0001437749-20-001052 | 10-K | XBRL Viewer | Bassett Furniture Industries INC

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 103 retail stores known as Bassett Home Furnishings (referred to as “BHF”). Of the 103 stores, the Company owns and operates 70 stores (“Company-owned retail stores”) with the other 33 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 23% of our wholesale products from various foreign countries, with the remaining volume produced at our five domestic manufacturing facilities.

Lane Venture Acquisition

On December 21, 2017, we purchased certain assets and assumed certain liabilities of Lane Venture from Heritage Home Group, LLC. Lane Venture is being operated as a component of our wholesale segment (see Note 3, Business Combinations). Results of operations for the Lane Venture business are included in our consolidated statements of operations since the date of acquisition.

Note 2 - Significant Accounting Policies

12 Months Ended

Nov. 30, 2019

Significant Accounting Policies [Text Block]

2.	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 53-week year. Fiscal 2019 contained 53 weeks while fiscal 2018 and 2017 each contained 52 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 Lane Venture 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 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 2019, 2018 and 2017 are to Bassett's fiscal year ended November 30, 2019, November 24, 2018 and November 25, 2017, 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.

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 16 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, the valuation of our reporting units for the purpose of testing the carrying value of goodwill, 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

We adopted ASU 2014-09, Revenue from Contracts with Customers (ASC Topic 606 or "ASC 606") effective as of November 25, 2018, the beginning of our 2019 fiscal year. ASC 606 requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. For our wholesale and retail segments, revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer.

At wholesale, transfer occurs and revenue is recognized upon the shipment of goods to independent dealers and licensee-owned BHF stores. We offer payment terms varying from 30 to 60 days for wholesale customers. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. The contracts with our licensee store owners do not provide for any royalty or license fee to be paid to us.

At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. 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 and amounted to $25,341 and $27,157 as of November 30, 2019 and November 24, 2018, respectively. Substantially all of the customer deposits held at November 24, 2018 related to performance obligations satisfied during fiscal 2019 and have therefore been recognized in revenue for the year ended November 30, 2019. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. We also sell furniture protection plans to our retail customers on behalf of a third party which is responsible for the performance obligations under the plans. Revenue from the sale of these plans is recognized upon delivery of the goods net of amounts payable to the third party service provider.

For our logistical services segment, line-haul freight revenue is recognized as services are performed and are billed to the customer upon the completion of delivery to the destination. Because the customer receives the benefits of these services as the freight is in transit from point of origin to destination, we recognize revenue using a percentage of completion method based on our estimate of the amount of time freight has been in transit as of the reporting date compared with our estimate of the total required time for the deliveries. We recognize an asset for the amount of line-haul revenue earned but not yet billed which is included in other current assets. The balance of this asset was $441 at November 30, 2019 and $512 at the beginning of fiscal 2019 upon adoption of ASC 606. 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 and billed to the customer concurrently in the same period. All invoices for logistical services are due 30 days from invoice date.

Sales commissions are expensed as part of selling, general and administrative expenses at the time revenue is recognized because the amortization period would have been one year or less. Sales commissions at wholesale are accrued upon the shipment of goods. Sales commissions at retail are accrued at the time a sale is written (i.e. – when the customer’s order is placed) and are carried as prepaid commissions in other current assets until the goods are delivered and revenue is recognized. At November 30, 2019 and November 24, 2018, our balance of prepaid commissions included in other current assets was $2,435 and $2,739, respectively. We do not incur sales commissions in our logistical services segment.

We adopted ASC 606 using the modified retrospective method and applied the standard only to contracts that were not completed as of initial application. Results for reporting periods beginning after November 24, 2018 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting. Our adoption of ASC 606 did not have a material impact on our consolidated financial statements except for our enhanced presentation and disclosures.

Upon adoption of ASC 606, we have adopted the following policy elections and practical expedients:

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We exclude from revenue amounts collected from customers for sales tax, which is consistent with our policy prior to the adoption of ASC 606.

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We do not adjust the promised amount of consideration for the effects of a significant financing component since the period of time between transfer of our goods or services and the collection of consideration from the customer is less than one year.

