warrant revision. When such events or circumstances are present, we assess the recoverability of long - lived assets by determining whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use and eventual disposition of the asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on discounted cash flows or appraised values depending on the nature of the assets. The long - term nature of these assets requires the estimation of cash inflows and outflows several years into the future.

When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all

tenant

improvements which are only suitable for use in such a store.

Income Taxes

We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We

may

adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority or our tax advisors, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified.

We evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. See Note

11.

New Store Pre - Opening Costs

Income (loss) from operations for fiscal

2016,

2015

and

2014

includes new store pre - opening costs of

$1,148,

$623

and

$1,217,

respectively. Such costs consist of expenses incurred at the new store location during the period prior to its opening and include, among other things, facility occupancy costs such as rent and utilities and local store personnel costs related to pre - opening activities including training. New store pre - opening costs do not include costs which are capitalized in accordance with our property and equipment capitalization policies, such as leasehold improvements and store fixtures and equipment. Such capitalized costs associated with new stores are depreciated commencing with the opening of the store. There are no pre - opening costs associated with stores acquired from licensees, as such locations were already in operation at the time of their acquisition.

Shipping and Handling Costs

Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled

$18,451,

$18,624,

and

$16,162

for fiscal

2016,

2015

and

2014,

respectively. Costs incurred to deliver retail merchandise to customers are also recorded in selling, general and administrative expense and totaled

$15,946,

$15,383,

and

$12,844

for fiscal

2016,

2015

and

2014,

respectively.

Advertising

Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled

$16,688,

$16,228,

and

$15,614

in fiscal

2016,

2015,

and

2014,

respectively.

Insurance Reserves

We have self - funded insurance programs in place to cover workers’ compensation and health insurance. These insurance programs are subject to various stop - loss limitations. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which

may

not be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns.

Supplemental Cash Flow Information

In connection with our acquisition of Zenith, non - cash financing activities during fiscal

2015

included the issuance of

89,485

shares of our common stock valued at

$1,675,

and the issuance of a note payable with a discounted fair value of

$8,436.

See Note

for additional information regarding the fair value of the consideration given for the acquisition of Zenith. There were no material non - cash investing or financing activities during fiscal

2016

2014.

Recent Accounting Pronouncements

Adoption of Accounting Standards Update

2016

March

2016,

the FASB issued Accounting Standards Update No.

2016

09,

Compensation – Stock Compensation (Topic

718):

Improvements to Employee Share - Based Payment Accounting

(ASU

2016

09).

While the effective date of ASU

2016

is for fiscal years beginning after

December

15,

2016,

earlier adoption is permitted and we adopted the amendments in ASU

2016

during the

second

quarter of fiscal

2016.

This standard simplifies or clarifies several aspects of the accounting for equity - based payment awards, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Certain of these changes are required to be applied retrospectively, while other changes are required to be applied prospectively.

The impact of early adoption resulted in the following:

•

We recorded

$87

of tax benefits within income tax expense for the year ended

November

26,

2016

related to the excess tax benefit on stock based compensation. Prior to adoption this amount would have been recorded as additional paid - in capital. This change could create future volatility in our effective tax rate depending upon the amount of exercise or vesting activity from our stock based awards.

•

We elected to recognize forfeitures as they occur. There was no cumulative effect adjustment as a result of the adoption of this amendment on a modified retrospective basis.

•

We elected to apply the change in classification of cash flows resulting from excess tax benefits or deficiencies on a retrospective basis. Accordingly,

$1,998

and

$300

of excess tax benefits previously reported as a cash flow provided by financing activities during the years ended

November

28,

2015

and

November

29,

2014,

respectively, has been reclassified to be included in cash flows provided by operating activities.

•

We excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of our diluted earnings per share for the year ended

November

26,

2016.

The effect of this change on our diluted earnings per share was not significant.

•

ASU

2016

also requires the presentation of employee taxes paid by the Company through the withholding of shares as a financing activity on the statement of cash flows, which is where we had previously reclassified these items.

There were no other material impacts to our consolidated financial statements as a result of adopting this updated standard.

Recent Pronouncements Not Yet Adopted

May

2014,

the FASB issued Accounting Standards Update No.

2014

(ASU

2014

09),

which creates ASC Topic

606,

Revenue from Contracts with Customers

, and supersedes the revenue recognition requirements in Topic

605,

Revenue Recognition, including most industry - specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU

2014

supersedes the cost guidance in Subtopic

605

35,

Revenue Recognition—Construction - Type and Production - Type Contracts, and creates new Subtopic

340

40,

Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic

606

is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between

two

transition methods:

(1)

a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or

(2)

a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. In addition, during

2016

the FASB has issued ASU

2016

08,

ASU

2016

and ASU

2016

12,

all of which clarify certain implementation guidance within ASU

2014

09,

and ASU

2016

11,

which rescinds certain SEC guidance within the ASC effective upon an entity’s adoption of ASU

2014

09.

The amendments in ASU

2014

are effective for annual reporting periods beginning after

December

15,

2017,

including interim periods within that reporting period, and early application is not permitted. Therefore the amendments in ASU

2014

will become effective for us as of the beginning of our

2019

fiscal year. We are currently evaluating the impact that the adoption of ASU

2014

will have on our consolidated financial statements and have not made any decision on the method of adoption.

July

2015,

the FASB issued Accounting Standards Update No.

2015

11,

Inventory (Topic

330):

Simplifying the Measurement of Inventory

. ASU

2015

requires that inventory within the scope of this Update be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in this Update do not apply to inventory that is measured using last - in,

first

- out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using

first

- in,

first

- out (FIFO) or average cost. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after

December

15,

2016.

Early adoption is permitted. Therefore the amendments in ASU

2015

will become effective for us as of the beginning of our

2018

fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.

July

2015,

the FASB issued Accounting Standards Update No.

2015

16,

Business Combinations (Topic

805):

Simplifying the Accounting for Measurement Period Adjustments

. ASU

2015

requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Any current period adjustments to provisional amounts that would have impacted a prior period’s earnings had they been recognized at the acquisition date are required to be presented separately on the face of the income statement or disclosed in the notes. The amendments in this Update are effective for fiscal years beginning after

December

15,

2015,

including interim periods within those fiscal years.

The amendments in this Update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this Update with earlier application permitted for financial statements that have not been issued. Therefore the amendments in ASU

2015

will become effective for us as of the beginning of our

2017

fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.

January

2016,

the FASB issued Accounting Standards Update No.

2016

01,

Financial Instruments - Overall (Subtopic

825

10):

Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

requires that equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are to be measured at fair value with changes in fair value recognized in net income. However, an entity

may

choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Furthermore, equity investments without readily determinable fair values are to be assessed for impairment using a quantitative approach. The amendments in ASU

2016

should be applied by means of a cumulative - effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, with other amendments related specifically to equity securities without readily determinable fair values applied prospectively. The amendments in ASU

2016

will become effective for us as of the beginning of our

2019

fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.

February

2016,

the FASB issued Accounting Standards Update No.

2016

02,

Leases (Topic

842)

. The guidance in ASU

2016

requires that a lessee recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right - of - use asset representing its right to use the underlying asset for the lease term. For leases with a term of

months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. As with previous guidance, there continues to be a differentiation between finance leases and operating leases, however this distinction now primarily relates to differences in the manner of expense recognition over time and in the classification of lease payments in the statement of cash flows. Lease assets and liabilities arising from both finance and operating leases will be recognized in the statement of financial position. ASU

2016

leaves the accounting for leases by lessors largely unchanged from previous GAAP. The transitional guidance for adopting the requirements of ASU

2016

calls for a modified retrospective approach that includes a number of optional practical expedients that entities

may

elect to apply. The guidance in ASU

2016

will become effective for us as of the beginning of our

2020

fiscal year. We are currently evaluating the impact that the adoption of ASU

2016

will have on our consolidated financial statements, which we expect will have a material effect on our statement of financial position, and have not made any decision on the method of adoption with respect to the optional practical expedients.

August

2016,

the FASB issued Accounting Standards Update No.

2016

15,

Statement of Cash Flows (Topic

230):

Classification of Certain Cash Receipts and Cash Payments

. ASU

2016

addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows with the objective of reducing existing diversity in practice with respect to these items. Among the types of cash flows addressed are payments for costs related to debt prepayments or extinguishments, payments representing accreted interest on discounted debt, payments of contingent consideration after a business combination, proceeds from insurance claims and company - owned life insurance, and distributions from equity method investees, among others. The amendments in ASU

2016

are to be adopted retrospectively and will become effective for as at the beginning of our

2019

fiscal year. Early adoption, including adoption in an interim period, is permitted. The adoption of this guidance is not expected to have a material impact upon our presentation of cash flows.

Note 3 - Business Combination - Acquisition of Zenith

12 Months Ended

Nov. 26, 2016

Business Combination Disclosure [Text Block]

3.	Business Combination – Acquisition of Zenith

Prior to

February

2015

we held a

49%

interest in Zenith for which we used the equity method of accounting. Zenith provides domestic transportation and warehousing services primarily to furniture manufacturers and distributors and also provides home delivery services to furniture retailers. We historically have contracted with Zenith to provide substantially all of our domestic freight, transportation and warehousing needs for the wholesale business. In addition, Zenith provides home delivery services for many of our Company - owned retail stores. On

February

2015,

we acquired the remaining

51%

of Zenith in exchange for cash, Bassett common stock and a note payable with a total fair value of

$19,111.

The value of the Bassett common stock was based on the closing market price of our shares on the acquisition date, discounted for lack of marketability due to restrictions on the seller’s ability to transfer the shares. The restrictions on

one

half of the shares expired on the

first

anniversary of the acquisition, with the remainder expiring on the

second

anniversary. The note is payable in

three

annual installments of

$3,000

each which began

February

2016,

and has been discounted to its fair value as of the date of the acquisition based on our estimated borrowing rate.

The carrying value of our

49%

interest in Zenith prior to the acquisition was

$9,480

(see Note

Unconsolidated Affiliated Company). In connection with the acquisition, this investment was remeasured to a fair value of

$16,692

resulting in the recognition of a gain of

$7,212

during the year ended

November

28,

2015.

The impact of this gain upon our basic and diluted earnings per share for the year ended

November

28,

2015

is approximately

$0.41

net of the related tax expense. The remeasured fair value of our prior interest in Zenith was estimated based on the fair value of the consideration transferred to acquire the remaining

51%

of Zenith less an estimated control premium.

Under the acquisition method of accounting, the fair value of the consideration transferred along with the fair value of our previous

49%

interest in Zenith was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date with the remaining unallocated amount recorded as goodwill.

The total fair value of the acquired business was determined as follows:

Fair value of consideration transferred in exchange for 51% of Zenith:
Cash	$	9,000
Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share		1,675
Note payable		8,436
Total fair value of consideration transferred to seller		19,111
Less effective settlement of previous amounts payable to Zenith at acquisition		(3,622	)
Total fair value of consideration net of effective settlement		15,489
Fair value of Bassett's previous 49% interest in Zenith		16,692

Total fair value of acquired business	$	32,181

The allocation of the fair value of the acquired business is as follows:

Identifiable assets acquired:
Acquired cash and cash equivalents	$	1,677
Accounts receivable, net		3,399
Prepaid expenses and other current assets		496
Property and equipment		18,110
Other long-term assets		646
Intangible assets		6,362
Total identifiable assets acquired		30,690
Liabilities assumed:
Accounts payable and accrued liabilities		(4,038	)
Notes payable		(4,329	)
Total liabilities assumed		(8,367	)
Net identifiable assets acquired		22,323
Goodwill		9,858
Total net assets acquired	$	32,181

Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to tangible and intangible assets and liabilities. Approximately

$6,982

of the acquired goodwill is deductible for tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill were Zenith’s reputation for best - in - class, fully integrated logistical services which are uniquely tailored to the needs of the furniture industry, as well as their ability to provide expedited delivery service which is increasingly in demand in the furniture industry.

A portion of the fair value of consideration transferred has been assigned to identifiable intangible assets as follows:

	Useful Life
Description:	In Years		Fair Value

Customer relationships		15	$	3,038
Trade names	Indefinite			2,490
Technology - customized applications		7		834

Total acquired intangible assets			$	6,362

The finite - lived intangible assets are being amortized on a straight - line basis over their useful lives. The indefinite - lived intangible asset and goodwill are not amortized but will be tested for impairment annually or between annual tests if an indicator of impairment exists.

The fair values of consideration transferred and net assets acquired were determined using a combination of Level

and Level

inputs as specified in the fair value hierarchy in ASC

820,

Fair Value Measurements and Disclosures

. See Note

Acquisition costs related to the Zenith acquisition totaled

$209

during the year ended

November

28,

2015

and are included in selling, general and administrative expenses in the consolidated statements of income. The acquisition costs are primarily related to legal, accounting and valuation services.

The revenue and pre - tax profit of Zenith that is included in our consolidated statements of income for the years ended

November

26,

2016

and

November

28,

2015

is as follows:

Net sales and operating losses generated by acquired stores subsequent to acquisition:

	2016			2015 (1)

Zenith revenue (2)	$	54,842	$	43,522
Zenith pre-tax income	$	3,313		3,379

(1)

From date of acquisition,

February

2015.

(2)

Net of eliminated inter - company transactions, See Note

20.

The pro forma results of operations for the acquisition of Zenith have not been presented because they are not material to our consolidated results of operations.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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+ Details

Note 4 - Financial Instruments, Investments and Fair Value Measurements

12 Months Ended

Nov. 26, 2016

Fair Value Disclosures [Text Block]

4.	Financial Instruments, Investments and Fair Value Measurements

Financial Instruments

Our financial instruments include cash and cash equivalents, short - term investments in certificates of deposit, accounts receivable, cost method investments, accounts payable and long - term debt. Because of their short maturities, the carrying amounts of cash and cash equivalents, short - term investments in certificates of deposit, accounts receivable, and accounts payable approximate fair value. Our cost method investments generally involve entities for which it is not practical to determine fair values.

Investments

Our short - term investments of

23,125

at both

November

26,

2016

and

November

28,

2015

consisted of certificates of deposit (CDs) with original terms of

twelve

months, bearing interest at rates ranging from

0.28%

1.00%.

November

26,

2016,

the weighted average remaining time to maturity of the CDs was approximately

seven

months and the weighted average yield of the CDs was approximately

0.65%.

Each CD is placed with a Federally insured financial institution and all deposits are within Federal deposit insurance limits. As the CDs mature, we expect to reinvest them in CDs of similar maturities of up to

one

year. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short - term investments at

November

26,

2016

and

November

28,

2015

approximates their fair value.

Fair Value Measurement

The Company accounts for items measured at fair value in accordance with ASC Topic

820,

Fair Value Measurements and Disclosures

. ASC

820’s

valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC

820

classifies these inputs into the following hierarchy:

Level

Inputs

– Quoted prices for identical instruments in active markets.

Level

Inputs

– Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model - derived valuations whose inputs are observable or whose significant value drivers are observable.

Level

Inputs

– Instruments with primarily unobservable value drivers.

We believe that the carrying amounts of our current assets and current liabilities approximate fair value due to the short - term nature of these items. The recurring estimate of the fair value of our notes payable for disclosure purposes (see Note

10)

involves Level

inputs. Our primary non - recurring fair value estimates typically involve business acquisitions (Note

which involve a combination of Level

and Level

inputs, and asset impairments (Note

15)

which utilize Level

inputs.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Note 5 - Accounts Receivable

12 Months Ended

Nov. 26, 2016

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Accounts Receivable

Accounts receivable consists of the following:

	November 26, 2016			November 28, 2015
Gross accounts receivable	$	19,157		$	22,372
Allowance for doubtful accounts		(799	)		(1,175	)
Net accounts receivable	$	18,358		$	21,197

Activity in the allowance for doubtful accounts was as follows:

	2016			2015

Balance, beginning of the year	$	1,175		$	1,249
Acquired allowance on accounts receivable (Note 3)		-			209
Reductions to allowance, net		(376	)		(283	)
Balance, end of the year	$	799		$	1,175

We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level

as specified in the fair value hierarchy in ASC Topic

820,

Fair Value Measurements and Disclosures

. See Note

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

Note 6 - Inventories

12 Months Ended

Nov. 26, 2016

Inventory Disclosure [Text Block]

Inventories

Inventories consist of the following:

	November 26, 2016			November 28, 2015
Wholesale finished goods	$	24,392		$	31,253
Work in process		369			318
Raw materials and supplies		11,343			9,793
Retail merchandise		26,265			27,680
Total inventories on first-in, first-out method		62,369			69,044
LIFO adjustment		(7,804	)		(7,751	)
Reserve for excess and obsolete inventory		(1,350	)		(1,397	)
	$	53,215		$	59,896

We source a significant amount of our wholesale product from other countries. During

2016,

2015

and

2014,

purchases from our

two

largest vendors located in Vietnam and China were

$19,128,

$25,190

and

$26,707

respectively.

We estimate an inventory reserve for excess quantities and obsolete items based on specific identification and historical write - offs, taking into account future demand, market conditions and the respective valuations at LIFO. The need for these reserves is primarily driven by the normal product life cycle. As products mature and sales volumes decline, we rationalize our product offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write - downs

may

be required. In determining reserves, we calculate separate reserves on our wholesale and retail inventories. Our wholesale inventories

tend

to carry the majority of the reserves for excess quantities and obsolete inventory due to the nature of our distribution model. These wholesale reserves primarily represent design and style obsolescence. Typically, product is not shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do not typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is not associated with a specific customer order in our retail warehouses.

