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Business Combination Disclosure [Text Block]

Business Combination –

Licensee Store Acquisition

During the quarter ended

February

25,

2017,

we acquired the operations of the Bassett Home Furnishings (“BHF”) store located in Columbus, Ohio for a purchase price of

$655.

The store had been owned and operated by a licensee that had determined that continued ownership of a BHF store was no longer consistent with its future business objectives. We believe that Columbus, Ohio represents a viable market for a BHF store.

The purchase price was allocated as follows:

Inventory	$	343
Goodwill		312
Purchase price	$	655

The inputs into our valuation of the acquired assets reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level

inputs as specified in the fair value hierarchy in ASC

820,

Fair Value Measurements and Disclosures

. See Note

The pro forma impact of the acquisition and the results of operations for the Columbus store since acquisition are not material to our consolidated results of operations for the quarter ended

February

25,

2017.

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	3 Months Ended
	Feb. 25, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. Financial Instruments 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 notes payable/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 February 25, 2017 and November 26, 2016 consisted of certificates of deposit (CDs) with original terms of twelve months, bearing interest at rates ranging from 0.28% to 1.10%. At February 25, 2017, the weighted average remaining time to maturity of the CDs was approximately four 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. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at February 25, 2017 and November 26, 2016 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 1 Inputs – Quoted prices for identical instruments in active markets. Level 2 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 3 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 8) involves Level 3 inputs. Our primary non-recurring fair value estimates typically involve business acquisitions (Note 3) which involve a combination of Level 2 and Level 3 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.

+ References + Details

Note 5 - Accounts Receivable

3 Months Ended

Feb. 25, 2017

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

Accounts Receivable

Accounts receivable consists of the following:

	February 25, 2017			November 26, 2016
Gross accounts receivable	$	19,214		$	19,157
Allowance for doubtful accounts		(744	)		(799	)
Accounts receivable, net	$	18,470		$	18,358

Activity in the allowance for doubtful accounts for the quarter ended

February

25,

2017

was as follows:

Balance at November 26, 2016	$	799
Reductions to allowance		(55	)
Balance at February 25, 2017	$	744

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.

+ References + Details

Note 6 - Inventories

3 Months Ended

Feb. 25, 2017

Inventory Disclosure [Text Block]

. Inventories

Inventories are valued at the lower of cost or market. Cost is determined for domestic furniture inventories using the last-in,

first

-out (LIFO) method. The costs for imported inventories are determined using the

first

-in,

first

-out (FIFO) method.

Inventories were comprised of the following:

	February 25, 2017			November 26, 2016
Wholesale finished goods	$	23,516		$	24,392
Work in process		364			369
Raw materials and supplies		13,437			11,343
Retail merchandise		27,266			26,265
Total inventories on first-in, first-out method		64,583			62,369
LIFO adjustment		(7,871	)		(7,804	)
Reserve for excess and obsolete inventory		(1,239	)		(1,350	)
	$	55,473		$	53,215

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/or 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 26, 2016	$	1,061		$	289		$	1,350
Additions charged to expense		139			120			259
Write-offs		(242	)		(128	)		(370	)
Balance at February 25, 2017	$	958		$	281		$	1,239

Our estimates and assumptions have been reasonably accurate in the past. We have not made any significant changes to our methodology for determining inventory reserves in

2017

and do not anticipate that our methodology is likely to change in the future.

Note 7 - Goodwill and Other Intangible Assets

3 Months Ended

Feb. 25, 2017

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	February 25, 2017
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,038	$	(422	)	$	2,616
Technology - customized applications		834		(248	)		586

Total intangible assets subject to amortization		3,872		(670	)		3,202

Intangibles not subject to amortization:
Trade names		2,490		-			2,490
Goodwill		11,900		-			11,900

Total goodwill and other intangible assets	$	18,262	$	(670	)	$	17,592

	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

Changes in the carrying amounts of goodwill by reportable segment during the quarter ended

February

25,

2017

were as follows:

	Wholesale		Retail		Logistics		Total

Balance as of November 26, 2016	$	4,839	$	1,820	$	4,929	$	11,588
Goodwill arising from store acquisition (Note 3)		206		106		-		312

Balance as of February 25, 2017	$	5,045	$	1,926	$	4,929	$	11,900

There were

accumulated impairment losses on goodwill as of

February

25,

2017

November

26,

2016.