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We do not disclose the value of unsatisfied performance obligations because the transfer of goods or services is made within one year of the placement of customer orders.

See Note 19, Segment Information, for disaggregated revenue information.

Cash Equivalents and Short-Term Investments

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 consist of certificates of deposit that have original maturities of twelve months or less but 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 30, 2019 and November 24, 2018, our aggregate exposure from receivables and guarantees related to customers consisted of the following:

	2019		2018
Accounts receivable, net of allowances (Note 5)	$	21,378	$	19,055
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 16)		1,751		1,995
Other		168		-
Total credit risk exposure related to customers	$	23,297	$	21,050

At November 30, 2019 and November 24, 2018, approximately 28% and 33%, respectively, of the aggregate risk exposure, net of reserves, shown above was attributable to five customers. In fiscal 2019, 2018 and 2017, no customer accounted for more than 10% of total consolidated net sales. However, two customers accounted for approximately 44%, 40% and 47% of our consolidated revenue from logistical services during 2019, 2018 and 2017, 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 $1,846, $1,587, and $2,288 in fiscal 2019, 2018, and 2017, 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 and Lane Venture product inventories are determined on a first-in, first-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented 52% of total inventory before reserves at both November 30, 2019 and November 24, 2018. 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 10 to 39 years. Machinery and equipment are generally depreciated over a period of 5 to 10 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter.

Retail Real Estate

Prior to November 30, 2019, retail real estate was comprised of owned and leased properties which have in the past been utilized by licensee operated BHF stores and are now leased or subleased to non-licensee tenants. The net book value of our retail real estate at November 24, 2018 was $1,655, included in other long-term assets in our consolidated balance sheet, and consisted of one property located near Charleston, South Carolina which was fully occupied by a tenant under a long term lease. During fiscal 2019, this property was sold to the tenant for net proceeds in the amount of $1,475, resulting in a loss of $98, included in other loss, net in our accompanying statement of operations for the year ended November 30, 2019. Depreciation expense was $94, $103, and $127 in fiscal 2019, 2018, and 2017, respectively, and is included in other loss, net, in our consolidated statements of operations.

We also own a building in Chesterfield County, Virginia that was formerly leased to a licensee for the operation of a BHF store. The building is subject to a ground lease that expires in 2020, but has additional renewal options. Since 2012, we have leased the building to another party who is, as of recently, paying less than the full amount of the lease obligation, resulting in rental income insufficient to cover our ground lease obligation. Efforts to sell our interest in the building have been unsuccessful so far. We have also concluded that absent a significant cash investment in the building the likelihood of locating another tenant for the building at a rent that would provide positive cash flow in excess of the ground lease expense is remote. In addition, we obtained an appraisal during the second quarter of fiscal 2017 which indicated that the value of the building had significantly decreased and was now minimal. Given these circumstances, we concluded in the second quarter of fiscal 2017 that we are unlikely to renew the ground lease in 2020 and would therefore likely vacate the property at that time. Consequently, we recorded a non-cash impairment charge of $1,084 during fiscal 2017 to write off the value of the building.

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, 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 quantitiative goodwill impairment test described in ASC Topic 350 (as amended by Accounting Standards Update No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which we adopted for our annual evaluation of goodwill performed as of September 1, 2019). The more likely than not threshold is defined as having a likelihood of more than 50 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 quantitative 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 quantitative evaluation process. Based on our qualitative assessment as described above, we concluded that, given declines in our income from operations, primarily resulting from operating losses incurred in our retail reporting unit, as well as in our stock price since the previous analysis in fiscal 2018, it was necessary to perform the quantitative evaluation in the current year.