Activity in the reserves for excess quantities and obsolete inventory by segment are as follows:

	Wholesale Segment			Retail Segment			Total
Balance at November 29, 2014	$	1,060		$	352		$	1,412
Additions charged to expense		2,442			430			2,872
Write-offs		(2,415	)		(472	)		(2,887	)
Balance at November 28, 2015		1,087			310			1,397
Additions charged to expense		1,994			475			2,469
Write-offs		(2,020	)		(496	)		(2,516	)
Balance at November 26, 2016	$	1,061		$	289		$	1,350

Note 7 - Property and Equipment

12 Months Ended

Nov. 26, 2016

Property, Plant and Equipment Disclosure [Text Block]

Property and Equipment

Property and equipment consist of the following:

Properting and equipment were comprised of the following:

	November 26, 2016			November 28, 2015
Land	$	12,311		$	12,311
Buildings and leasehold improvements		109,728			104,265
Machinery and equipment		99,067			85,490
Property and equipment at cost		221,106			202,066
Less accumulated depreciation		(116,451	)		(105,962	)
Property and equipment, net	$	104,655		$	96,104

The net book value of our property and equipment by reportable segment is a follows:

Net book value of PP&E by segment:

	November 26, 2016		November 28, 2015
Wholesale	$	22,984	$	17,763
Retail - Company-owned stores		59,347		60,810
Logistical Services		22,324		17,531
Total property and equipment, net	$	104,655	$	96,104

Depreciation expense associated with the property and equipment shown above was included in income from operations in our consolidated statements of income as follows:

Location of Depreciation Expense:

	2016		2015		2014

Cost of goods sold (1)	$	748	$	599	$	542
Selling, general and adminstrative expenses (2)		11,648		9,627		6,814
Total depreciation expense included in income from operations	$	12,396	$	10,226	$	7,356

(1)

All associated with our wholesale segment for fiscal

2016,

2015

and

2014.

(2)

Includes depreciation associated with our retail segment of

$6,612,

$5,970

and

$5,782

for

fiscal

2016,

2015

and

2014,

respectively. Fiscal

2016

and

2015

includes depreciation associated

with our logistical services segment of

$3,882

and

$2,366,

respectively.

Note 8 - Goodwill and Other Intangible Assets

12 Months Ended

Nov. 26, 2016

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	November 26, 2016
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,038	$	(371	)	$	2,667
Technology - customized applications		834		(219	)		615

Total intangible assets subject to amortization		3,872		(590	)		3,282

Intangibles not subject to amortization:
Trade names		2,490		-			2,490
Goodwill		11,588		-			11,588

Total goodwill and other intangible assets	$	17,950	$	(590	)	$	17,360

	November 28, 2015
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,038	$	(169	)	$	2,869
Technology - customized applications		834		(99	)		735

Total intangible assets subject to amortization		3,872		(268	)		3,604

Intangibles not subject to amortization:
Trade names		2,490		-			2,490
Goodwill		11,588		-			11,588

Total goodwill and other intangible assets	$	17,950	$	(268	)	$	17,682

Changes in the carrying amounts of goodwill by reportable segment were as follows:

	Wholesale		Retail		Logistics		Total

Balance as of November 29, 2014	$	1,128	$	602	$	-	$	1,730
Goodwill arising from acquisition of Zenith		3,711		1,218		4,929		9,858

Balance as of November 28, 2015		4,839		1,820		4,929		11,588
Changes during fiscal 2016 (none)		-		-		-		-

Balance as of November 26, 2016	$	4,839	$	1,820	$	4,929	$	11,588

There were no changes in the carrying value of our goodwill during fiscal

2016,

and there were no accumulated impairment losses on goodwill as of

November

26,

2016,

November

28,

2015

November

29,

2014.

Amortization expense associated with intangible assets during fiscal

2016

and

2015

was

$322

and

$268,

respectively and is included in selling, general and administrative expense in our consolidated statement of income. All expense arising from the amortization of intangible assets is associated with our logistical services segment. There was no amortization expense recognized during fiscal

2014.

Estimated future amortization expense for intangible assets that exist at

November

26,

2016

is as follows:

Future amortization of intangible assets:

Fiscal 2017	$	322
Fiscal 2018		322
Fiscal 2019		322
Fiscal 2020		322
Fiscal 2021		322
Thereafter		1,672

Total	$	3,282

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Note 9 - Unconsolidated Affiliated Companies

12 Months Ended

Nov. 26, 2016

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Unconsolidated Affiliated Companies

Zenith Freight Lines, LLC

Prior to

February

2015

we owned

49%

of Zenith and accounted for our investment under the equity method. Our investment in Zenith at

November

29,

2014

was

$7,915

and is included in other assets in our condensed consolidated balance sheet. The balance of our investment in Zenith was adjusted for our equity in the earnings of Zenith through

February

2015

$220,

and increased by

$1,345

representing our

49%

share of a

$2,745

capital contribution made to Zenith, a portion of which was used for retirement of certain of Zenith’s debt prior to the acquisition. This activity resulted in a carrying value for our investment in Zenith of

$9,480

on the date of acquisition. See Note

regarding the remeasurement of this carrying value to fair value in connection with the acquisition and the resulting gain.

Prior to the acquisition on

February

2015,

we recorded the following income from Zenith in our consolidated statements of income:

		2015				2014				2013
Earnings recognized		$	220			$	661			$	770

Prior to the acquisition, we paid Zenith approximately

$6,863

and

$31,308

for freight expense and logistical services in fiscal

2015

and

2014,

respectively.

International Home Furnishings Center

In connection with the sale of our interest in International Home Furnishings Center, Inc. (“IHFC”) on

May

2011,

to International Market Centers, L.P. (“IMC”),

$6,106

of the sales proceeds were placed in escrow at the time of the sale to cover various contingencies. At various times during fiscal

2012,

2013

and

2014,

the contingencies were satisfied without loss to the Company and the funds were released to us. During fiscal

2014

we received the final payment of sales proceeds in the amount of

$2,348

which is included in cash flows from investing activities in our consolidated statements of cash flows.

In addition to the proceeds described above, at the time of the sale we acquired a minority interest in IMC in exchange for

$1,000.

IMC is majority owned by funds managed by Bain Capital Partners and a subsidiary of certain investment funds managed by Oaktree Capital Management, L.P. Our investment in IMC is included in other long - term assets in the accompanying consolidated balance sheets and is accounted for using the cost method as we do not have significant influence over IMC.

Note 10 - Notes Payable and Bank Credit Facility

12 Months Ended

Nov. 26, 2016

Debt Disclosure [Text Block]

10.

Notes Payable and Bank Credit Facility

Our notes payable consist of the following:

	November 26, 2016
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	6,000		$	(108	)	$	5,892
Transportation equipment notes payable		-			-			-
Real estate notes payable		1,219			-			1,219

Total debt		7,219			(108	)		7,111
Less current portion		(3,385	)		95			(3,290	)

Total long-term debt	$	3,834		$	(13	)	$	3,821

	November 28, 2015
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	9,000		$	(312	)	$	8,688
Transportation equipment notes payable		2,152			-			2,152
Real estate notes payable		2,933			-			2,933

Total debt		14,085			(312	)		13,773
Less current portion		(5,477	)		204			(5,273	)

Total long-term debt	$	8,608		$	(108	)	$	8,500

The future maturities of our notes payable are as follows:

Fiscal 2017	$	3,385
Fiscal 2018		3,412
Fiscal 2019		422
	$	7,219

Zenith Acquisition Note Payable

As part of the consideration given for our acquisition of Zenith on

February

2015,

we issued an unsecured note payable to the former owner in the amount of

$9,000,

payable in

three

annual installments of

$3,000

due on each anniversary of the note, the

first

installment having been paid on

February

2016.

Interest is payable annually at the

one

year LIBOR rate, which was established at

0.62%

February

2015

and resets on each anniversary of the note, having reset to the current rate of

1.14%

February

2016.

The note was recorded at its fair value in connection with the acquisition resulting in a debt discount that is amortized to the principal amount through the recognition of non - cash interest expense over the term of the note. Interest expense resulting from the amortization of the discount was

$204

and

$252

for fiscal

2016

and

2015,

respectively. The current portion of the note due within

one

year, including unamortized discount, was

$2,904

and

$2,796

November

26,

2016

and

November

28,

2015,

respectively.

Transportation Equipment Notes Payable

Certain of the transportation equipment operated in our logistical services segment was financed by notes payable in the amount of

$2,152

November

28,

2015.

The current portion of these notes due within

one

year at

November

28,

2015

was

$901,

and the notes were secured by tractors, trailers and local delivery trucks with a total net book value of

$3,796

November

28,

2015.

Over the course of fiscal

2016,

all of the outstanding transportation equipment notes were paid in full.

Real Estate Notes Payable

Two of our retail real estate properties have been financed through commercial mortgages with interest rates of

6.73%.

These mortgages are collateralized by the respective properties with net book values totaling approximately

$5,858

and

$5,993

November

26,

2016

and

November

28,

2015,

respectively. The total balance outstanding under these mortgages was

$1,219

and

$1,709

November

26,

2016

and

November

28,

2015,

respectively. The current portion of these mortgages due within

one

year was

$385

and

$351

as of

November

26,

2016

and

November

28,

2015,

respectively.

Certain of the real estate located in Conover, NC and operated in our logistical services segment had been subject to a note payable in the amount of

$1,224

November

28,

2015,

all of which had been included in the current portion of notes payable. The note was secured by land and buildings with a total net book value of

$6,226

November

28,

2015.

The entire outstanding balance due under this note was paid in full during fiscal

2016.

Fair Value

We believe that the carrying amount of our notes payable approximates fair value at both

November

26,

2016

and

November

28,

2015.

In estimating the fair value, we utilize current market interest rates for similar instruments. The inputs into these fair value calculations reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level

as specified in the fair value hierarchy in ASC Topic

820,

Fair Value Measurements and Disclosures

. See Note

Bank Credit Facility

Effective

December

2015,

we entered into a new credit facility with our bank which provides for a line of credit of up to

$15,000.

This credit facility, which matures in

December

2018,

is unsecured and contains covenants requiring us to maintain certain key financial ratios. We are in compliance with all covenants under the agreement and expect to remain in compliance for the foreseeable future.

We have

$1,972

outstanding under standby letters of credit against our line, leaving availability under our credit line of

$13,028.

In addition, we have outstanding standby letters of credit with another bank totaling

$456.

Total interest paid during fiscal

2016,

2015

and

2014

was

$353,

277

and

$176,

respectively.

Note 11 - Post - Employment Benefit Obligations

12 Months Ended

Nov. 26, 2016

Postemployment Benefits Disclosure [Text Block]

11.

Post - Employment Benefit Obligations

Supplemental Retirement Income Plan

We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers

one

current and certain former executives. Upon retirement, the Supplemental Plan provides for lifetime monthly payments in an amount equal to

65%

of the participant’s final average compensation as defined in the Supplemental Plan, which is reduced by certain social security benefits to be received and other benefits provided by us. The Supplemental Plan also provides a death benefit that is calculated as (a) prior to retirement death, which pays the beneficiary

50%

of final average annual compensation for a period of

120

months, or (b) post - retirement death, which pays the beneficiary

200%

of final average compensation in a single payment. We own life insurance policies on these executives with a current net death benefit of

$3,022

November

26,

2016

and we expect to substantially fund this death benefit through the proceeds received upon the death of the executive. Funding for the remaining cash flows is expected to be provided through operations. There are no benefits payable as a result of a termination of employment for any reason other than death or retirement, other than a change of control provision which provides for the immediate vesting and payment of the retirement benefit under the Supplemental Plan in the event of an employment termination resulting from a change of control.

Summarized information for the plan measured as of the end of each year presented, is as follows:

	2016			2015
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	11,678		$	10,376
Service cost		146			105
Interest cost		423			374
Actuarial losses		165			1,372
Benefits paid		(549	)		(549	)
Projected benefit obligation at end of year	$	11,863		$	11,678

Accumulated Benefit Obligation	$	11,138		$	10,967

Discount rate used to value the ending benefit obligations:		3.75	%		3.75	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	776		$	749
Noncurrent liabilities		11,087			10,929
Total amounts recognized	$	11,863		$	11,678
Amounts recognized in accumulated other comprehensive income:
Transition obligation	$	85		$	127
Actuarial loss		4,065			4,223
Net amount recognized	$	4,150		$	4,350

Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	734		$	1,851

	2016			2015			2014

Components of Net Periodic Pension Cost:
Service cost	$	146		$	105		$	78
Interest cost		423			374			373
Amortization of transition obligation		42			42			42
Amortization of other loss		323			195			123

Net periodic pension cost	$	934		$	716		$	616


Assumptions used to determine net periodic pension cost:
Discount rate		3.75	%		3.75	%		3.75	%
Increase in future compensation levels		3.00	%		3.00	%		3.00	%

Estimated Future Benefit Payments (with mortality):
Fiscal 2017			776
Fiscal 2018			738
Fiscal 2019			700
Fiscal 2020			662
Fiscal 2021			624
Fiscal 2022 through 2026			4,606

Of the

$4,150

recognized in accumulated other comprehensive income at

November

26,

2016,

$42

of net transition obligation and

$332

of net loss are expected to be recognized as components of net periodic pension cost during fiscal

2017.

Deferred Compensation Plan

We have an unfunded Deferred Compensation Plan that covers

one

current and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or benefits permitted. We recognized expense of

$228,

$248,

and

$134

in fiscal

2016,

2015,

and

2014,

respectively, associated with the plan. The expense for fiscal

2014

is net of a credit to income of

$124

due to a change in our estimate of the future obligation of a former employee. Our liability under this plan was

$1,969

and

$2,085

as of

November

26,

2016

and

November

28,

2015,

respectively. The non - current portion of this obligation is included in post - employment benefit obligations in our consolidated balance sheets, with the current portion included in accrued compensation and benefits.

Defined Contribution Plan

We have a qualified defined contribution plan (Employee Savings/Retirement Plan) that covers substantially all employees who elect to participate and have fulfilled the necessary service requirements. Employee contributions to the Plan are matched at the rate of

25%

of up to

of gross pay, regardless of years of service. Expense for employer matching contributions was

$865,

$662

and

$397

during fiscal

2016,

2015

and

2014,

respectively. The increase in contribution expense for fiscal

2016

over fiscal

2015

was largely due to an increase in the matching rate from

20%

2015

25%

2016.

The increase in contribution expense for fiscal

2015

over fiscal

2014

was largely due to an increase in the matching rate from

15%

2014

20%

2015,

as well as the acquisition of Zenith.

Note 12 - Accumulated Other Comprehensive Loss

12 Months Ended

Nov. 26, 2016

Comprehensive Income (Loss) Note [Text Block]

12.

Accumulated Other Comprehensive Loss

The activity in accumulated other comprehensive loss for the fiscal years ended

November

26,

2016

and

November

28,

2015,

which is comprised solely of post - retirement benefit costs related to our SERP, is as follows:

Balance at November 29, 2014	$	(1,974	)
Actuarial losses		(1,372	)
Net pension amortization reclassified from accumulated other comprehensive loss		237
Tax effects		431
Balance at November 28, 2015		(2,678	)
Actuarial losses		(165	)
Net pension amortization reclassified from accumulated other comprehensive loss		366
Tax effects		(76	)
Balance at November 26, 2016	$	(2,553	)

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=66004124&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 220
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-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Note 13 - Capital Stock and Stock Compensation

12 Months Ended

Nov. 26, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

13.

Capital Stock and Stock Compensation

We account for our stock - based employee and director compensation plans in accordance with ASC

718,

Compensation – Stock Compensation

. ASC

718

requires recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements over the period the employee is required to perform the services in exchange for the award (presumptively the vesting period) which we recognize on a straight - line basis. Compensation expense related to restricted stock and stock options included in selling, general and administrative expenses in our consolidated statements of income for fiscal

2016,

2015

and

2014

was as follows:

	2016		2015		2014

Stock based compensation expense	$	903	$	894	$	951

Incentive Stock Compensation Plans

1997,

we adopted an Employee Stock Plan (the

“1997

Plan”), and reserved for issuance

950,000

shares of common stock. An additional

500,000

shares of common stock were authorized for issuance in

2000.

In addition, the terms of the

1997

Plan allow for the re - issuance of any stock options which have been forfeited before being exercised. Options granted under the

1997

Plan

may

be for such terms and exercised at such times as determined by the Organization, Compensation, and Nominating Committee of the Board of Directors. There are

shares available for grant under the

1997

Plan at

November

26,

2016.

April

14,

2010,

our shareholders approved the Bassett Furniture Industries, Incorporated

2010

Stock Incentive Plan which was amended and restated effective

January

13,

2016

(the

“2010

Plan”). All present and future non - employee directors, key employees and outside consultants for the Company are eligible to receive incentive awards under the

2010

Plan. Our Organization, Compensation and Nominating Committee (the “Compensation Committee”) selects eligible key employees and outside consultants to receive awards under the

2010

Plan in its discretion. Our Board of Directors or any committee designated by the Board of Directors selects eligible non - employee directors to receive awards under the

2010

Plan in its discretion.