Amortization expense associated with intangible assets during the quarters ended

February

25,

2017

and

February

27,

2016

was as follows:

	Quarter Ended
	February 25, 2017		February 27, 2016

Intangible asset amortization expense	$	80	$	81

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.

+ References + Details

Note 8 - Notes Payable and Bank Credit Facility

3 Months Ended

Feb. 25, 2017

Debt Disclosure [Text Block]

Notes Payable and Bank Credit Facility

Our notes payable consist of the following:

	February 25, 2017
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	3,000		$	(71	)	$	2,929
Real estate notes payable		1,124			-			1,124

Total Debt		4,124			(71	)		4,053
Less current portion		(3,391	)		71			(3,320	)

Total long-term debt	$	733		$	-		$	733

	November 26, 2016
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	6,000		$	(108	)	$	5,892
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

The future maturities of our notes payable are as follows:

Remainder of fiscal 2017	$	291
Fiscal 2018		3,412
Fiscal 2019		421
Fiscal 2020		-
Fiscal 2021		-
Fiscal 2022		-
Thereafter		-
	$	4,124

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. Interest is payable annually at the

one

year LIBOR rate. 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

$37

and

$66

for the quarters ended

February

25,

2017

and

February

27,

2016,

respectively. The current portion of the note due within

one

year, including unamortized discount, was

$2,929

and

$2,904

February

25,

2017

and

November

26,

2016,

respectively.

Real Estate Notes Payable

Certain of our retail real estate properties have been financed through commercial mortgages with outstanding principal totaling

$1,124

and

$1,219

February

25,

2017

and

November

26,

2016,

respectively. The mortgages bear interest at fixed rates of

6.73%.

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

$5,825

and

$5,858

February

25,

2017

and

November

26,

2016,

respectively. The current portion of these mortgages due within

one

year was

$391

and

$385

as of

February

25,

2017

and

November

26,

2016,

respectively.

Fair Value

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

February

25,

2017

and

November

26,

2016.

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

Our credit facility with our bank 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.

February

25,

2017,

we had

$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

$511.

Note 9 - Post Employment Benefit Obligations

3 Months Ended

Feb. 25, 2017

Postemployment Benefits Disclosure [Text Block]

Post Employment Benefit Obligations

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

one

current and certain former executives. The liability for this plan was

$11,871

and

$11,863

as of

February

25,

2017

and

November

26,

2016,

respectively, and is recorded as follows in the condensed consolidated balance sheets:

	February 25, 2017		November 26, 2016
Accrued compensation and benefits	$	776	$	776
Post employment benefit obligations		11,095		11,087

Total pension liability	$	11,871	$	11,863

Components of net periodic pension costs are as follows:

	Quarter Ended
	February 25, 2017		February 27, 2016
Service cost	$	38	$	36
Interest cost		107		106
Amortization of transition obligation		11		11
Amortization of loss		83		81

Net periodic pension cost	$	239	$	234

The components of net periodic pension cost other than the service cost component are included in other loss, net in our condensed consolidated statements of income.

We have an unfunded Deferred Compensation Plan that covers

one

current executive and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or deferrals permitted. Our liability under this plan was

$1,949

and

$1,969

as of

February

25,

2017

and

November

26,

2016,

respectively, and is recorded as follows in the condensed consolidated balance sheets:

	February 25, 2017		November 26, 2016
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		1,653		1,673

Total deferred compensation liability	$	1,949	$	1,969

We recognized expense under this plan during the quarters ended

February

25,

2017

and

February

27,

2016

as follows:

	Quarter Ended
	February 25, 2017		February 27, 2016
Deferred compensation expense	$	54	$	57

Note 10 - Commitments and Contingencies

3 Months Ended

Feb. 25, 2017

Legal Matters and Contingencies [Text Block]

Commitments and Contingencies

We are involved in various legal and 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, we believe that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations.