The quantitative evaluation 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, a goodwill impairment charge will be recognized in the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the total goodwill assigned to the reporting unit. The determination of the fair value of our reporting units is based on a combination of a market approach, that considers benchmark company market multiples, an income approach, that utilizes discounted cash flows for each reporting unit and other Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosure (see Note 4), and, in the case of our retail reporting unit, a cost approach that utilizes estimates of net asset value. The cash flows used to determine fair value are dependent on a number of significant management assumptions such as our expectations of future performance and the expected future economic environment, which are partly based upon our historical experience. Our estimates are subject to change given the inherent uncertainty in predicting future results. Additionally, the discount rate and the terminal growth rate are based on our judgment of the rates that would be utilized by a hypothetical market participant. As part of the goodwill impairment testing, we also consider our market capitalization in assessing the reasonableness of the combined fair values estimated for our reporting units. While we believe such assumptions and estimates are reasonable, the actual results may differ materially from the projected amounts. See Note 8 for additional information regarding the results of our annual goodwill impairment test performed as of September 1, 2019.

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. See Note 14.

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 14.

New Store Pre-Opening Costs

Income from operations for fiscal 2019, 2018 and 2017 includes new store pre-opening costs of $1,117, $2,081 and $2,413, 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 $18,402, $17,511, and $18,514 for fiscal 2019, 2018 and 2017, respectively. Costs incurred to deliver retail merchandise to customers, including the cost of operating regional distribution warehouses, are also recorded in selling, general and administrative expense and totaled $23,710, $20,640, and $19,604 for fiscal 2019, 2018 and 2017, 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 $20,674, $20,922, and $18,834 in fiscal 2019, 2018, and 2017, 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

During the fourth quarter of fiscal 2019, we purchased certain fixed assets and inventory with a total purchase price of $2,225, of which $375 was paid for with the issuance of 24,590 shares if our common stock. There were no material non-cash investing or financing activities during fiscal 2018 or 2017.

Recent Accounting Pronouncements

Recently Adopted Pronouncements

Effective as of the beginning of fiscal 2019, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Refer to the preceding discussion under “Revenue Recognition” for more information regarding the impact of ASC 606 on our financial statements.

Effective as of the beginning of fiscal 2019, we adopted 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 with comparative amounts in prior period cash flow statements reclassified to conform to the current period presentation. Accordingly, for the years ended November 24, 2018 and November 25, 2017 we have reclassified investments in Company-owned life insurance (net of death benefits received) of $1,287 and $857, respectively, from cash flows from operating activities to cash flows from investing activities, and we have reclassified $78 and $184, respectively, representing the portion of a debt payment attributable to discount accretion from cash flows from financing activities to cash flows from operating activities.

Effective as of the beginning of fiscal 2019, we adopted 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 adoption of this guidance did not have a material impact upon our financial condition or results of operations.

Effective as of the beginning of fiscal 2019, we adopted 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. During the fourth quarter of fiscal 2019, we purchased a set of production equipment for $1,966 which, upon application of the screen, did not constitute a business and was therefore accounted for as an asset purchase.

Effective as of the beginning of fiscal 2019, we adopted Accounting Standards Update No. 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting. ASU 2017-09 was issued to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Essentially, an entity will not have to account for the effects of a modification if: (1) The fair value of the modified award is the same immediately before and after the modification; (2) the vesting conditions of the modified award are the same immediately before and after the modification; and (3) the classification of the modified award as either an equity instrument or liability instrument is the same immediately before and after the modification. The adoption of this guidance did not have a material impact upon our financial condition or results of operations.

Effective for our annual test for impairment of goodwill as of the beginning of the fourth fiscal quarter of 2019, we have adopted 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. Refer to the preceding discussion under “Goodwill” for additional information regarding the results of our annual impairment test following the adoption of ASU 2017-04.