1,250,000

shares of common stock are reserved for issuance under the

2010

Plan as amended. Participants

may

receive the following types of incentive awards under the

2010

Plan: stock options, stock appreciation rights, payment shares, restricted stock, restricted stock units and performance shares. Stock options

may

be incentive stock options or non - qualified stock options. Stock appreciation rights

may

be granted in tandem with stock options or as a freestanding award. Non - employee directors and outside consultants are eligible to receive restricted stock and restricted stock units only. We expect to issue new common stock upon the exercise of options.

The fair value of each option award is estimated on the date of grant using the Black - Scholes option pricing model. The risk free rate is based on the U.S. Treasury rate for the expected life at the time of grant, volatility is based on the average long - term implied volatilities of peer companies, the expected life is based on the estimated average of the life of options using the simplified method. Forfeitures are recognized as they occur. We utilize the simplified method to determine the expected life of our options due to insufficient exercise activity during recent years as a basis from which to estimate future exercise patterns.

Stock Options

There were

new grants of options made in

2016,

2015

2014.

Changes in the outstanding options under our plans during the year ended

November

26,

2016

were as follows:

	Number of Shares			Weighted Average Exercise Price Per Share

Outstanding at November 28, 2015		84,250		$	11.42
Granted		-			-
Exercised		(8,000	)		14.31
Forfeited/Expired		(10,000	)		14.73
Outstanding at November 26, 2016		66,250			10.57
Exercisable at November 26, 2016		66,250		$	10.57

There were

non - vested options outstanding under our plans during the year ended

November

26,

2016.

Additional information regarding our outstanding stock options at

November

26,

2016

is as follows:

				Options Outstanding						Options Exercisable
Range of Exercise Prices				Shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
	$3.23	-	$6.45		1,000		3.6	$	4.38		1,000	$	4.38
	$6.45	-	$9.67		22,250		4.6		8.02		22,250		8.02
	$9.68	-	$12.90		28,000		0.9		10.60		28,000		10.60
	$12.91	-	$16.13		15,000		0.4		14.73		15,000		14.73
					66,250						66,250

Aggregate intrinsic value				$	1,257					$	1,257

Additional information regarding activity in our stock options during fiscal

2016,

2015

and

2014

is as follows:

	2016		2015		2014

Total intrinsic value of options exercised	$	124	$	5,934	$	236
Total fair value of options vested		-		87		200
Total cash received from the exercise of options		114		4,031		382
Excess tax benefits recognized as additional paid-in capital upon the exercise of options (1)		-		1,899		72

(1)

Prior to the adoption of ASU

2016

in fiscal

2016.

See Note

Restricted Shares

Changes in the outstanding non - vested restricted shares during the year ended

November

26,

2016

were as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested restricted shares outstanding at November 28, 2015		134,154		$	17.68
Granted		7,814			29.66
Vested		(18,954	)		20.56
Forfeited		-			-
Non-vested restricted shares outstanding at November 26, 2016		123,014		$	17.99

The grants for

2016

consisted of

5,814

restricted shares granted to our non - employee directors on

April

2016

which will vest on the

first

anniversary of the grant, and

2,000

shares granted to an employee on

July

12,

2016

which will vest on the

second

anniversary of the grant.

During fiscal

2016,

18,954

restricted shares were vested and released, of which

12,600

shares had been granted to employees and

6,354

shares to directors. Of the shares released to employees,

2,940

shares were withheld by the Company to cover withholding taxes of

$77.

During fiscal

2015

and

2014,

4,836

shares and

31,234

shares, respectively, were withheld to cover withholding taxes of

$154

and

$489,

respectively, arising from the vesting of restricted shares. During fiscal

2016,

$87

of excess tax benefits were recognized within income tax expense. Prior to the adoption of ASU

2016

09,

excess tax benefits of

$99

and

$228

were recognized during fiscal

2015

and

2014,

respectively, as additional paid - in capital upon the release of vested shares.

Additional information regarding our outstanding non - vested restricted shares at

November

26,

2016

is as follows:

Restricted stock:

					Remaining
	Restricted		Share Value		Restriction
Grant	Shares		at Grant Date		Period
Date	Outstanding		Per Share		(Years)


July 17, 2013		25,200	$	16.64		1.6
January 15, 2014		48,000		14.12		0.1
January 14, 2015		40,000		20.21		1.1
July 14, 2015		2,000		38.02		1.6
April 1, 2016		5,814		30.96		0.3
July 12, 2016		2,000		25.88		1.6
		123,014

Unrecognized compensation cost related to these non - vested restricted shares at

November

26,

2016

$748,

expected to be recognized over approximately a

two

year period.

Employee Stock Purchase Plan

2000,

we adopted and implemented an Employee Stock Purchase Plan (“ESPP”) that allows eligible employees to purchase a limited number of shares of our stock at

85%

of market value. Under the ESPP we sold

8,502,

19,053

and

25,677

shares to employees in fiscal

2016,

2015

and

2014,

respectively, which resulted in an immaterial amount of compensation expense. The ESPP reached the cumulative number of shares authorized for purchase under the plan during the

third

quarter of fiscal

2016.

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

Note 14 - Income Taxes

12 Months Ended

Nov. 26, 2016

Income Tax Disclosure [Text Block]

14.

Income Taxes

The components of the income tax provision are as follows:

	2016		2015			2014
Current:
Federal	$	3,728	$	7,972		$	4,168
State		896		1,533			596

Deferred:
Increase (decrease) in valuation allowance		-		(70	)		(974	)
Federal		4,559		1,520			221
State		765		480			1,297
Total	$	9,948	$	11,435		$	5,308

A reconciliation of the statutory federal income tax rate and the effective income tax rate, as a percentage of income before income taxes, is as follows:

	2016			2015			2014
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
Adjustments to state net operating loss carryforwards		-			-			3.3
Change in income tax valuation allowance		-			(0.1	)		(3.7	)
Change in income tax reserves		-			0.1			(1.7	)
State income tax, net of federal benefit		4.2			4.4			4.9
Benefit of goodwill basis difference		-			(3.2	)		-
Excess tax benefits from stock-based compensation		(0.3	)		-			-
Other		(0.3	)		(0.3	)		(1.5	)
Effective income tax rate		38.6	%		35.9	%		36.3	%

Excess tax benefits in the amount of

$1,998

and

$300

were recognized as additional paid - in capital during fiscal

2015

and

2014,

respectively, resulting from the exercise of stock options and the release of restricted shares. Subsequent to the adoption of ASU

2016

in fiscal

2016

(see Note

2),

excess tax benefits of

$87

were recognized as a component of income tax expense.

The income tax effects of temporary differences and carryforwards, which give rise to significant portions of the deferred income tax assets and deferred income tax liabilities, are as follows:

	November 26, 2016		November 28, 2015
Deferred income tax assets:
Trade accounts receivable	$	307	$	506
Inventories		2,407		2,420
Notes receivable		562		1,795
Post employment benefit obligations		5,338		6,992
State net operating loss carryforwards		731		927
Unrealized loss from affiliates		217		356
Net deferred rents		3,112		2,674
Other		2,005		2,165
Gross deferred income tax assets		14,679		17,835
Valuation allowance		-		-
Total deferred income tax assets		14,679		17,835

Deferred income tax liabilities:
Property and equipment		5,179		3,093
Intangible assets		1,012		860
Prepaid expenses and other		417		411

Total deferred income tax liabilities		6,608		4,364

Net deferred income tax assets	$	8,071	$	13,471

At the beginning of fiscal

2014

we carried a valuation allowance of

$1,044

which was primarily related to state net operating loss carryforwards for which it was considered to be more likely than not that they would not be utilized prior to their expiration. During fiscal

2014

we reduced our valuation allowance related to adjustments to state net operating loss carryforwards primarily due to state tax law changes resulting in a credit to income of

$974,

$0.09

per basic and diluted share. The remaining balance in the valuation allowance was

at both

November

26,

2016

and

November

28,

2015.

The following table represents a summary of the valuation allowances against deferred tax assets:

	2016		2015			2014

Balance, beginning of the year	$	-	$	70		$	1,044
Additions charged to expense				-			-
Deductions reducing expense		-		(70	)		(974	)
Balance, end of the year	$	-	$	-		$	70

We have state net operating loss carryforwards available to offset future taxable state income of

$9,057,

which expire in varying amounts between

2017

and

2030.

Realization is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards.

Income taxes paid, net of refunds received, during

2016,

2015

and

2014

were

$9,949,

$5,906,

and

$2,367,

respectively.

As of

November

29,

2014,

the gross amount of unrecognized tax benefits was approximately

$1,236,

exclusive of interest and penalties. Substantially all of this balance, along with additional amounts recognized during fiscal

2015,

was effectively settled as of

November

28,

2015.

We regularly evaluate, assess and adjust the related liabilities in light of changing facts and circumstances, which could cause the effective tax rate to fluctuate from period to period.

The following table summarizes the activity related to our gross unrecognized tax benefits:

	2016		2015			2014
Balance, beginning of the year	$	12	$	1,236		$	1,497
Gross increases		43		12			-
Gross decreases due to settlements		-		(1,236	)		(221	)
Gross decreases primarily due to the expiration of statutes		-		-			(40	)

Balance, end of the year	$	55	$	12		$	1,236

We recognize interest and penalties related to unrecognized tax benefits in income tax expense. During fiscal

2016,

2015,

and

2014,

we recognized

$15,

$(144),

and

of interest expense (recovery) and

$10,

$3,

and

$10

of penalty expense, respectively, related to the unrecognized benefits noted above in our consolidated statements of income. At

November

26,

2016

and

November

28,

2015,

the balance of accrued interest and penalties associated with unrecognized tax benefits was not material.

Significant judgment is required in evaluating the Company's federal and state tax positions and in the determination of its tax provision. Despite our belief that the liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matter. We

may

adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. The Company also cannot predict when or if any other future tax payments related to these tax positions

may

occur.

We remain subject to examination for tax years

2013

through

2015

for all of our major tax jurisdictions.

Note 15 - Litigation Gain, Asset Impairment, and Other Charges

12 Months Ended

Nov. 26, 2016

Restructuring, Impairment, and Other Activities Disclosure [Text Block]

15.

Litigation Gain

sset

mpairment, and

ther

harges

Income from Antitrust Litigation Settlement

Cost of furniture and accessories sold for the year ended

November

26,

2016

includes the benefit of

$1,428

of income we received from the settlement of class action litigation. This benefit is included in our wholesale segment. We were a member of the certified class of consumers that were plaintiffs in the Polyurethane Foam Antitrust Litigation against various producers of flexible polyurethane foam. The litigation alleged a price - fixing conspiracy in the flexible polyurethane foam industry that caused indirect purchasers to pay higher prices for products that contain flexible polyurethane foam. In

2015

a settlement was reached with several of the producers, though other producers named in the suit filed appeals blocking distribution of the settlement. In

June

2016

the final producer appeal was dismissed and we received

$1,428

in cash representing our share of the settlement, which is included in cash provided by operating activities in our statement of cash flows for the year ended

November

26,

2016.

Asset Impairment Charges and Lease Exit Costs

During fiscal

2015

income from operations included

$106

of non - cash asset impairment charges and a

$419

charge for the accrual of lease exit costs, both incurred in connection with the closing of our Company - owned retail store location in Memphis, Tennessee.

There were

asset impairment charges or lease exit costs incurred against income from operations during fiscal

2016

2014.

See Note

regarding non - operating impairment charges incurred in connection with our investments in retail real estate.

Management Restructuring Costs

During the year ended

November

28,

2015,

we recognized

$449

of expense related to severance payable to a former executive, who left the Company in

April,

2015.

As of

November

28,

2015,

all required payments of severance had been disbursed. These management restructuring costs were incurred within our wholesale segment. There were

restructuring charges incurred in fiscal

2016

2014.

The following table summarizes the activity related to our accrued lease exit costs:

	2016			2015

Balance, beginning of the year	$	566		$	433
Provisions associated with Company-owned retail stores		-			419
Provisions made to adjust previous estimates		156			111
Payments on unexpired leases, net of sublease rent received		(517	)		(410	)
Accretion of interest on obligations		9			13

Balance, end of the year	$	214		$	566

Current portion included in other accrued liabilities	$	105		$	351
Long-term portion included in other long-term liabilities		109			215
Total accrued lease exit costs at November 26, 2016	$	214		$	566

Note 16 - Income from the Continued Dumping and Subsidy Offset Act	12 Months Ended
	Nov. 26, 2016
Notes to Financial Statements
Income From Continued Dumping And Subsidy Offset Act [Text Block]	16. Income from the Continued Dumping and Subsidy Offset Act During the years ended November 26, 2016 and November 28, 2015, we recognized income of $240 and $1,156, respectively, arising from distributions received from U.S. Customs and Border Protection (“Customs”) under the Continued Dumping and Subsidy Offset Act of 2000 (“CDSOA”). These distributions primarily represent amounts previously withheld by Customs pending the resolution of claims filed by certain manufacturers who did not support the antidumping petition (“Non - Supporting Producers”) challenging certain provisions of the CDSOA and seeking to share in the distributions. The Non - Supporting Producers’ claims were dismissed by the courts and all appeals were exhausted in 2014. While it is possible that we may receive additional distributions from Customs, we cannot estimate the likelihood or amount of any future distributions.

Note 17 - Leases and Lease Guarantees

12 Months Ended

Nov. 26, 2016

Leases Lease Guarantees And Loan Guarantees [Text Block]

17.

Leases

and

Lease Guarantees

Leases

We lease land and buildings that are used in the operation of our Company - owned retail stores as well as in the operation of certain of our licensee - owned stores, and we lease land and buildings at various locations throughout the continental United States for warehousing and distribution hubs used in our logistical services segment. We also lease tractors, trailers and local delivery trucks used in our logistical services segment. Our real estate lease terms range from

one

years and generally have renewal options of between

five

and

years. Some store leases contain contingent rental provisions based upon sales volume. Our transportation equipment leases have terms ranging from

two

seven

years with fixed monthly rental payments plus variable charges based upon mileage. The following schedule shows future minimum lease payments under non - cancellable operating leases with terms in excess of

one

year as of

November

26,

2016:

	Retail Stores		Distribution Centers		Transportation Equipment		Total

Fiscal 2017	$	20,587	$	4,249	$	3,296	$	28,132
Fiscal 2018		18,559		3,015		2,010		23,584
Fiscal 2019		16,710		2,002		1,808		20,520
Fiscal 2020		15,415		1,301		1,743		18,459
Fiscal 2021		13,137		1,254		1,169		15,560
Thereafter		38,765		3,022		1,217		43,004
Total future minimum lease payments	$	123,173	$	14,843	$	11,243	$	149,259

Lease expense was

$31,867,

$26,382

and

$19,903

for

2016,

2015,

and

2014,

respectively.

In addition to subleasing certain of these properties, we own retail real estate which we in turn lease to licensee operators of BHF stores. We also own real estate for closed stores which we lease to non - licensees. The following schedule shows minimum future rental income related to pass - through rental expense on subleased property as well as rental income on real estate owned by Bassett.

Fiscal 2017	$	1,863
Fiscal 2018		1,337
Fiscal 2019		1,247
Fiscal 2020		1,194
Fiscal 2021		359
Thereafter		-
Total minimum future rental income	$	6,000

Real estate rental income (loss), net of expense (including lease costs, depreciation, insurance, and taxes), related to licensee stores and other investment real estate, was

$(59),

$(181)

and

$(248)

2016,

2015

and

2014,

respectively, and is reflected in other expense, net in the accompanying consolidated statements of income.

Guarantees

As part of the strategy for our store program, we have guaranteed certain lease obligations of licensee operators. Lease guarantees range from

one

three

years. We were contingently liable under licensee lease obligation guarantees in the amount of

$1,868

and

$2,494

November

26,

2016

and

November

28,

2015,

respectively.

In the event of default by an independent dealer under the guaranteed lease, we believe that the risk of loss is mitigated through a combination of options that include, but are not limited to, arranging for a replacement dealer, liquidating the collateral, and pursuing payment under the personal guarantees of the independent dealer. The proceeds of the above options are estimated to cover the maximum amount of our future payments under the guarantee obligations, net of reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at

November

26,

2016

and

November

28,

2015,

were not material.

Note 18 - Contingencies	12 Months Ended
Note 18 - Contingencies	Nov. 26, 2016
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	18. Contingencies We are involved in various claims and actions, including environmental matters, which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, it is our opinion that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations.

Note 19 - Earnings Per Share

12 Months Ended

Nov. 26, 2016

Earnings Per Share [Text Block]

19.

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	2016		2015		2014
Numerator:
Net income	$	15,829	$	20,433	$	9,299

Denominator:
Denominator for basic income per share - weighted average shares		10,732,217		10,701,829		10,552,462
Effect of dilutive securities		130,204		141,198		140,569
Denominator for diluted income per share — weighted average shares and assumed conversions		10,862,421		10,843,027		10,693,031

Basic income per share:
Net income per share — basic	$	1.47	$	1.91	$	0.88

Diluted income per share:
Net income per share — diluted	$	1.46	$	1.88	$	0.87

For fiscal

2016,

2015

and

2014,

the following potentially dilutive shares were excluded from the computations as there effect was anti - dilutive:

	2016		2015		2014
Stock options		-		-		150,000
Unvested restricted shares		7,814		8,354		-

Total anti-dilutive securities		7,814		8,354		150,000

Note 20 - Segment Information

12 Months Ended

Nov. 26, 2016

Segment Reporting Disclosure [Text Block]

20.