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

February

25,

2017:

	Retail Stores		Distribution Centers		Transportation Equipment		Total

Remainder of fiscal 2017	$	15,887	$	3,297	$	2,546	$	21,730
Fiscal 2018		20,023		3,101		2,210		25,334
Fiscal 2019		18,045		2,091		1,843		21,979
Fiscal 2020		16,722		1,392		1,743		19,857
Fiscal 2021		14,425		1,349		1,169		16,943
Fiscal 2022		11,746		1,743		963		14,452
Thereafter		33,470		1,320		254		35,044
Total future minimum lease payments	$	130,318	$	14,293	$	10,728	$	155,339

We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from

one

ten

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

$1,611

and

$1,868

February

25,

2017

and

November

26,

2016,

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 (primarily inventory), and pursuing payment under the personal guarantees of the independent dealer. The proceeds of the above options are expected to cover the estimated amount of our future payments under the guarantee obligations, net of recorded reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at

February

25,

2017

and

November

26,

2016

was not material.

Note 11 - Earnings Per Share

3 Months Ended

Feb. 25, 2017

Earnings Per Share [Text Block]

Earnings Per Share

The following reconciles basic and diluted earnings per share:

	Net Income		Weighted Average Shares		Net Income Per Share
For the quarter ended February 25, 2017:

Basic earnings per share	$	2,861		10,613,639	$	0.27
Add effect of dilutive securities:
Options and restricted shares		-		105,636		-
Diluted earnings per share	$	2,861		10,719,275	$	0.27

For the quarter ended February 27, 2016:

Basic earnings per share	$	3,234		10,780,229	$	0.30
Add effect of dilutive securities:
Options and restricted shares		-		104,327		-
Diluted earnings per share	$	3,234		10,884,556	$	0.30

For the quarters ended

February

25,

2017

and

February

27,

2016,

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

	Quarter Ended
	February 25, 2017		February 27, 2016

Unvested shares		-		2,000

Note 12 - Segment Information

3 Months Ended

Feb. 25, 2017

Segment Reporting Disclosure [Text Block]

. 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 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 condensed 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

Our logistical services operating segment 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 logistical services revenue in our condensed consolidated statement of income. Zenith’s total operating costs, including those associated with providing logistical services to the Company as well as to

third

-party customers, are included in selling, general and administrative expenses and were

$22,560

and

$23,934

for the quarters ended

February

25,

2017

and

February

27,

2016,

respectively.

Inter-company net 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.

The following table presents our segment information:

	Quarter Ended
	February 25, 2017			February 27, 2016
Sales Revenue
Wholesale	$	61,975		$	59,576
Retail - Company-owned stores		61,593			61,595
Logistical services		22,334			24,679
Inter-company eliminations:
Furniture and accessories		(29,870	)		(28,769	)
Logistical services		(10,140	)		(10,208	)
Consolidated	$	105,892		$	106,873

Income (loss) from Operations
Wholesale	$	5,893		$	4,398
Retail - Company-owned stores		(1,343	)		316
Logistical services		(226	)		744
Inter-company elimination		340			333
Consolidated	$	4,664		$	5,791

Depreciation and Amortization
Wholesale	$	644		$	456
Retail - Company-owned stores		1,472			1,531
Logistical services		1,235			830
Consolidated	$	3,351		$	2,817

Capital Expenditures
Wholesale	$	1,627		$	1,537
Retail - Company-owned stores		3,703			2,021
Logistical services		280			5,010
Consolidated	$	5,610		$	8,568

	As of		As of
Identifiable Assets	February 25, 2017		November 26, 2016
Wholesale	$	129,200	$	139,477
Retail - Company-owned stores		92,447		88,855
Logistical services		48,002		49,935
Consolidated	$	269,649	$	278,267