Segment Information

We have strategically aligned our business into

three

reportable segments as defined in ASC

280,

Segment Reporting

, and as described below:

•

Wholesale.

The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company - owned and licensee - owned stores retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations as well as all corporate selling, general and administrative expenses, including those corporate expenses related to both Company - and licensee - owned stores. Our wholesale segment also includes our holdings of short - term investments and retail real estate previously leased as licensee stores. The earnings and costs associated with these assets are included in other loss, net, in our consolidated statements of income.

•

Retail – Company - owned

tores.

Our retail segment consists of Company - owned stores and includes the revenues, expenses, assets and liabilities and capital expenditures directly related to these stores.

•

Logistical services

With our acquisition of Zenith on

February

2015,

we created the logistical services operating segment which reflects the operations of Zenith. In addition to providing shipping, delivery and warehousing services for the Company, Zenith also provides similar services to other customers, primarily in the furniture industry. Revenue from the performance of these services to other customers is included in logistics revenue in our condensed consolidated statement of income. Zenith’s operating costs are included in selling, general and administrative expenses and total

$92,196

for the year ended

November

26,

2016

and

$73,722

from the date of acquisition through

November

28,

2015.

Amounts charged by Zenith to the Company for logistical services prior to the date of acquisition are included in selling, general and administrative expenses, and our equity in the earnings of Zenith prior to the date of acquisition is included in other loss, net, in the accompanying statements of income.

Inter - company sales elimination represents the elimination of wholesale sales to our Company - owned stores and the elimination of Zenith logistics revenue from our wholesale and retail segments. Inter - company income elimination includes the embedded wholesale profit in the Company - owned store inventory that has not been realized. These profits will be recorded when merchandise is delivered to the retail consumer. The inter - company income elimination also includes rent paid by our retail stores occupying Company - owned real estate, and the elimination of shipping and handling charges from Zenith for services provided to our wholesale and retail operations.

Notes to Con

olidated Financial Statements

- Continued

(In thousands, except share and per share data)

The following table presents segment information for each of the last

three

fiscal years:

	2016			2015			2014
Net Sales
Wholesale	$	240,346		$	252,180		$	223,993
Retail		254,667			249,379			216,631
Logistical services		95,707			77,250			-
Inter-company eliminations:
Furniture and accessories		(117,817	)		(114,154	)		(99,886	)
Logistical services		(40,865	)		(33,728	)		-
Consolidated	$	432,038		$	430,927		$	340,738

Income (loss) from Operations
Wholesale	$	18,672		$	15,618		$	14,120
Retail		4,333			6,170			(528	)
Logistical services		3,511			3,528			-
Inter-company elimination		1,677			1,647			1,539
Lease exit costs		-			(419	)		-
Asset impairment charges		-			(106	)		-
Management restructuring costs		-			(449	)		-
Consolidated income from operations	$	28,193		$	25,989		$	15,131

Depreciation and Amortization
Wholesale	$	2,053		$	2,075		$	1,972
Retail		5,992			5,428			5,344
Logistical services		4,204			2,634			-
Consolidated	$	12,249		$	10,137		$	7,316

Capital Expenditures
Wholesale	$	7,232		$	4,898		$	4,527
Retail		5,115			7,077			13,836
Logistical services		9,154			1,999			-
Consolidated	$	21,501		$	13,974		$	18,363

Identifiable Assets
Wholesale	$	139,477		$	146,878		$	154,275
Retail		88,855			88,878			86,471
Logistical services		49,935			46,787			-
Consolidated	$	278,267		$	282,543		$	240,746

A breakdown of wholesale sales by product category for each of the last

three

fiscal years is provided below:

	2016			2015			2014

Wood		37	%		37	%		39	%
Upholstery		63	%		63	%		61	%
		100	%		100	%		100	%

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Note 21 - Quarterly Results of Operations

12 Months Ended

Nov. 26, 2016

Quarterly Financial Information [Text Block]

21.

Quarterly Results of Operations

	2016
	First Quarter		Second Quarter		Third Quarter (1)		Fourth Quarter (2)

Sales revenue:
Furniture and accessories	$	92,402	$	92,990	$	91,465	$	100,339
Logistics		14,471		13,677		13,247		13,447
Total sales revenue		106,873		106,667		104,712		113,786
Cost of furniture and accessories sold		41,986		42,419		40,091		43,023
Income from operations		5,791		5,853		7,540		9,009
Net income		3,234		3,385		4,165		5,045
Basic earnings per share		0.30		0.31		0.39		0.47
Diluted earnings per share		0.30		0.31		0.38		0.47

	2015
	First Quarter (3)		Second Quarter (4)		Third Quarter		Fourth Quarter (5)

Sales revenue:
Furniture and accessories	$	89,548	$	99,467	$	97,107	$	101,283
Logistics		3,259		12,086		13,904		14,273
Total sales revenue		92,807		111,553		111,011		115,556
Cost of furniture and accessories sold		41,930		46,921		44,824		45,616
Income from operations		2,877		6,714		7,692		8,706
Net income		5,956		4,529		4,266		5,682
Basic earnings per share		0.57		0.42		0.39		0.53
Diluted earnings per share		0.56		0.42		0.39		0.52

All quarters shown above for fiscal

2016

and

2015

consist of

week fiscal periods.

Sales revenue from logistics is recognized from the date of our acquisition of Zenith,

February

2015.

Prior to the acquisition of Zenith, net income included our

49%

equity in the earnings of Zenith, which is included in other loss, net in our consolidated statements of income.

(1)

Income from operations includes the benefit of a

$1,428

award received from the settlement of class action litigation (see Note

15).

(2)

Net income includes income of

$148

from the CDSOA, net of related income tax effects of approximately

$92

(see Note

16).

(3)

Income from operations includes asset impairment charges and lease exit costs totaling

$525

(see Note

15).

Net income includes a gain of

$7,212,

net of income tax effects of approximately

$2,777,

resulting from the remeasurement of our prior ownership interest in Zenith upon acquisition (see Note

3).

(4)

Income from operations includes management restructuring charges of

$449

(see Note

15).

Net income includes income of

$1,066

from the CDSOA, net of related income tax effects of approximately

$410

(see Note

16).

(5)

Net income includes the effect of a

$1,111

tax benefit arising from purchase accounting adjustments relating to the gain recorded on the remeasurement of our prior ownership in Zenith.

Schedule II - Analysis of Valuation and Qualifying Accounts

12 Months Ended

Nov. 26, 2016

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

Schedule II

Analysis of Valuation and Qualifying Accounts

For the Years Ended

November

26,

2016,

November

28,

2015

and

November

29,

2014

(amounts in thousands)

	Balance Beginning of Period		Additions Charged to Cost and Expenses			Deductions (1)			Other			Balance End of Period
For the Year Ended November 29, 2014:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,607	$	77		$	(435	)	$	-		$	1,249

Notes receivable valuation reserves	$	4,139	$	-		$	-		$	-		$	4,139

Income tax valuation allowance	$	1,044	$	-		$	(974	)	$	-		$	70

For the Year Ended November 28, 2015:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,249	$	(216	)	$	(67	)	$	209	(2)	$	1,175

Notes receivable valuation reserves	$	4,139	$	582		$	(75	)	$	-		$	4,646

Income tax valuation allowance	$	70	$	-		$	(70	)	$	-		$	-

For the Year Ended November 26, 2016:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,175	$	(376	)	$	-		$	-		$	799

Notes receivable valuation reserves	$	4,646	$	-		$	(3,192	)	$	-	(3)	$	1,454

Income tax valuation allowance	$	-	$	-		$	-		$	-		$	-

(1)	Deductions are for the purpose for which the reserve was created. Deductions from the income tax valuation allowance for the year ended November 29, 2014 were due to the removal of the majority of our valuation allowance.

(2)	Represents reserves of acquired company at date of acquisition.

(3)	During fiscal 2016, previously reserved notes were determined to be uncollectible and were written off against the reserve.

Significant Accounting Policies (Policies)

12 Months Ended

Nov. 26, 2016

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

Our fiscal year ends on the last Saturday in

November,

which periodically results in a

- week year. Fiscal

2016,

2015

and

2014

each contained

2016,

2015

and

2014

are to Bassett's fiscal year ended

November

26,

2016,

November

28,

2015

and

November

29,

2014,

For comparative purposes, certain amounts in the

2015

and

2014

financial statements have been reclassified to conform to the

2016

presentation. See “Recent Accounting Pronouncements” below regarding the impact of our adoption of Accounting Standards Update

2016

upon the classification of excess tax benefits from stock - based compensation in our consolidated statements of cash flows.

810.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Staff Accounting Bulletin No.

104,

Revenue Recognition

(“SAB

104”)

outlines the

four

basic criteria for recognizing revenue as follows:

(1)

persuasive evidence of an arrangement exists,

(2)

delivery has occurred or services have been rendered,

(3)

the seller’s price to the buyer is fixed or determinable, and

(4)

collectability is reasonably assured. SAB

104

further asserts that if collectability of all or a portion of the revenue is not reasonably assured, revenue recognition should be deferred until payment is received. During fiscal

2016,

2015

and

2014,

there were no dealers for which these criteria were not met.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents

The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of

three

months.

Receivables, Policy [Policy Text Block]

Accounts Receivable

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of Credit Risk and Major Customers

November

26,

2016

and

November

28,

2015,

our aggregate exposure from receivables and guarantees related to customers consisted of the following:

	2016		2015
Accounts receivable, net of allowances (Note 5)	$	18,358	$	21,197
Notes receivable, net of allowances		10		10
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17)		1,865		2,441
Total credit risk exposure related to customers	$	20,233	$	23,648

November

26,

2016,

approximately

30%

of the aggregate risk exposure, net of reserves, shown above was attributable to

four

customers. At

November

28,

2015,

approximately

26%

of the aggregate risk exposure, net of reserves, shown above was attributable to

three

customers. In fiscal

2016,

2015

and

2014,

customer accounted for more than

10%

of total consolidated net sales. However,

one

customer accounted for approximately

36%

and

26%

of our consolidated revenue from logistical services during

2016

and

2015,

respectively.

$3,607,

$4,516,

and

$4,774

in fiscal

2016,

2015,

and

2014,

respectively. All of our export sales are invoiced and settled in U.S. dollars.

Inventory, Policy [Policy Text Block]

Inventories

first

- out (“LIFO”) method because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories is determined on a

first

- in,

first

- out (“FIFO”) basis. Inventories accounted for under the LIFO method represented

53%

and

43%

of total inventory before reserves at

November

26,

2016

and

November

28,

2015,

may

be required.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

years. Machinery and equipment are generally depreciated over a period of

years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill

In accordance with ASC Topic

350,

Intangibles – Goodwill & Other

the goodwill impairment test consists of a

two

- step process, if necessary. However, we

first

two

- step goodwill impairment test described in ASC Topic

350.

The more likely than not threshold is defined as having a likelihood of more than

two

- step process.

Based on our qualitative assessment as described above, we have concluded that our goodwill is not impaired as of

November

26,

2016.

The

first

second

may

differ materially from the projected amounts.

Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]

Other Intangible Assets

may

be required at such time.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long Lived Assets

We periodically evaluate whether events or circumstances have occurred that indicate long - lived assets

may

not be recoverable or that the remaining useful life

may

tenant

improvements which are only suitable for use in such a store.

Income Tax, Policy [Policy Text Block]

Income Taxes

may

11.

New Store Pre Opening Costs [Policy Text Block]

New Store Pre - Opening Costs

Income (loss) from operations for fiscal

2016,

2015

and

2014

includes new store pre - opening costs of

$1,148,

$623

and

$1,217,

Shipping and Handling Cost, Policy [Policy Text Block]

Shipping and Handling Costs

Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled

$18,451,

$18,624,

and

$16,162

for fiscal

2016,

2015

and

2014,

respectively. Costs incurred to deliver retail merchandise to customers are also recorded in selling, general and administrative expense and totaled

$15,946,

$15,383,

and

$12,844

for fiscal

2016,

2015

and

2014,

respectively.

Advertising Costs, Policy [Policy Text Block]

Advertising

$16,688,

$16,228,

and

$15,614

in fiscal

2016,

2015,

and

2014,

respectively.

Liability Reserve Estimate, Policy [Policy Text Block]

Insurance Reserves

may

not be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns.

Supplemental Cash Flow Information [Policy Text Block]

Supplemental Cash Flow Information

In connection with our acquisition of Zenith, non - cash financing activities during fiscal

2015

included the issuance of

89,485

shares of our common stock valued at

$1,675,

and the issuance of a note payable with a discounted fair value of

$8,436.

See Note

for additional information regarding the fair value of the consideration given for the acquisition of Zenith. There were no material non - cash investing or financing activities during fiscal

2016

2014.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Adoption of Accounting Standards Update

2016

March

2016,

the FASB issued Accounting Standards Update No.

2016

09,

Compensation – Stock Compensation (Topic

718):

Improvements to Employee Share - Based Payment Accounting

(ASU

2016

09).

While the effective date of ASU

2016

is for fiscal years beginning after

December

15,

2016,

earlier adoption is permitted and we adopted the amendments in ASU

2016

during the

second

quarter of fiscal

2016.

The impact of early adoption resulted in the following:

We recorded

$87

of tax benefits within income tax expense for the year ended

November

26,

2016

We elected to recognize forfeitures as they occur. There was no cumulative effect adjustment as a result of the adoption of this amendment on a modified retrospective basis.

We elected to apply the change in classification of cash flows resulting from excess tax benefits or deficiencies on a retrospective basis. Accordingly,

$1,998

and

$300

of excess tax benefits previously reported as a cash flow provided by financing activities during the years ended

November

28,

2015

and

November

29,

2014,

respectively, has been reclassified to be included in cash flows provided by operating activities.

We excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of our diluted earnings per share for the year ended

November

26,

2016.

The effect of this change on our diluted earnings per share was not significant.

ASU

2016

There were no other material impacts to our consolidated financial statements as a result of adopting this updated standard.

Recent Pronouncements Not Yet Adopted

May

2014,

the FASB issued Accounting Standards Update No.

2014

(ASU

2014

09),

which creates ASC Topic

606,

Revenue from Contracts with Customers

, and supersedes the revenue recognition requirements in Topic

605,

Revenue Recognition, including most industry - specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU

2014

supersedes the cost guidance in Subtopic

605

35,

Revenue Recognition—Construction - Type and Production - Type Contracts, and creates new Subtopic

340

40,

Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic

606

two

transition methods:

(1)

a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or

(2)

a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. In addition, during

2016

the FASB has issued ASU

2016

08,

ASU

2016

and ASU

2016

12,

all of which clarify certain implementation guidance within ASU

2014

09,

and ASU

2016

11,

which rescinds certain SEC guidance within the ASC effective upon an entity’s adoption of ASU

2014

09.

The amendments in ASU

2014

are effective for annual reporting periods beginning after

December

15,

2017,

including interim periods within that reporting period, and early application is not permitted. Therefore the amendments in ASU

2014

will become effective for us as of the beginning of our

2019

fiscal year. We are currently evaluating the impact that the adoption of ASU

2014

will have on our consolidated financial statements and have not made any decision on the method of adoption.

July

2015,

the FASB issued Accounting Standards Update No.

2015

11,

Inventory (Topic

330):

Simplifying the Measurement of Inventory

. ASU

2015

first

- out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using

first

- in,

first

- out (FIFO) or average cost. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after

December

15,

2016.

Early adoption is permitted. Therefore the amendments in ASU

2015

will become effective for us as of the beginning of our

2018

fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.

July

2015,

the FASB issued Accounting Standards Update No.

2015

16,

Business Combinations (Topic

805):

Simplifying the Accounting for Measurement Period Adjustments

. ASU

2015

December

15,

2015,

including interim periods within those fiscal years.

2015

will become effective for us as of the beginning of our

2017

fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.

January

2016,

the FASB issued Accounting Standards Update No.

2016

01,

Financial Instruments - Overall (Subtopic

825

10):

Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

may

2016

will become effective for us as of the beginning of our

2019

fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.

February

2016,

the FASB issued Accounting Standards Update No.

2016

02,

Leases (Topic

842)

. The guidance in ASU

2016

leaves the accounting for leases by lessors largely unchanged from previous GAAP. The transitional guidance for adopting the requirements of ASU

2016

calls for a modified retrospective approach that includes a number of optional practical expedients that entities

may

elect to apply. The guidance in ASU

2016

will become effective for us as of the beginning of our

2020

fiscal year. We are currently evaluating the impact that the adoption of ASU

2016

August

2016,

the FASB issued Accounting Standards Update No.

2016

15,

Statement of Cash Flows (Topic

230):

Classification of Certain Cash Receipts and Cash Payments

. ASU

2016

are to be adopted retrospectively and will become effective for as at the beginning of our

2019

fiscal year. Early adoption, including adoption in an interim period, is permitted. The adoption of this guidance is not expected to have a material impact upon our presentation of cash flows.

Note 2 - Significant Accounting Policies (Tables)

12 Months Ended

Nov. 26, 2016

Schedule Of Aggregate Exposure From Receivables And Guarantees Related To Customers [Table Text Block]

	2016		2015
Accounts receivable, net of allowances (Note 5)	$	18,358	$	21,197
Notes receivable, net of allowances		10		10
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17)		1,865		2,441
Total credit risk exposure related to customers	$	20,233	$	23,648

Note 3 - Business Combination - Acquisition of Zenith (Tables)

12 Months Ended

Nov. 26, 2016

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Fair value of consideration transferred in exchange for 51% of Zenith:
Cash	$	9,000
Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share		1,675
Note payable		8,436
Total fair value of consideration transferred to seller		19,111
Less effective settlement of previous amounts payable to Zenith at acquisition		(3,622	)
Total fair value of consideration net of effective settlement		15,489
Fair value of Bassett's previous 49% interest in Zenith		16,692

Total fair value of acquired business	$	32,181

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Identifiable assets acquired:
Acquired cash and cash equivalents	$	1,677
Accounts receivable, net		3,399
Prepaid expenses and other current assets		496
Property and equipment		18,110
Other long-term assets		646
Intangible assets		6,362
Total identifiable assets acquired		30,690
Liabilities assumed:
Accounts payable and accrued liabilities		(4,038	)
Notes payable		(4,329	)
Total liabilities assumed		(8,367	)
Net identifiable assets acquired		22,323
Goodwill		9,858
Total net assets acquired	$	32,181

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Useful Life
Description:	In Years		Fair Value

Customer relationships		15	$	3,038
Trade names	Indefinite			2,490
Technology - customized applications		7		834

Total acquired intangible assets			$	6,362

Business Acquisition, Pro Forma Information [Table Text Block]

	2016			2015 (1)

Zenith revenue (2)	$	54,842	$	43,522
Zenith pre-tax income	$	3,313		3,379

Note 5 - Accounts Receivable (Tables)

12 Months Ended

Nov. 26, 2016

Schedule Of Accounts Receivable [Table Text Block]

	November 26, 2016			November 28, 2015
Gross accounts receivable	$	19,157		$	22,372
Allowance for doubtful accounts		(799	)		(1,175	)
Net accounts receivable	$	18,358		$	21,197

Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]

	2016			2015

Balance, beginning of the year	$	1,175		$	1,249
Acquired allowance on accounts receivable (Note 3)		-			209
Reductions to allowance, net		(376	)		(283	)
Balance, end of the year	$	799		$	1,175

Note 6 - Inventories (Tables)

12 Months Ended

Nov. 26, 2016

Schedule of Inventory, Current [Table Text Block]

	November 26, 2016			November 28, 2015
Wholesale finished goods	$	24,392		$	31,253
Work in process		369			318
Raw materials and supplies		11,343			9,793
Retail merchandise		26,265			27,680
Total inventories on first-in, first-out method		62,369			69,044
LIFO adjustment		(7,804	)		(7,751	)
Reserve for excess and obsolete inventory		(1,350	)		(1,397	)
	$	53,215		$	59,896

Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block]

	Wholesale Segment			Retail Segment			Total
Balance at November 29, 2014	$	1,060		$	352		$	1,412
Additions charged to expense		2,442			430			2,872
Write-offs		(2,415	)		(472	)		(2,887	)
Balance at November 28, 2015		1,087			310			1,397
Additions charged to expense		1,994			475			2,469
Write-offs		(2,020	)		(496	)		(2,516	)
Balance at November 26, 2016	$	1,061		$	289		$	1,350

Note 7 - Property and Equipment (Tables)

12 Months Ended

Nov. 26, 2016

Property, Plant and Equipment [Table Text Block]

	November 26, 2016			November 28, 2015
Land	$	12,311		$	12,311
Buildings and leasehold improvements		109,728			104,265
Machinery and equipment		99,067			85,490
Property and equipment at cost		221,106			202,066
Less accumulated depreciation		(116,451	)		(105,962	)
Property and equipment, net	$	104,655		$	96,104

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	2016			2015			2014
Net Sales
Wholesale	$	240,346		$	252,180		$	223,993
Retail		254,667			249,379			216,631
Logistical services		95,707			77,250			-
Inter-company eliminations:
Furniture and accessories		(117,817	)		(114,154	)		(99,886	)
Logistical services		(40,865	)		(33,728	)		-
Consolidated	$	432,038		$	430,927		$	340,738

Income (loss) from Operations
Wholesale	$	18,672		$	15,618		$	14,120
Retail		4,333			6,170			(528	)
Logistical services		3,511			3,528			-
Inter-company elimination		1,677			1,647			1,539
Lease exit costs		-			(419	)		-
Asset impairment charges		-			(106	)		-
Management restructuring costs		-			(449	)		-
Consolidated income from operations	$	28,193		$	25,989		$	15,131

Depreciation and Amortization
Wholesale	$	2,053		$	2,075		$	1,972
Retail		5,992			5,428			5,344
Logistical services		4,204			2,634			-
Consolidated	$	12,249		$	10,137		$	7,316

Capital Expenditures
Wholesale	$	7,232		$	4,898		$	4,527
Retail		5,115			7,077			13,836
Logistical services		9,154			1,999			-
Consolidated	$	21,501		$	13,974		$	18,363

Identifiable Assets
Wholesale	$	139,477		$	146,878		$	154,275
Retail		88,855			88,878			86,471
Logistical services		49,935			46,787			-
Consolidated	$	278,267		$	282,543		$	240,746

Schedule of Depreciation [Table Text Block]

	2016		2015		2014

Cost of goods sold (1)	$	748	$	599	$	542
Selling, general and adminstrative expenses (2)		11,648		9,627		6,814
Total depreciation expense included in income from operations	$	12,396	$	10,226	$	7,356

Property, Plant and Equipment [Member]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	November 26, 2016		November 28, 2015
Wholesale	$	22,984	$	17,763
Retail - Company-owned stores		59,347		60,810
Logistical Services		22,324		17,531
Total property and equipment, net	$	104,655	$	96,104

Note 8 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Nov. 26, 2016

Schedule of Intangible Assets and Goodwill [Table Text Block]

	November 26, 2016
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,038	$	(371	)	$	2,667
Technology - customized applications		834		(219	)		615

Total intangible assets subject to amortization		3,872		(590	)		3,282

Intangibles not subject to amortization:
Trade names		2,490		-			2,490
Goodwill		11,588		-			11,588

Total goodwill and other intangible assets	$	17,950	$	(590	)	$	17,360

	November 28, 2015
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,038	$	(169	)	$	2,869
Technology - customized applications		834		(99	)		735

Total intangible assets subject to amortization		3,872		(268	)		3,604

Intangibles not subject to amortization:
Trade names		2,490		-			2,490
Goodwill		11,588		-			11,588

Total goodwill and other intangible assets	$	17,950	$	(268	)	$	17,682

Schedule of Goodwill [Table Text Block]

	Wholesale		Retail		Logistics		Total

Balance as of November 29, 2014	$	1,128	$	602	$	-	$	1,730
Goodwill arising from acquisition of Zenith		3,711		1,218		4,929		9,858

Balance as of November 28, 2015		4,839		1,820		4,929		11,588
Changes during fiscal 2016 (none)		-		-		-		-

Balance as of November 26, 2016	$	4,839	$	1,820	$	4,929	$	11,588

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Fiscal 2017	$	322
Fiscal 2018		322
Fiscal 2019		322
Fiscal 2020		322
Fiscal 2021		322
Thereafter		1,672

Total	$	3,282

Note 9 - Unconsolidated Affiliated Companies (Tables)

12 Months Ended

Nov. 26, 2016

Equity Method Investments [Table Text Block]

		2015				2014				2013
Earnings recognized		$	220			$	661			$	770

Note 10 - Notes Payable and Bank Credit Facility (Tables)

12 Months Ended

Nov. 26, 2016

Schedule of Debt [Table Text Block]

	November 26, 2016
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	6,000		$	(108	)	$	5,892
Transportation equipment notes payable		-			-			-
Real estate notes payable		1,219			-			1,219

Total debt		7,219			(108	)		7,111
Less current portion		(3,385	)		95			(3,290	)

Total long-term debt	$	3,834		$	(13	)	$	3,821

	November 28, 2015
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	9,000		$	(312	)	$	8,688
Transportation equipment notes payable		2,152			-			2,152
Real estate notes payable		2,933			-			2,933

Total debt		14,085			(312	)		13,773
Less current portion		(5,477	)		204			(5,273	)

Total long-term debt	$	8,608		$	(108	)	$	8,500

Schedule of Maturities of Long-term Debt [Table Text Block]

Fiscal 2017	$	3,385
Fiscal 2018		3,412
Fiscal 2019		422
	$	7,219

Note 11 - Post - Employment Benefit Obligations (Tables)

12 Months Ended

Nov. 26, 2016

Schedule of Changes in Projected Benefit Obligations [Table Text Block]

	2016			2015
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	11,678		$	10,376
Service cost		146			105
Interest cost		423			374
Actuarial losses		165			1,372
Benefits paid		(549	)		(549	)
Projected benefit obligation at end of year	$	11,863		$	11,678

Accumulated Benefit Obligation	$	11,138		$	10,967

Discount rate used to value the ending benefit obligations:		3.75	%		3.75	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	776		$	749
Noncurrent liabilities		11,087			10,929
Total amounts recognized	$	11,863		$	11,678
Amounts recognized in accumulated other comprehensive income:
Transition obligation	$	85		$	127
Actuarial loss		4,065			4,223
Net amount recognized	$	4,150		$	4,350

Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	734		$	1,851

Schedule of Net Benefit Costs [Table Text Block]

	2016			2015			2014

Components of Net Periodic Pension Cost:
Service cost	$	146		$	105		$	78
Interest cost		423			374			373
Amortization of transition obligation		42			42			42
Amortization of other loss		323			195			123

Net periodic pension cost	$	934		$	716		$	616


Assumptions used to determine net periodic pension cost:
Discount rate		3.75	%		3.75	%		3.75	%
Increase in future compensation levels		3.00	%		3.00	%		3.00	%

Schedule of Expected Benefit Payments [Table Text Block]

Estimated Future Benefit Payments (with mortality):
Fiscal 2017			776
Fiscal 2018			738
Fiscal 2019			700
Fiscal 2020			662
Fiscal 2021			624
Fiscal 2022 through 2026			4,606

Note 12 - Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Nov. 26, 2016

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Balance at November 29, 2014	$	(1,974	)
Actuarial losses		(1,372	)
Net pension amortization reclassified from accumulated other comprehensive loss		237
Tax effects		431
Balance at November 28, 2015		(2,678	)
Actuarial losses		(165	)
Net pension amortization reclassified from accumulated other comprehensive loss		366
Tax effects		(76	)
Balance at November 26, 2016	$	(2,553	)

Note 13 - Capital Stock and Stock Compensation (Tables)

12 Months Ended

Nov. 26, 2016

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

	2016		2015		2014

Stock based compensation expense	$	903	$	894	$	951

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	Number of Shares			Weighted Average Exercise Price Per Share

Outstanding at November 28, 2015		84,250		$	11.42
Granted		-			-
Exercised		(8,000	)		14.31
Forfeited/Expired		(10,000	)		14.73
Outstanding at November 26, 2016		66,250			10.57
Exercisable at November 26, 2016		66,250		$	10.57

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

				Options Outstanding						Options Exercisable
Range of Exercise Prices				Shares		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
	$3.23	-	$6.45		1,000		3.6	$	4.38		1,000	$	4.38
	$6.45	-	$9.67		22,250		4.6		8.02		22,250		8.02
	$9.68	-	$12.90		28,000		0.9		10.60		28,000		10.60
	$12.91	-	$16.13		15,000		0.4		14.73		15,000		14.73
					66,250						66,250

Aggregate intrinsic value				$	1,257					$	1,257

Schedule of Share-based Compensation, Summary of Additional Stock Option Information [Table Text Block]

	2016		2015		2014

Total intrinsic value of options exercised	$	124	$	5,934	$	236
Total fair value of options vested		-		87		200
Total cash received from the exercise of options		114		4,031		382
Excess tax benefits recognized as additional paid-in capital upon the exercise of options (1)		-		1,899		72

Schedule of Nonvested Share Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested restricted shares outstanding at November 28, 2015		134,154		$	17.68
Granted		7,814			29.66
Vested		(18,954	)		20.56
Forfeited		-			-
Non-vested restricted shares outstanding at November 26, 2016		123,014		$	17.99

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]

					Remaining
	Restricted		Share Value		Restriction
Grant	Shares		at Grant Date		Period
Date	Outstanding		Per Share		(Years)


July 17, 2013		25,200	$	16.64		1.6
January 15, 2014		48,000		14.12		0.1
January 14, 2015		40,000		20.21		1.1
July 14, 2015		2,000		38.02		1.6
April 1, 2016		5,814		30.96		0.3
July 12, 2016		2,000		25.88		1.6
		123,014

Note 14 - Income Taxes (Tables)

12 Months Ended

Nov. 26, 2016

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2016		2015			2014
Current:
Federal	$	3,728	$	7,972		$	4,168
State		896		1,533			596

Deferred:
Increase (decrease) in valuation allowance		-		(70	)		(974	)
Federal		4,559		1,520			221
State		765		480			1,297
Total	$	9,948	$	11,435		$	5,308

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2016			2015			2014
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
Adjustments to state net operating loss carryforwards		-			-			3.3
Change in income tax valuation allowance		-			(0.1	)		(3.7	)
Change in income tax reserves		-			0.1			(1.7	)
State income tax, net of federal benefit		4.2			4.4			4.9
Benefit of goodwill basis difference		-			(3.2	)		-
Excess tax benefits from stock-based compensation		(0.3	)		-			-
Other		(0.3	)		(0.3	)		(1.5	)
Effective income tax rate		38.6	%		35.9	%		36.3	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	November 26, 2016		November 28, 2015
Deferred income tax assets:
Trade accounts receivable	$	307	$	506
Inventories		2,407		2,420
Notes receivable		562		1,795
Post employment benefit obligations		5,338		6,992
State net operating loss carryforwards		731		927
Unrealized loss from affiliates		217		356
Net deferred rents		3,112		2,674
Other		2,005		2,165
Gross deferred income tax assets		14,679		17,835
Valuation allowance		-		-
Total deferred income tax assets		14,679		17,835

Deferred income tax liabilities:
Property and equipment		5,179		3,093
Intangible assets		1,012		860
Prepaid expenses and other		417		411

Total deferred income tax liabilities		6,608		4,364

Net deferred income tax assets	$	8,071	$	13,471

Summary of Valuation Allowance [Table Text Block]

	Balance Beginning of Period		Additions Charged to Cost and Expenses			Deductions (1)			Other			Balance End of Period
For the Year Ended November 29, 2014:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,607	$	77		$	(435	)	$	-		$	1,249

Notes receivable valuation reserves	$	4,139	$	-		$	-		$	-		$	4,139

Income tax valuation allowance	$	1,044	$	-		$	(974	)	$	-		$	70

For the Year Ended November 28, 2015:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,249	$	(216	)	$	(67	)	$	209	(2)	$	1,175

Notes receivable valuation reserves	$	4,139	$	582		$	(75	)	$	-		$	4,646

Income tax valuation allowance	$	70	$	-		$	(70	)	$	-		$	-

For the Year Ended November 26, 2016:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,175	$	(376	)	$	-		$	-		$	799

Notes receivable valuation reserves	$	4,646	$	-		$	(3,192	)	$	-	(3)	$	1,454

Income tax valuation allowance	$	-	$	-		$	-		$	-		$	-

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	2016		2015			2014
Balance, beginning of the year	$	12	$	1,236		$	1,497
Gross increases		43		12			-
Gross decreases due to settlements		-		(1,236	)		(221	)
Gross decreases primarily due to the expiration of statutes		-		-			(40	)

Balance, end of the year	$	55	$	12		$	1,236

Valuation Allowance of Deferred Tax Assets [Member]

Summary of Valuation Allowance [Table Text Block]

	2016		2015			2014

Balance, beginning of the year	$	-	$	70		$	1,044
Additions charged to expense				-			-
Deductions reducing expense		-		(70	)		(974	)
Balance, end of the year	$	-	$	-		$	70

Note 15 - Litigation Gain, Asset Impairment, and Other Charges (Tables)

12 Months Ended

Nov. 26, 2016

Schedule Of Activity Related To Accrued Lease Exit Costs [Table Text Block]

	2016			2015

Balance, beginning of the year	$	566		$	433
Provisions associated with Company-owned retail stores		-			419
Provisions made to adjust previous estimates		156			111
Payments on unexpired leases, net of sublease rent received		(517	)		(410	)
Accretion of interest on obligations		9			13

Balance, end of the year	$	214		$	566

Current portion included in other accrued liabilities	$	105		$	351
Long-term portion included in other long-term liabilities		109			215
Total accrued lease exit costs at November 26, 2016	$	214		$	566

Note 17 - Leases and Lease Guarantees (Tables)

12 Months Ended

Nov. 26, 2016

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

	Retail Stores		Distribution Centers		Transportation Equipment		Total

Fiscal 2017	$	20,587	$	4,249	$	3,296	$	28,132
Fiscal 2018		18,559		3,015		2,010		23,584
Fiscal 2019		16,710		2,002		1,808		20,520
Fiscal 2020		15,415		1,301		1,743		18,459
Fiscal 2021		13,137		1,254		1,169		15,560
Thereafter		38,765		3,022		1,217		43,004
Total future minimum lease payments	$	123,173	$	14,843	$	11,243	$	149,259

Schedule Of Future Rental Income [Table Text Block]