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

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+ Details

Note 13 - Recent Accounting Pronouncements	3 Months Ended
Note 13 - Recent Accounting Pronouncements	Feb. 25, 2017
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	1 3 . Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014 - 09 (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 - 09 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 - 10 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 - 09 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 - 09 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 - 09 will have on our consolidated financial statements and have not made any decision on the method of adoption. In July 2015, the FASB issued Accounting Standards Update No. 2015 - 11, Inventory (Topic 330): Simplifying the Measurement of Inventory . ASU 2015 - 11 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 - 11 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. In 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 - 01 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 - 01 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 - 01 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. In February 2016, the FASB issued Accounting Standards Update No. 2016 - 02, Leases (Topic 842) . The guidance in ASU 2016 - 02 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 12 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 - 02 leaves the accounting for leases by lessors largely unchanged from previous GAAP. The transitional guidance for adopting the requirements of ASU 2016 - 02 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 - 02 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 - 02 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. In 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 - 15 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 - 15 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. In January 2017, the FASB issued Accounting Standards Update No. 2017 - 01, Business Combinations (Topic 805 ): Clarifying the Definition of a Business . ASU 2017 - 01 provides a screen to determine when an integrated set of assets and activities (collectively referred to as a “set”) does not constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in ASU 2017 - 01 (1) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) remove the evaluation of whether a market participant could replace missing elements. The amendments in ASU 2017 - 01 shall apply prospectively and will become effective for as at 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. In January 2017, the FASB issued Accounting Standards Update No. 2017 - 04, Intangibles – Goodwill and Other (Topic 350 ): Simplifying the Test for Goodwill Impairment . ASU 2017 - 04 eliminates Step 2 from the goodwill impairment test. Under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in ASU 2017 - 04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments in ASU 2017 - 04 will become effective for us as of the beginning of our 2021 fiscal year. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. PART I-FINANCIAL INFORMATION-CONTINUED BASSETT FURNITURE INDUSTRIES, INCORPORATED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-UNAUDITED FEBRUARY 25, 2017 (Dollars in thousands except share and per share data) In March 2017, the FASB issued Accounting Standards Update No. 2017 - 07, Compensation – Retirement Benefits (Topic 715 ): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . Under existing GAAP, an entity is required to present all components of net periodic pension cost and net periodic postretirement benefit cost aggregated as a net amount in the income statement, and this net amount may be capitalized as part of an asset where appropriate. The amendments in ASU 2017 - 07 require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period, and requires the other components of net periodic pension cost and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. Additionally, only the service cost component is eligible for capitalization, when applicable. The amendments in ASU 2017 - 07 shall be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. Early adoption is permitted, and we have elected to adopt the amendments in ASU 2017 - 07 effective as of the beginning of our 2017 fiscal year. The adoption of this guidance did not have a material impact upon our financial condition or results of operations.

Note 3 - Business Combination - Licensee Store Acquisition (Tables)

3 Months Ended

Feb. 25, 2017

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

Inventory	$	343
Goodwill		312
Purchase price	$	655

Note 5 - Accounts Receivable (Tables)

3 Months Ended

Feb. 25, 2017

Schedule Of Accounts Receivable [Table Text Block]

	February 25, 2017			November 26, 2016
Gross accounts receivable	$	19,214		$	19,157
Allowance for doubtful accounts		(744	)		(799	)
Accounts receivable, net	$	18,470		$	18,358

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

Balance at November 26, 2016	$	799
Reductions to allowance		(55	)
Balance at February 25, 2017	$	744

Note 6 - Inventories (Tables)

3 Months Ended

Feb. 25, 2017

Schedule of Inventory, Current [Table Text Block]

	February 25, 2017			November 26, 2016
Wholesale finished goods	$	23,516		$	24,392
Work in process		364			369
Raw materials and supplies		13,437			11,343
Retail merchandise		27,266			26,265
Total inventories on first-in, first-out method		64,583			62,369
LIFO adjustment		(7,871	)		(7,804	)
Reserve for excess and obsolete inventory		(1,239	)		(1,350	)
	$	55,473		$	53,215

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

	Wholesale Segment			Retail Segment			Total

Balance at November 26, 2016	$	1,061		$	289		$	1,350
Additions charged to expense		139			120			259
Write-offs		(242	)		(128	)		(370	)
Balance at February 25, 2017	$	958		$	281		$	1,239

Note 7 - Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Feb. 25, 2017

Schedule of Intangible Assets and Goodwill [Table Text Block]

	February 25, 2017
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,038	$	(422	)	$	2,616
Technology - customized applications		834		(248	)		586

Total intangible assets subject to amortization		3,872		(670	)		3,202

Intangibles not subject to amortization:
Trade names		2,490		-			2,490
Goodwill		11,900		-			11,900

Total goodwill and other intangible assets	$	18,262	$	(670	)	$	17,592

	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

Schedule of Goodwill [Table Text Block]