Fiscal 2017	$	1,863
Fiscal 2018		1,337
Fiscal 2019		1,247
Fiscal 2020		1,194
Fiscal 2021		359
Thereafter		-
Total minimum future rental income	$	6,000

Note 19 - Earnings Per Share (Tables)

12 Months Ended

Nov. 26, 2016

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	2016		2015		2014
Numerator:
Net income	$	15,829	$	20,433	$	9,299

Denominator:
Denominator for basic income per share - weighted average shares		10,732,217		10,701,829		10,552,462
Effect of dilutive securities		130,204		141,198		140,569
Denominator for diluted income per share — weighted average shares and assumed conversions		10,862,421		10,843,027		10,693,031

Basic income per share:
Net income per share — basic	$	1.47	$	1.91	$	0.88

Diluted income per share:
Net income per share — diluted	$	1.46	$	1.88	$	0.87

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	2016		2015		2014
Stock options		-		-		150,000
Unvested restricted shares		7,814		8,354		-

Total anti-dilutive securities		7,814		8,354		150,000

Note 20 - Segment Information (Tables)

12 Months Ended

Nov. 26, 2016

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	2016			2015			2014
Net Sales
Wholesale	$	240,346		$	252,180		$	223,993
Retail		254,667			249,379			216,631
Logistical services		95,707			77,250			-
Inter-company eliminations:
Furniture and accessories		(117,817	)		(114,154	)		(99,886	)
Logistical services		(40,865	)		(33,728	)		-
Consolidated	$	432,038		$	430,927		$	340,738

Income (loss) from Operations
Wholesale	$	18,672		$	15,618		$	14,120
Retail		4,333			6,170			(528	)
Logistical services		3,511			3,528			-
Inter-company elimination		1,677			1,647			1,539
Lease exit costs		-			(419	)		-
Asset impairment charges		-			(106	)		-
Management restructuring costs		-			(449	)		-
Consolidated income from operations	$	28,193		$	25,989		$	15,131

Depreciation and Amortization
Wholesale	$	2,053		$	2,075		$	1,972
Retail		5,992			5,428			5,344
Logistical services		4,204			2,634			-
Consolidated	$	12,249		$	10,137		$	7,316

Capital Expenditures
Wholesale	$	7,232		$	4,898		$	4,527
Retail		5,115			7,077			13,836
Logistical services		9,154			1,999			-
Consolidated	$	21,501		$	13,974		$	18,363

Identifiable Assets
Wholesale	$	139,477		$	146,878		$	154,275
Retail		88,855			88,878			86,471
Logistical services		49,935			46,787			-
Consolidated	$	278,267		$	282,543		$	240,746

Schedule Of Breakdown Of Wholesale Sales By Product Category [Table Text Block]

	2016			2015			2014

Wood		37	%		37	%		39	%
Upholstery		63	%		63	%		61	%
		100	%		100	%		100	%

Note 21 - Quarterly Results of Operations (Tables)

12 Months Ended

Nov. 26, 2016

Quarterly Financial Information [Table Text Block]

	2016
	First Quarter		Second Quarter		Third Quarter (1)		Fourth Quarter (2)

Sales revenue:
Furniture and accessories	$	92,402	$	92,990	$	91,465	$	100,339
Logistics		14,471		13,677		13,247		13,447
Total sales revenue		106,873		106,667		104,712		113,786
Cost of furniture and accessories sold		41,986		42,419		40,091		43,023
Income from operations		5,791		5,853		7,540		9,009
Net income		3,234		3,385		4,165		5,045
Basic earnings per share		0.30		0.31		0.39		0.47
Diluted earnings per share		0.30		0.31		0.38		0.47

	2015
	First Quarter (3)		Second Quarter (4)		Third Quarter		Fourth Quarter (5)

Sales revenue:
Furniture and accessories	$	89,548	$	99,467	$	97,107	$	101,283
Logistics		3,259		12,086		13,904		14,273
Total sales revenue		92,807		111,553		111,011		115,556
Cost of furniture and accessories sold		41,930		46,921		44,824		45,616
Income from operations		2,877		6,714		7,692		8,706
Net income		5,956		4,529		4,266		5,682
Basic earnings per share		0.57		0.42		0.39		0.53
Diluted earnings per share		0.56		0.42		0.39		0.52

Schedule II - Analysis of Valuation and Qualifying Accounts (Tables)

12 Months Ended

Nov. 26, 2016

Summary of Valuation Allowance [Table Text Block]

	Balance Beginning of Period		Additions Charged to Cost and Expenses			Deductions (1)			Other			Balance End of Period
For the Year Ended November 29, 2014:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,607	$	77		$	(435	)	$	-		$	1,249

Notes receivable valuation reserves	$	4,139	$	-		$	-		$	-		$	4,139

Income tax valuation allowance	$	1,044	$	-		$	(974	)	$	-		$	70

For the Year Ended November 28, 2015:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,249	$	(216	)	$	(67	)	$	209	(2)	$	1,175

Notes receivable valuation reserves	$	4,139	$	582		$	(75	)	$	-		$	4,646

Income tax valuation allowance	$	70	$	-		$	(70	)	$	-		$	-

For the Year Ended November 26, 2016:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,175	$	(376	)	$	-		$	-		$	799

Notes receivable valuation reserves	$	4,646	$	-		$	(3,192	)	$	-	(3)	$	1,454

Income tax valuation allowance	$	-	$	-		$	-		$	-		$	-

Note 1 - Description of Business (Details Textual)	Nov. 26, 2016	Feb. 02, 2015	Feb. 01, 2015
Number of Stores	90
Percent Of Wholesale Products Sourced From Other Countries	31.00%
Number Of Domestic Manufacturing Facilities	4
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage			49.00%
Business Acquisition, Percentage of Voting Interests Acquired		51.00%
Number of States in which Entity Operates		12
Company-owned Retail Stores [Member]
Number of Stores	59
Licensee Operated Retail Stores [Member]
Number of Stores	31

Note 2 - Significant Accounting Policies (Details Textual)		1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 02, 2015 USD ($) shares	Mar. 31, 2016 USD ($)	Aug. 30, 2014 USD ($)	Feb. 28, 2014 USD ($)	Nov. 26, 2016 USD ($)	Nov. 28, 2015 USD ($) shares	Nov. 29, 2014 USD ($)
Percent Of Aggregate Risk Exposure Net Of Reserves Attributable To Major Customers					30.00%	26.00%
Concentration Risk, Percentage					100.00%	100.00%	100.00%
Percentage of LIFO Inventory					53.00%	43.00%
Land					$ 12,311,000	$ 12,311,000
Buildings and Improvements, Gross					109,728,000	104,265,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment					116,451,000	105,962,000
Depreciation					12,396	10,226	$ 7,356
Proceeds from Sale of Real Estate			$ 3,750,000	$ 1,407,000			5,157,000
Goodwill, Impairment Loss					0
Pre-Opening Costs					1,148,000	623,000	1,217,000
Shipping, Handling and Transportation Costs						6,863,000	31,308,000
Advertising Expense					16,688,000	16,228,000	15,614,000
Reclassification From Additional Paid-in Capital to Income Tax Expense [Member]
Current Period Reclassification Adjustment		$ 87,000
Tax Benefits Reclassification From Cash Flow Provided by Financing Activities to Cash Flow Provided by Operating Activities [Member] \| Year Ended November 28, 2015 [Member]
Prior Period Reclassification Adjustment		1,998,000
Tax Benefits Reclassification From Cash Flow Provided by Financing Activities to Cash Flow Provided by Operating Activities [Member] \| Year Ended November 29, 2014 [Member]
Prior Period Reclassification Adjustment		$ 300,000
Zenith Freight Lines [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	89,485
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 1,675,000					1,675,000
Notes Issued						$ 8,436,000
Zenith Freight Lines [Member] \| Common Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares						89,485
Deliver Wholesale Merchandise to Customers [Member]
Shipping, Handling and Transportation Costs					18,451,000	$ 18,624,000	16,162,000
Deliver Retail Merchandise to Customers [Member]
Shipping, Handling and Transportation Costs					15,946,000	15,383,000	12,844,000
Retail Real Estate [Member]
Land					990,000
Buildings and Improvements, Gross					6,178,000	6,178,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment					4,311,000	4,160,000
Depreciation					152,000	184,000	400,000
Sugarland Real Estate [Member]
Proceeds from Sale of Real Estate						2,835,000
Impairment of Real Estate						182,000
Export Sales [Member]
Revenues					3,607,000	4,516,000	$ 4,774,000
Logistical Services [Member]
Depreciation					$ 3,882,000	$ 2,366,000
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member]
Number of Major Customers					0	0	0
Customer Concentration Risk [Member] \| Sales Revenue, Net [Member] \| Logistical Services [Member]
Number of Major Customers					1	1
Concentration Risk, Percentage					36.00%	26.00%
Minimum [Member]
Payment Terms For Wholesale Customers					30 days
Minimum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life					10 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life					5 years
Minimum [Member] \| Retail Buildings And Improvements [Member]
Property, Plant and Equipment, Useful Life					10 years
Maximum [Member]
Payment Terms For Wholesale Customers					60 days
Maximum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life					39 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life					10 years
Maximum [Member] \| Retail Buildings And Improvements [Member]
Property, Plant and Equipment, Useful Life					39 years

Note 2 - Significant Accounting Policies - Aggregate Exposure from Receivables and Guarantees Related to Customers (Details) - USD ($) $ in Thousands	Nov. 26, 2016	Nov. 28, 2015
Accounts receivable, net of allowances (Note 5)	$ 18,358	$ 21,197
Notes receivable, net of allowances	10	10
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 17)	1,865	2,441
Total credit risk exposure related to customers	$ 20,233	$ 23,648

Note 3 - Business Combination - Acquisition of Zenith (Details Textual) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended	12 Months Ended
	Feb. 02, 2015 USD ($)	Feb. 01, 2015 USD ($)	Feb. 28, 2015 USD ($)	Nov. 26, 2016 USD ($)	Nov. 28, 2015 USD ($) $ / shares	Nov. 29, 2014 USD ($)
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain			$ 7,212		$ 7,212
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage		49.00%
Business Acquisition, Percentage of Voting Interests Acquired	51.00%
Business Combination, Consideration Transferred	$ 19,111
Debt Instrument, Periodic Payment, Number of Installments	3
Equity Method Investments, Carrying Value Prior to Step Acquisition Remeasurement		$ 9,480
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value	$ 16,692				16,692
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain					$ 7,212
Diluted Earnings Per Share Adjustment \| $ / shares					$ 0.41
Business Acquisition, Goodwill, Expected Tax Deductible Amount					$ 6,982
Business Combination, Acquisition Related Costs					$ 209
Zenith Freight Lines [Member] \| Long-term Debt [Member]
Debt Instrument, Periodic Payment	$ 3,000

Note 3 - Business Combination - Acquisition of Zenith - Fair Value of Acquired Business (Details) - Zenith Freight Lines [Member] - USD ($) $ in Thousands		12 Months Ended
	Feb. 02, 2015	Nov. 28, 2015
Fair value of consideration transferred in exchange for 51% of Zenith:
Cash	$ 9,000
Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share	1,675	$ 1,675
Note payable	8,436
Total fair value of consideration transferred to seller	19,111
Less effective settlement of previous amounts payable to Zenith at acquisition	(3,622)
Total fair value of consideration net of effective settlement	15,489
Fair value of Bassett's previous 49% interest in Zenith	16,692	$ 16,692
Total fair value of acquired business	$ 32,181

Note 3 - Business Combination - Acquisition of Zenith - Fair Value of Acquired Business (Details) (Parentheticals) - $ / shares	Feb. 02, 2015	Nov. 26, 2016	Nov. 28, 2015
Bassett common stock, par value (in dollars per share)		$ 5	$ 5
Zenith Freight Lines [Member]
Business Acquisition, Percentage of Voting Interests Acquired	51.00%
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	89,485
Bassett common stock, par value (in dollars per share)	$ 5
Bassett comon stock, fair value at closing, per share (in dollars per share)	$ 18.72
Fair value of Bassett's previous interest in Zenith, percentage	49.00%

Note 3 - Business Combination - Acquisition of Zenith - Allocation of Fair Value of the Acquired Business (Details) - USD ($) $ in Thousands	Nov. 26, 2016	Nov. 28, 2015	Feb. 02, 2015	Nov. 29, 2014
Liabilities assumed:
Goodwill	$ 11,588	$ 11,588		$ 1,730
Zenith Freight Lines [Member]
Identifiable assets acquired:
Acquired cash and cash equivalents			$ 1,677
Accounts receivable, net			3,399
Prepaid expenses and other current assets			496
Property and equipment			18,110
Other long-term assets			646
Intangible assets			6,362
Total identifiable assets acquired			30,690
Liabilities assumed:
Accounts payable and accrued liabilities			(4,038)
Notes payable			(4,329)
Total liabilities assumed			(8,367)
Net identifiable assets acquired			22,323
Goodwill			9,858
Total net assets acquired			$ 32,181

Note 3 - Business Combination - Acquisition of Zenith - Acquired Identifiable Intangible Assets (Details) - Zenith Freight Lines [Member] $ in Thousands	Feb. 02, 2015 USD ($)
Fair Value	$ 6,362
Trade Names [Member]
Fair Value	$ 2,490
Customer Relationships [Member]
Useful Life In Years (Year)	15 years
Fair Value	$ 3,038
Technology-Based Intangible Assets [Member]
Useful Life In Years (Year)	7 years
Fair Value	$ 834

Note 3 - Business Combination - Acquisition of Zenith - Revenue and Pre-tax Profit included in Condensed Consolidated Statements of Income (Details) - Zenith Freight Lines [Member] - USD ($)
$ in Thousands

12 Months Ended

Nov. 26, 2016

Nov. 28, 2015

^[2]

Zenith revenue (2)

^[1]

$ 54,842

$ 43,522

Zenith pre-tax income

$ 3,313

$ 3,379

[1]	Net of eliminated inter - company transactions, See Note 20.
[2]	From date of acquisition, February 2, 2015.

Note 4 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015
Short-term Investments	$ 23,125	$ 23,125
Minimum [Member]
Interest Rate of Certificates of Deposit	0.28%
Maximum [Member]
Interest Rate of Certificates of Deposit	1.00%
Certificates of Deposit Terms	1 year
Weighted Average [Member]
Interest Rate of Certificates of Deposit	0.65%
Certificates of Deposit Terms	210 days

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Gross accounts receivable	$ 19,157	$ 22,372
Allowance for doubtful accounts	(799)	(1,175)	$ (1,249)
Net accounts receivable	$ 18,358	$ 21,197

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015
Balance	$ 1,175	$ 1,249
Acquired allowance on accounts receivable (Note 3)		209
Reductions to allowance, net	(376)	(283)
Balance	$ 799	$ 1,175

Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Purchases From Major Vendors	$ 19,128	$ 25,190	$ 26,707

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Wholesale finished goods	$ 24,392	$ 31,253
Work in process	369	318
Raw materials and supplies	11,343	9,793
Retail merchandise	26,265	27,680
Total inventories on first-in, first-out method	62,369	69,044
LIFO adjustment	(7,804)	(7,751)
Reserve for excess and obsolete inventory	(1,350)	(1,397)	$ (1,412)
Inventory, net	$ 53,215	$ 59,896

Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015
Balance	$ 1,397	$ 1,412
Additions charged to expense	2,469	2,872
Write-offs	(2,516)	(2,887)
Balance	1,350	1,397
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	1,087	1,060
Additions charged to expense	1,994	2,442
Write-offs	(2,020)	(2,415)
Balance	1,061	1,087
Operating Segments [Member] \| Retail Segment [Member]
Balance	310	352
Additions charged to expense	475	430
Write-offs	(496)	(472)
Balance	$ 289	$ 310

Note 7 - Property and Equipment (Details Textual) - USD ($)	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Depreciation	$ 12,396	$ 10,226	$ 7,356
Retail Segment [Member]
Depreciation	6,612,000	5,970,000	$ 5,782,000
Logistical Services [Member]
Depreciation	$ 3,882,000	$ 2,366,000

Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 26, 2016	Nov. 28, 2015
Land	$ 12,311	$ 12,311
Buildings and leasehold improvements	109,728	104,265
Machinery and equipment	99,067	85,490
Property and equipment at cost	221,106	202,066
Less accumulated depreciation	(116,451)	(105,962)
Property and equipment, net	$ 104,655	$ 96,104

Note 7 - Property and Equipment - Summary of Reportable Segment Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 26, 2016	Nov. 28, 2015
Property and equipment, net	$ 104,655	$ 96,104
Wholesale Segment [Member]
Property and equipment, net	22,984	17,763
Retail Segment [Member]
Property and equipment, net	59,347	60,810
Logistical Services [Member]
Property and equipment, net	$ 22,324	$ 17,531

Note 7 - Property and Equipment - Depreciation Expense (Details) - USD ($)

12 Months Ended

Nov. 26, 2016

Nov. 28, 2015

Nov. 29, 2014

Depreciation expense

$ 12,396

$ 10,226

$ 7,356

Cost of Sales [Member]

Depreciation expense

^[1]

748

599

542

Selling, General and Administrative Expenses [Member]

Depreciation expense

^[2]

$ 11,648

$ 9,627

$ 6,814

[1]	All associated with our wholesale segment for fiscal 2016, 2015 and 2014.
[2]	Includes depreciation associated with our retail segment of $6,612, $5,970 and $5,782 for fiscal 2016, 2015 and 2014, respectively. Fiscal 2016 and 2015 includes depreciation associated with our logistical services segment of $3,882 and $2,366, respectively.

Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Goodwill, Impaired, Accumulated Impairment Loss	$ 0	$ 0	$ 0
Amortization of Intangible Assets	$ 322	$ 268	$ 0

Note 8 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015
Intangibles subject to amortization, Gross Carrying Amount	$ 3,872	$ 3,872
Intangibles subject to amortization, Accumulated Amortization	(590)	(268)
Intangibles subject to amortization, Intangible Assets, Net	3,282	3,604
Trade names	2,490	2,490
Goodwill	11,588	11,588
Total goodwill and other intangible assets	17,950	17,950
Total goodwill and other intangible assets	17,360	17,682
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,038	3,038
Intangibles subject to amortization, Accumulated Amortization	(371)	(169)
Intangibles subject to amortization, Intangible Assets, Net	2,667	2,869
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(219)	(99)
Intangibles subject to amortization, Intangible Assets, Net	$ 615	$ 735

Note 8 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015
Balance	$ 11,588	$ 1,730
Goodwill arising from acquisition of Zenith		9,858
Balance	11,588	11,588
Changes during fiscal 2016 (none)
Wholesale Segment [Member]
Balance	4,839	1,128
Goodwill arising from acquisition of Zenith		3,711
Balance	4,839	4,839
Changes during fiscal 2016 (none)
Retail Segment [Member]
Balance	1,820	602
Goodwill arising from acquisition of Zenith		1,218
Balance	1,820	1,820
Changes during fiscal 2016 (none)
Logistical Services [Member]
Balance	4,929
Goodwill arising from acquisition of Zenith		4,929
Balance	4,929	$ 4,929
Changes during fiscal 2016 (none)

Note 8 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 26, 2016	Nov. 28, 2015
Fiscal 2017	$ 322
Fiscal 2018	322
Fiscal 2019	322
Fiscal 2020	322
Fiscal 2021	322
Thereafter	1,672
Total	$ 3,282	$ 3,604

Note 9 - Unconsolidated Affiliated Companies (Details Textual) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 02, 2015	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013	Feb. 01, 2015	May 02, 2011
Income (Loss) from Equity Method Investments			$ 220	$ 661	$ 770
Shipping, Handling and Transportation Costs			$ 6,863	31,308
Cost Method Investments							$ 1,000
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage						49.00%
Equity Method Investments	$ 9,480			7,915
Income (Loss) from Equity Method Investments	220
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	1,345
Capital Contributions Made to Unconsolidated Affiliated Companies	$ 2,745
IHFC [Member]
Indemnification Escrow Receivable							$ 6,106
Decrease in Restricted Cash				$ 2,348

Note 9 - Unconsolidated Affiliated Companies - Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Earnings recognized		$ 220	$ 661	$ 770

Note 10 - Notes Payable and Bank Credit Facility (Details Textual) $ in Thousands		12 Months Ended
	Feb. 02, 2015 USD ($)	Nov. 26, 2016 USD ($)	Nov. 28, 2015 USD ($)	Nov. 29, 2014 USD ($)	Feb. 02, 2016	Dec. 05, 2015 USD ($)
Long-term Debt, Current Maturities		$ 3,290	$ 5,273
Long-term Debt		7,111	13,773
Interest Paid		353	277	$ 176
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity						$ 15,000
Letters of Credit Outstanding, Amount		1,972
Line of Credit Facility, Remaining Borrowing Capacity		13,028
Bank Two [Member]
Letters of Credit Outstanding, Amount		456
Transportation Equipment Notes Payable [Member]
Long-term Debt			2,152
Secured Debt, Current			901
Debt Instrument, Collateral Amount			3,796
Real Estate Notes Payable Operated in Retail Segment [Member]
Debt Instrument, Interest Rate, Stated Percentage		6.73%
Long-term Debt		$ 1,219	1,709
Secured Debt, Current		385	351
Real Estate Notes Payable Operated in Retail Segment [Member] \| Financed Through Commercial Mortgages [Member]
Debt Instrument, Collateral Amount		5,858	5,993
Real Estate Notes Payable Operated in Logistical Services Segment [Member]
Secured Debt			1,224
Real Estate Notes Payable Operated in Logistical Services Segment [Member] \| Land and Building [Member]
Debt Instrument, Collateral Amount			6,226
Zenith Freight Lines [Member] \| Unsecured Debt [Member]
Debt Instrument, Face Amount	$ 9,000
Debt Instrument, Number of Annual Payments	3
Debt Instrument, Periodic Payment	$ 3,000
Debt Instrument, Interest Rate, Stated Percentage	0.62%				1.14%
Amortization of Debt Discount (Premium)		204	252
Long-term Debt, Current Maturities		$ 2,904	$ 2,796

Note 10 - Notes Payable and Bank Credit Facility - Real Estate Notes Payable and Bank Debt (Details) - USD ($) $ in Thousands	Nov. 26, 2016	Nov. 28, 2015
Principal Balance	$ 7,219	$ 14,085
Unamortized Discount	(108)	(312)
Net Carrying Amount	7,111	13,773
Principal Balance, less current portion	(3,385)	(5,477)
Unamortized discount, current portion	95	204
Net Carrying Amount, less current portion	(3,290)	(5,273)
Principal Balance, excluding current portion	3,834	8,608
Unamortized discount, noncurrent portion	(13)	(108)
Notes payable	3,821	8,500
Zenith Note Payable [Member]
Principal Balance	6,000	9,000
Unamortized Discount	(108)	(312)
Net Carrying Amount	5,892	8,688
Transportation Equipment Notes Payable [Member]
Principal Balance		2,152
Net Carrying Amount		2,152
Real Estate Notes Payable [Member]
Principal Balance	1,219	2,933
Net Carrying Amount	$ 1,219	$ 2,933

Note 10 - Notes Payable and Bank Credit Facility - Maturities of Notes Payable (Details) - USD ($) $ in Thousands	Nov. 26, 2016	Nov. 28, 2015
Fiscal 2017	$ 3,385
Fiscal 2018	3,412
Fiscal 2019	422
Total repayments of principal	$ 7,219	$ 14,085

Note 11 - Post - Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Percent Of Final Average Compensation Provided By Supplemental Retirement Income Plan	65.00%
Death Benefit Payment Term	10 years
Current Net Death Benefit	$ 3,022
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	4,150	$ 4,350
Defined Benefit Plan, Future Amortization of Transition Obligation (Asset)	42
Defined Benefit Plan, Future Amortization of Gain (Loss)	(332)
Increase (Decrease) in Deferred Compensation			$ 124
Postemployment Benefits Liability, Noncurrent	$ 12,760	$ 12,694
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	25.00%	20.00%	15.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	8.00%
Defined Contribution Plan, Cost Recognized	$ 865	$ 662	$ 397
Unfunded Deferred Compensation Plan [Member]
Pension Expense	228	248	$ 134
Postemployment Benefits Liability, Noncurrent	$ 1,969	$ 2,085
Payment over 120 Months [Member]
Death Benefit Percent Of Final Average Annual Compensation	50.00%
A Single Payment [Member]
Death Benefit Percent Of Final Average Annual Compensation	200.00%

Note 11 - Post Employment Benefit Obligations - Plan Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Change in Benefit Obligation:
Projected benefit obligation	$ 11,678	$ 10,376
Service cost	146	105	$ 78
Interest cost	423	374	373
Actuarial losses	165	1,372
Benefits paid	(549)	(549)
Projected benefit obligation	11,863	11,678	$ 10,376
Accumulated Benefit Obligation	$ 11,138	$ 10,967
Discount rate used to value the ending benefit obligations:	3.75%	3.75%
Amounts recognized in the consolidated balance sheet:
Current liabilities	$ 776	$ 749
Noncurrent liabilities	11,087	10,929
Total amounts recognized	11,863	11,678
Amounts recognized in accumulated other comprehensive income:
Transition obligation	85	127
Actuarial loss	4,065	4,223
Net amount recognized	4,150	4,350
Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$ 734	$ 1,851

Note 11 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Components of Net Periodic Pension Cost:
Service cost	$ 146	$ 105	$ 78
Interest cost	423	374	373
Amortization of transition obligation	42	42	42
Amortization of other loss	323	195	123
Net periodic pension cost	$ 934	$ 716	$ 616
Discount rate	3.75%	3.75%	3.75%
Increase in future compensation levels	3.00%	3.00%	3.00%

Note 11 - Post Employment Benefit Obligations - Estimated Future Benefit Payments (Details) $ in Thousands	Nov. 26, 2016 USD ($)
Fiscal 2017	$ 776
Fiscal 2018	738
Fiscal 2019	700
Fiscal 2020	662
Fiscal 2021	624
Fiscal 2022 through 2026	$ 4,606

Note 12 - Accumulated Other Comprehensive Loss - Activity in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015
Balance	$ (2,678)
Balance	(2,553)	$ (2,678)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(2,678)	(1,974)
Actuarial losses	(165)	(1,372)
Net pension amortization reclassified from accumulated other comprehensive loss	366	237
Tax effects	(76)	431
Balance	$ (2,553)	$ (2,678)

Note 13 - Capital Stock and Stock Compensation (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2000	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014	Apr. 01, 2015	Dec. 31, 1997
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0	0	0
Payments Related to Tax Withholding for Share-based Compensation		$ 77	$ 178	$ 489
Proceeds and Excess Tax Benefit from Share-based Compensation		$ 87	$ 99	$ 228
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%
Stock Issued During Period, Shares, Employee Stock Purchase Plans		8,502	19,053	25,677
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares		0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		18,954
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 748
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years
Restricted Stock [Member] \| Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant					5,814
Restricted Stock [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		2,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		12,600
Shares Paid for Tax Withholding for Share Based Compensation		2,940	4,836	31,234
Payments Related to Tax Withholding for Share-based Compensation		$ 77	$ 154	$ 489
Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		6,354
The 1997 Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance						950,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		0
The 2010 Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance		1,250,000

Note 13 - Capital Stock and Stock Compensation - Compensation Expense Related to Restricted Stock and Stock Options Included in Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Selling, General and Administrative Expenses [Member]
Stock based compensation expense	$ 903	$ 894	$ 951

Note 13 - Capital Stock and Stock Compensation - Changes in Outstanding Options (Details)	12 Months Ended
	Nov. 26, 2016 $ / shares shares
Outstanding, Shares (in shares) \| shares	84,250
Outstanding, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 11.42
Exercised, Shares (in shares) \| shares	(8,000)
Exercised, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 14.31
Forfeited/Expired, Shares (in shares) \| shares	(10,000)
Forfeited/Expired, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 14.73
Outstanding, Shares (in shares) \| shares	66,250
Outstanding, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 10.57
Exercisable, Shares (in shares) \| shares	66,250
Exercisable, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 10.57

Note 13 - Capital Stock and Stock Compensation - Additional Information Regarding Outstanding Stock Options (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 26, 2016 USD ($) $ / shares shares
Options outstanding, shares (in shares) \| shares	66,250
Options exercisable, shares (in shares) \| shares	66,250
Options outstanding, aggregate intrinsic value \| $	$ 1,257
Options exercisable, aggregate intrinsic value \| $	$ 1,257
Range of $3.23 - $6.45 [Member]
Lower range of exercise prices (in dollars per share)	$ 3.23
Upper range of exercise prices (in dollars per share)	$ 6.45
Options outstanding, shares (in shares) \| shares	1,000
Options outstanding, weighted average remaining contractual life (Year)	3 years 219 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 4.38
Options exercisable, shares (in shares) \| shares	1,000
Options exercisable, weighted average exercise price (in dollars per share)	$ 4.38
Range of $6.45 - $9.67 [Member]
Lower range of exercise prices (in dollars per share)	6.45
Upper range of exercise prices (in dollars per share)	$ 9.67
Options outstanding, shares (in shares) \| shares	22,250
Options outstanding, weighted average remaining contractual life (Year)	4 years 219 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 8.02
Options exercisable, shares (in shares) \| shares	22,250
Options exercisable, weighted average exercise price (in dollars per share)	$ 8.02
Range of $9.68 - $12.90 [Member]
Lower range of exercise prices (in dollars per share)	9.68
Upper range of exercise prices (in dollars per share)	$ 12.90
Options outstanding, shares (in shares) \| shares	28,000
Options outstanding, weighted average remaining contractual life (Year)	328 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 10.60
Options exercisable, shares (in shares) \| shares	28,000
Options exercisable, weighted average exercise price (in dollars per share)	$ 10.60
Range of $12.91 - $16.13 [Member]
Lower range of exercise prices (in dollars per share)	12.91
Upper range of exercise prices (in dollars per share)	$ 16.13
Options outstanding, shares (in shares) \| shares	15,000
Options outstanding, weighted average remaining contractual life (Year)	146 days
Options outstanding, weighted average exercise price (in dollars per share)	$ 14.73
Options exercisable, shares (in shares) \| shares	15,000
Options exercisable, weighted average exercise price (in dollars per share)	$ 14.73

Note 13 - Capital Stock and Stock Compensation - Additional Information Regarding Activity in Stock Options (Details) - USD ($)

12 Months Ended

Nov. 26, 2016

Nov. 28, 2015

Nov. 29, 2014

Total intrinsic value of options exercised

$ 124,000

$ 5,934,000

$ 236,000

Total fair value of options vested

87,000

200,000

Total cash received from the exercise of options

114,000

4,031,000

297,000

Excess tax benefits recognized as additional paid-in capital upon the exercise of options (1)

1,998,000

300,000

Employee Stock Option [Member]

Excess tax benefits recognized as additional paid-in capital upon the exercise of options (1)

^[1]

$ 1,899,000

$ 72,000

[1]	Prior to the adoption of ASU 2016-09 in the first quarter of fiscal 2016. See Note 2.

Note 13 - Capital Stock and Stock Compensation - Changes in Non-vested Options (Details)	12 Months Ended
	Nov. 26, 2016 $ / shares shares
Granted (in dollars per share) \| $ / shares
Non-vested restricted shares outstanding at November 26, 2016 (in shares) \| shares	123,014
Restricted Stock [Member]
Non-vested restricted shares outstanding at November 28, 2015 (in shares) \| shares	134,154
Non-vested restricted shares outstanding at November 28, 2015 (in dollars per share) \| $ / shares	$ 17.68
Granted (in shares) \| shares	7,814
Granted (in dollars per share) \| $ / shares	$ 29.66
Vested (in shares) \| shares	(18,954)
Vested (in dollars per share) \| $ / shares	$ 20.56
Forfeited (in shares) \| shares
Forfeited (in dollars per share) \| $ / shares
Non-vested restricted shares outstanding at November 26, 2016 (in shares) \| shares	123,014
Non-vested restricted shares outstanding at November 26, 2016 (in dollars per share) \| $ / shares	$ 17.99

Note 13 - Capital Stock and Stock Compensation - Restricted Stock Awards (Details) - $ / shares	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015
Restricted Shares Outstanding (in shares)	123,014
Granted (in dollars per share)
Remaining Restriction Period (Year)
Restricted Stock [Member]
Restricted Shares Outstanding (in shares)	123,014	134,154
Granted (in dollars per share)	$ 29.66
Restricted Stock [Member] \| July 17, 2013 [Member]
Restricted Shares Outstanding (in shares)	25,200
Granted (in dollars per share)	$ 16.64
Remaining Restriction Period (Year)	1 year 219 days
Restricted Stock [Member] \| January 15, 2014 [Member]
Restricted Shares Outstanding (in shares)	48,000
Granted (in dollars per share)	$ 14.12
Remaining Restriction Period (Year)	36 days
Restricted Stock [Member] \| January 14, 2015 [Member]
Restricted Shares Outstanding (in shares)	40,000
Granted (in dollars per share)	$ 20.21
Remaining Restriction Period (Year)	1 year 36 days
Restricted Stock [Member] \| July 14, 2015 [Member]
Restricted Shares Outstanding (in shares)	2,000
Granted (in dollars per share)	$ 38.02
Remaining Restriction Period (Year)	1 year 219 days
Restricted Stock [Member] \| April 1, 2016 [Member]
Restricted Shares Outstanding (in shares)	5,814
Granted (in dollars per share)	$ 30.96
Remaining Restriction Period (Year)	109 days
Restricted Stock [Member] \| July 12, 2016 [Member]
Restricted Shares Outstanding (in shares)	2,000
Granted (in dollars per share)	$ 25.88
Remaining Restriction Period (Year)	1 year 219 days

Note 14 - Income Taxes (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
Note 14 - Income Taxes (Details Textual) - USD ($)	Feb. 27, 2016	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014	Nov. 30, 2013
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation			$ 1,998,000	$ 300,000
Income Tax Benefit from Share-based Compensation, Adoption of Accounting Policy	$ 87,000
Deferred Tax Assets, Valuation Allowance		$ 0	0		$ 1,044,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount			70,000	$ 974,000
Effect Of Change In Deferred Tax Assets Valuation Allowance On Basic Earnings Per Share				$ 0.09
Income Taxes Paid, Net		9,949,000	5,906,000	$ 2,367,000
Unrecognized Tax Benefits Excluding Interest And Penalties				1,236,000
Unrecognized Tax Benefits Interest Expense Recovery		15,000	(144,000)	7,000
Unrecognized Tax Benefits Income Tax Penalties Expense Recovery		10,000	$ 3,000	$ 10,000
State and Local Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration		$ 9,057,000
State and Local Jurisdiction [Member] \| Earliest Tax Year [Member]
Operating Loss Carryforwards, Expiration Year		2017
State and Local Jurisdiction [Member] \| Latest Tax Year [Member]
Operating Loss Carryforwards, Expiration Year		2030

Note 14 - Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($)	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Current:
Federal	$ 3,728,000	$ 7,972,000	$ 4,168,000
State	896,000	1,533,000	596,000
Deferred:
Increase (decrease) in valuation allowance		(70,000)	(974,000)
Federal	4,559,000	1,520,000	221,000
State	765,000	480,000	1,297,000
Total	$ 9,948,000	$ 11,435,000	$ 5,308,000

Note 14 - Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details)	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Statutory federal income tax rate	35.00%	35.00%	35.00%
Adjustments to state net operating loss carryforwards			3.30%
Change in income tax valuation allowance		(0.10%)	(3.70%)
Change in income tax reserves		0.10%	(1.70%)
State income tax, net of federal benefit	4.20%	4.40%	4.90%
Benefit of goodwill basis difference		(3.20%)
Excess tax benefits from stock-based compensation	(0.30%)
Other	(0.30%)	(0.30%)	(1.50%)
Effective income tax rate	38.60%	35.90%	36.30%

Note 14 - Income Taxes - Income Tax Effects Of Temporary Differences And Carryforwards (Details) - USD ($)	Nov. 26, 2016	Nov. 28, 2015	Nov. 30, 2013
Deferred income tax assets:
Trade accounts receivable	$ 307,000	$ 506,000
Inventories	2,407,000	2,420,000
Notes receivable	562,000	1,795,000
Post employment benefit obligations	5,338,000	6,992,000
State net operating loss carryforwards	731,000	927,000
Unrealized loss from affiliates	217,000	356,000
Net deferred rents	3,112,000	2,674,000
Other	2,005,000	2,165,000
Gross deferred income tax assets	14,679,000	17,835,000
Valuation allowance	0	0	$ (1,044,000)
Total deferred income tax assets	14,679,000	17,835,000
Deferred income tax liabilities:
Property and equipment	5,179,000	3,093,000
Intangible assets	1,012,000	860,000
Prepaid expenses and other	417,000	411,000
Total deferred income tax liabilities	6,608,000	4,364,000
Net deferred income tax assets	$ 8,071,000	$ 13,471,000

Note 14 - Income Taxes - Summary of Valuation Allowances Against Deferred Tax Assets (Valuation Allowance of Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Balance, beginning of the year		$ 70	$ 1,044
Additions charged to expense
Deductions reducing expense		(70)	(974)
Balance, end of the year			$ 70

Note 14 - Income Taxes - Activity Related to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Balance	$ 12	$ 1,236	$ 1,497
Gross increases	43	12
Gross decreases due to settlements		(1,236)	(221)
Gross decreases primarily due to the expiration of statutes			(40)
Balance	$ 55	$ 12	$ 1,236

Note 15 - Litigation Gain, Asset Impairment, and Other Charges (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Aug. 27, 2016	May 30, 2015	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Litigation Settlement, Amount	$ 1,428
Asset Impairment Charges				$ 106
Gain (Loss) on Contract Termination				(419)
Restructuring Charges		$ 449		449
Employee Severance [Member]
Restructuring Charges			0	449	0
Leasehold Improvements [Member]
Asset Impairment Charges			0	106	0
Gain (Loss) on Contract Termination			0	$ (419)	$ 0
Antitrust Litigation Settlement [Member]
Proceeds from Legal Settlements			1,428
Antitrust Litigation Settlement [Member] \| Cost of Sales [Member]
Litigation Settlement, Amount			$ 1,428

Note 15 - Litigation Gain, Asset Impairment, and Other Charges - Activity Related to Accrued Lease Exit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 26, 2016	Nov. 28, 2015
Balance	$ 566	$ 433
Provisions associated with Company-owned retail stores		419
Provisions made to adjust previous estimates	156	111
Payments on unexpired leases, net of sublease rent received	(517)	(410)
Accretion of interest on obligations	9	13
Balance	214	566
Current portion included in other accrued liabilities			$ 105	$ 351
Long-term portion included in other long-term liabilities			109	215
Total accrued lease exit costs at November 26, 2016	$ 566	$ 566	$ 214	$ 566

Note 16 - Income from the Continued Dumping and Subsidy Offset Act (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Income from Continued Dumping and Subsidy Offset Act	$ 240	$ 1,156

Note 17 - Leases and Lease Guarantees (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Operating Leases, Rent Expense	$ 31,867	$ 26,382	$ 19,903
Real Estate Rental Income (Loss), Net of Expense	(59)	(181)	$ (248)
Loss Contingency, Estimate of Possible Loss	1,865	2,441
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,868	$ 2,494
Minimum [Member]
Lease Guarantees Term	1 year
Minimum [Member] \| Retail Stores [Member]
Operating Lease, Lease Term	1 year
Renewal Term On Operating Lease	5 years
Minimum [Member] \| Transportation Equipment Leases [Member]
Operating Lease, Lease Term	2 years
Maximum [Member]
Lease Guarantees Term	3 years
Maximum [Member] \| Retail Stores [Member]
Operating Lease, Lease Term	15 years
Renewal Term On Operating Lease	15 years
Maximum [Member] \| Transportation Equipment Leases [Member]
Operating Lease, Lease Term	7 years

Note 17 - Leases and Lease Guarantees - Future Minimum Lease Payments under Non-cancelable Operating Leases (Details) $ in Thousands	Nov. 26, 2016 USD ($)
Fiscal 2017	$ 28,132
Fiscal 2018	23,584
Fiscal 2019	20,520
Fiscal 2020	18,459
Fiscal 2021	15,560
Thereafter	43,004
Total future minimum lease payments	149,259
Retail Stores [Member]
Fiscal 2017	20,587
Fiscal 2018	18,559
Fiscal 2019	16,710
Fiscal 2020	15,415
Fiscal 2021	13,137
Thereafter	38,765
Total future minimum lease payments	123,173
Distribution Centers [Member]
Fiscal 2017	4,249
Fiscal 2018	3,015
Fiscal 2019	2,002
Fiscal 2020	1,301
Fiscal 2021	1,254
Thereafter	3,022
Total future minimum lease payments	14,843
Transportation Equipment Leases [Member]
Fiscal 2017	3,296
Fiscal 2018	2,010
Fiscal 2019	1,808
Fiscal 2020	1,743
Fiscal 2021	1,169
Thereafter	1,217
Total future minimum lease payments	$ 11,243

Note 17 - Leases and Lease Guarantees - Minimum Future Rental Income (Details) $ in Thousands	Nov. 26, 2016 USD ($)
Fiscal 2017	$ 1,863
Fiscal 2018	1,337
Fiscal 2019	1,247
Fiscal 2020	1,194
Fiscal 2021	359
Thereafter
Total minimum future rental income	$ 6,000

Note 19 - Earnings Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Nov. 26, 2016

^[1]

Aug. 27, 2016

^[2]

May 28, 2016

Feb. 27, 2016

Nov. 28, 2015

^[3]

Aug. 29, 2015

May 30, 2015

^[4]

Feb. 28, 2015

^[5]

Nov. 26, 2016

Nov. 28, 2015

Nov. 29, 2014

Numerator:

Net income

$ 5,045

$ 4,165

$ 3,385

$ 3,234

$ 5,682

$ 4,266

$ 4,529

$ 5,956

$ 15,829

$ 20,433

$ 9,299

Denominator:

Denominator for basic income per share - weighted average shares (in shares)

10,732,217

10,701,829

10,552,462

Effect of dilutive securities (in shares)

130,204

141,198

140,569

Denominator for diluted income per share — weighted average shares and assumed conversions (in shares)

10,862,421

10,843,027

10,693,031

Basic income per share:

Net income per share — basic (in dollars per share)

$ 0.47

$ 0.39

$ 0.31

$ 0.30

$ 0.53

$ 0.39

$ 0.42

$ 0.57

$ 1.47

$ 1.91

$ 0.88

Diluted income per share:

Net income per share — diluted (in dollars per share)

$ 0.47

$ 0.38

$ 0.31

$ 0.30

$ 0.52

$ 0.39

$ 0.42

$ 0.56

$ 1.46

$ 1.88

$ 0.87

[1]	Net income includes income of $148 from the CDSOA, net of related income tax effects of approximately $92 (see Note 16).
[2]	Income from operations includes the benefit of a $1,428 award received from the settlement of class action litigation (see Note 15).
[3]	Net income includes the effect of a $1,111 tax benefit arising from purchase accounting adjustments relating to the gain recorded on the remeasurement of our prior ownership in Zenith.
[4]	Income from operations includes management restructuring charges of $449 (see Note 15). Net income includes income of $1,066 from the CDSOA, net of related income tax effects of approximately $410 (see Note 16).
[5]	Income from operations includes asset impairment charges and lease exit costs totaling $525 (see Note 15). Net income includes a gain of $7,212, net of income tax effects of approximately $2,777, resulting from the remeasurement of our prior ownership interest in Zenith upon acquisition (see Note 3).

Note 19 - Earnings Per Share - Antidilutive Securities (Details) - shares	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Antidilutive securities (in shares)	7,814	8,354	150,000
Employee Stock Option [Member]
Antidilutive securities (in shares)			150,000
Restricted Stock [Member]
Antidilutive securities (in shares)	7,814	8,354

Note 20 - Segment Information (Details Textual) $ in Thousands	10 Months Ended	12 Months Ended
	Nov. 28, 2015 USD ($)	Nov. 26, 2016 USD ($)	Nov. 28, 2015 USD ($)	Nov. 29, 2014 USD ($)
Number of Reportable Segments		3
SGA Expenses Excluding New Store Pre-opening Costs		$ 235,178	$ 224,050	$ 166,073
Zenith Freight Lines [Member]
SGA Expenses Excluding New Store Pre-opening Costs	$ 73,722	$ 92,196

Note 20 - Segment Information - Segment Information by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Nov. 26, 2016

Aug. 27, 2016

^[2]

May 28, 2016

Feb. 27, 2016

Nov. 28, 2015

Aug. 29, 2015

May 30, 2015

^[4]

Feb. 28, 2015

^[5]

Nov. 26, 2016

Nov. 28, 2015

Nov. 29, 2014

$ 113,786

^[1]

$ 104,712

$ 106,667

$ 106,873

$ 115,556

^[3]

$ 111,011

$ 111,553

$ 92,807

$ 432,038

$ 430,927

$ 340,738

Management restructuring costs

9,009

^[1]

$ 7,540

$ 5,853

$ 5,791

8,706

^[3]

$ 7,692

$ 6,714

$ 2,877

28,193

25,989

15,131

Lease exit costs

(419)

Asset impairment charges

(106)

(449)

12,249

10,137

7,316

21,501

13,974

18,363

Operating Segments [Member] | Wholesale Segment [Member]

278,267

282,543

278,267

282,543

240,746

240,346

252,180

223,993

18,672

15,618

14,120

2,053

2,075

1,972

Operating Segments [Member] | Wholesale Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]

139,477

146,878

139,477

146,878

154,275

Operating Segments [Member] | Retail Segment [Member]

7,232

4,898

4,527

254,667

249,379

216,631

4,333

6,170

(528)

5,992

5,428

5,344

Operating Segments [Member] | Retail Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]

88,855

88,878

88,855

88,878

86,471

Operating Segments [Member] | Logistical Services [Member]

5,115

7,077

13,836

95,707

77,250

3,511

3,528

4,204

2,634

Operating Segments [Member] | Logistical Services [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]

$ 49,935

$ 46,787

49,935

46,787

Intersegment Eliminations [Member]

9,154

1,999

Intersegment Eliminations [Member] | Logistical Services [Member]

1,677

1,647

1,539

Intersegment Eliminations [Member] | Furniture and Accessories [Member]

(40,865)

(33,728)

Furniture and accessories

$ (117,817)

$ (114,154)

$ (99,886)

[1]	Net income includes income of $148 from the CDSOA, net of related income tax effects of approximately $92 (see Note 16).
[2]	Income from operations includes the benefit of a $1,428 award received from the settlement of class action litigation (see Note 15).
[3]	Net income includes the effect of a $1,111 tax benefit arising from purchase accounting adjustments relating to the gain recorded on the remeasurement of our prior ownership in Zenith.
[4]	Income from operations includes management restructuring charges of $449 (see Note 15). Net income includes income of $1,066 from the CDSOA, net of related income tax effects of approximately $410 (see Note 16).
[5]	Income from operations includes asset impairment charges and lease exit costs totaling $525 (see Note 15). Net income includes a gain of $7,212, net of income tax effects of approximately $2,777, resulting from the remeasurement of our prior ownership interest in Zenith upon acquisition (see Note 3).

Note 20 - Segment Information - Breakdown of Wholesale Sales by Product Category (Details)	12 Months Ended
	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014
Percent of wholesale sales	100.00%	100.00%	100.00%
Wood [Member]
Percent of wholesale sales	37.00%	37.00%	39.00%
Upholstery [Member]
Percent of wholesale sales	63.00%	63.00%	61.00%

Note 21 - Quarterly Results of Operations (Details Textual) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Nov. 26, 2016	Aug. 27, 2016	Nov. 28, 2015	May 30, 2015	Feb. 28, 2015	Nov. 26, 2016	Nov. 28, 2015	Nov. 29, 2014	Feb. 01, 2015
Litigation Settlement, Amount		$ 1,428
Income from Continued Dumping and Subsidy Offset Act, Net	$ 148			$ 1,066
Income Tax Expense (Benefit)						$ 9,948	$ 11,435	$ 5,308
Total Lease Exit Costs					$ 525
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain					7,212		7,212
Restructuring Charges				449			449
Goodwill [Member]
Income Tax Expense (Benefit)			$ 1,111
Continued Dumping & Subsidy Offset Act [Member]
Income Tax Expense (Benefit)	$ 92			$ 410
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage									49.00%
Income Tax Expense (Benefit)					$ 2,777
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain							$ 7,212

Note 21 - Quarterly Results of Operations - Quarterly Results of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Nov. 26, 2016

^[2]

Aug. 27, 2016

^[1]

May 28, 2016

Feb. 27, 2016

Nov. 28, 2015

^[3]

Aug. 29, 2015

May 30, 2015

^[4]

Feb. 28, 2015

^[5]

Nov. 26, 2016

Nov. 28, 2015

Nov. 29, 2014

Sales revenue:

$ 100,339

^[1]

$ 91,465

^[2]

$ 92,990

^[1],[2]

$ 92,402

^[1],[2]

$ 101,283

$ 97,107

$ 99,467

$ 89,548

$ 377,196

$ 387,405

$ 340,738

Logistics

13,447

13,247

13,677

14,471

14,273

13,904

12,086

3,259

54,842

43,522

Total sales revenue

113,786

104,712

106,667

106,873

115,556

111,011

111,553

92,807

432,038

430,927

340,738

Cost of furniture and accessories sold

43,023

40,091

42,419

41,986

45,616

44,824

46,921

41,930

167,519

179,291

158,317

Income from operations

9,009

7,540

5,853

5,791

8,706

7,692

6,714

2,877

28,193

25,989

15,131

Net income

$ 5,045

$ 4,165

$ 3,385

$ 3,234

$ 5,682

$ 4,266

$ 4,529

$ 5,956

$ 15,829

$ 20,433

$ 9,299

Basic earnings per share (in dollars per share)

$ 0.47

$ 0.39

$ 0.31

$ 0.30

$ 0.53

$ 0.39

$ 0.42

$ 0.57

$ 1.47

$ 1.91

$ 0.88

Diluted earnings per share (in dollars per share)

$ 0.47

$ 0.38

$ 0.31

$ 0.30

$ 0.52

$ 0.39

$ 0.42

$ 0.56

$ 1.46

$ 1.88

$ 0.87

[1]	Income from operations includes the benefit of a $1,428 award received from the settlement of class action litigation (see Note 15).
[2]	Net income includes income of $148 from the CDSOA, net of related income tax effects of approximately $92 (see Note 16).
[3]	Net income includes the effect of a $1,111 tax benefit arising from purchase accounting adjustments relating to the gain recorded on the remeasurement of our prior ownership in Zenith.
[4]	Income from operations includes management restructuring charges of $449 (see Note 15). Net income includes income of $1,066 from the CDSOA, net of related income tax effects of approximately $410 (see Note 16).
[5]	Income from operations includes asset impairment charges and lease exit costs totaling $525 (see Note 15). Net income includes a gain of $7,212, net of income tax effects of approximately $2,777, resulting from the remeasurement of our prior ownership interest in Zenith upon acquisition (see Note 3).

Schedule II - Analysis of Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 26, 2016

Nov. 28, 2015

Nov. 29, 2014

$ 70

$ 1,044

(70)

(974)

Allowance for Doubtful Accounts [Member]

1,175

1,249

1,607

^[1]

(67)

(435)

Other

209

^[2]

799

1,175

1,249

Allowance for Notes Receivable [Member]

(376)

(216)

4,646

4,139

582

^[1]

(3,192)

(75)

Other

^[3]

Income Tax Valuation Allowance [Member]

1,454

4,646

4,139

1,044

^[1]

(70)

(974)

Other