	Wholesale		Retail		Logistics		Total

Balance as of November 26, 2016	$	4,839	$	1,820	$	4,929	$	11,588
Goodwill arising from store acquisition (Note 3)		206		106		-		312

Balance as of February 25, 2017	$	5,045	$	1,926	$	4,929	$	11,900

Finite-lived Intangible Assets Amortization Expense [Table Text Block]

	Quarter Ended
	February 25, 2017		February 27, 2016

Intangible asset amortization expense	$	80	$	81

Note 8 - Notes Payable and Bank Credit Facility (Tables)

3 Months Ended

Feb. 25, 2017

Schedule of Debt [Table Text Block]

	February 25, 2017
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	3,000		$	(71	)	$	2,929
Real estate notes payable		1,124			-			1,124

Total Debt		4,124			(71	)		4,053
Less current portion		(3,391	)		71			(3,320	)

Total long-term debt	$	733		$	-		$	733

	November 26, 2016
	Principal Balance			Unamortized Discount			Net Carrying Amount

Zenith acquisition note payable	$	6,000		$	(108	)	$	5,892
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

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

Remainder of fiscal 2017	$	291
Fiscal 2018		3,412
Fiscal 2019		421
Fiscal 2020		-
Fiscal 2021		-
Fiscal 2022		-
Thereafter		-
	$	4,124

Note 9 - Post Employment Benefit Obligations (Tables)

3 Months Ended

Feb. 25, 2017

Schedule of Pension Liability [Table Text Block]

	February 25, 2017		November 26, 2016
Accrued compensation and benefits	$	776	$	776
Post employment benefit obligations		11,095		11,087

Total pension liability	$	11,871	$	11,863

Schedule of Net Benefit Costs [Table Text Block]

	Quarter Ended
	February 25, 2017		February 27, 2016
Service cost	$	38	$	36
Interest cost		107		106
Amortization of transition obligation		11		11
Amortization of loss		83		81

Net periodic pension cost	$	239	$	234

Schedule of Deferred Compensation Liability [Table Text Block]

	February 25, 2017		November 26, 2016
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		1,653		1,673

Total deferred compensation liability	$	1,949	$	1,969

Recognized Deferred Compensation Expense [Table Text Block]

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 80%; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 20%; TEXT-INDENT: 0px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="6"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Quarter Ended</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="2"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">February 25,</div></div></div> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2017</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; BORDER-BOTTOM: #000000 1px solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="2"> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">February 27,</div></div></div> <div style=" MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2016</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Deferred compensation expense</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54 </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57 </div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> </table></div>

Note 10 - Commitments and Contingencies (Tables)

3 Months Ended

Feb. 25, 2017

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

	Retail Stores		Distribution Centers		Transportation Equipment		Total

Remainder of fiscal 2017	$	15,887	$	3,297	$	2,546	$	21,730
Fiscal 2018		20,023		3,101		2,210		25,334
Fiscal 2019		18,045		2,091		1,843		21,979
Fiscal 2020		16,722		1,392		1,743		19,857
Fiscal 2021		14,425		1,349		1,169		16,943
Fiscal 2022		11,746		1,743		963		14,452
Thereafter		33,470		1,320		254		35,044
Total future minimum lease payments	$	130,318	$	14,293	$	10,728	$	155,339

Note 11 - Earnings Per Share (Tables)

3 Months Ended

Feb. 25, 2017

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

	Net Income		Weighted Average Shares		Net Income Per Share
For the quarter ended February 25, 2017:

Basic earnings per share	$	2,861		10,613,639	$	0.27
Add effect of dilutive securities:
Options and restricted shares		-		105,636		-
Diluted earnings per share	$	2,861		10,719,275	$	0.27

For the quarter ended February 27, 2016:

Basic earnings per share	$	3,234		10,780,229	$	0.30
Add effect of dilutive securities:
Options and restricted shares		-		104,327		-
Diluted earnings per share	$	3,234		10,884,556	$	0.30

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

	Quarter Ended
	February 25, 2017		February 27, 2016

Unvested shares		-		2,000

Note 12 - Segment Information (Tables)

3 Months Ended

Feb. 25, 2017