Recent Pronouncements Not Yet Adopted

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842). The guidance in ASU 2016-02 (as subsequently amended by ASU 2018-01, ASU 2018-10, ASU 2018-11 and ASU 2018-20) 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. In addition, ASU 2018-11 provides for an additional (and optional) transition method by which entities may elect to initially apply the transition requirements in Topic 842 at that Topic’s effective date with the effects of initially applying Topic 842 recognized as a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption and without retrospective application to any comparative prior periods presented. Also, ASU 2018-20 provides certain narrow-scope improvements to Topic 842 as it relates to lessors. We have substantially completed identifying the population of contracts that meet the definition of a lease under ASU 2016-02. We are in the final stage of implementing a lease accounting system and finalizing our control framework in preparation for the adoption of this standard in the first quarter of fiscal 2020. We plan to elect certain practical expedients permitted under the transition guidance, including the package of practical expedients, which allows the Company to not reassess whether existing contracts contain leases, the lease classification of existing leases, or initial direct costs for existing leases. We also plan to elect not to separate lease and non-lease components for certain classes of leased assets and not to recognize a right-of-use asset and a lease liability for leases with an initial term of twelve months or less. We will adopt the guidance of ASU 2016-02 using the optional transition method as provided by ASU 2018-11. On adoption, we will recognize additional operating liabilities, with corresponding right of use assets of the same amount adjusted for prepaid/deferred rent, unamortized lease incentives and any impairment of right of use assets based on the present value of the remaining minimum rental payments. We expect the adoption of this standard to have a material effect on our statement of financial position (refer to Note 16 for information regarding our leases currently classified as operating leases under ASC Topic 840).

In August 2018, the FASB issued Accounting Standards Update No. 2018-15 – Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in ASU 2018-15. The amendments in ASU 2018-15 will become effective for us as of the beginning of our 2021 fiscal year. Early adoption is permitted, including adoption in any interim period. We are currently evaluating the impact that this guidance will have upon our financial position and results of operations, if any.

In December 2019, the FASB issued Accounting Standards Update No. 2019-12 – Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in ASU 2019-12 will become effective for us as of the beginning of our 2022 fiscal year. Early adoption is permitted, including adoption in any interim period. We are currently evaluating the impact that this guidance will have upon our financial position and results of operations, if any.

Reclassifications

Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation with no effect on previously reported net income or Stockholders’ equity. See “Recently Adopted Accounting Pronouncements” above regarding the impact of our adoption of ASU 2016-15 on the statements of cash flows for fiscal 2018 and 2017.

Note 3 - Business Combinations

12 Months Ended

Nov. 30, 2019

Business Combination Disclosure [Text Block]

3.	Business Combinations

Acquisition of Lane Venture

On December 21, 2017, we purchased certain assets and assumed certain liabilities of Lane Venture from Heritage Home Group, LLC for $15,556 in cash. Lane Venture is a manufacturer and distributor of premium outdoor furniture, and is now being operated as a component of our wholesale segment.

Under the acquisition method of accounting, the fair value of the consideration transferred 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 allocation of the fair value of the acquired business was initially based on a preliminary valuation. Our estimates and assumptions were revised during 2018 as we obtained additional information for our estimates during the measurement period , which we consider to be closed as of November 24, 2018. During fiscal 2018, we recorded measurement period adjustments resulting in a net increase to the opening value of various acquired assets and assumed liabilities with an offsetting reduction of recognized goodwill of $76. The final allocation of the $15,556 all-cash purchase price to the acquired assets and liabilities of the Lane Venture business, including measurement period adjustments, is as follows:

Allocation of the fair value of consideration transferred:

Identifiable assets acquired:

Accounts receivable, net of reserve (Note 5)
$ 1,507

Inventory, net of reserve (Note 6)
3,718

Prepaid expenses and other current assets
37

Intangible assets
7,360

Total identifiable assets acquired
12,622

Liabilities assumed:

Accounts payable
(357 )

Other accrued liabilities
(852 )

Total liabilities assumed
(1,209 )

Net identifiable assets acquired
11,413

Goodwill
4,143

Total net assets acquired
$ 15,556

Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to the tangible and intangible assets and liabilities recognized in connection with the acquisition and is deductible for tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill are the expected synergies arising from combining the Company’s manufacturing and distribution capabilities with Lane Venture’s position in the outdoor furnishings market, a segment of the market not previously served by Bassett.

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

Useful Life

Description:

In Years

Fair Value

Trade name

Indefinite $ 6,848

Customer relationships
9 512

Total acquired intangible assets
$ 7,360

The finite-lived intangible asset is being amortized on a straight-line basis over its estimated useful life. 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 2 and Level 3 inputs as specified in the fair value hierarchy in ASC 820, Fair Value Measurements and Disclosures. See Note 4.

Acquisition costs related to the Lane Venture acquisition totaled $256 during the year ended November 24, 2018, and are included in selling, general and administrative expenses in the consolidated statements of operations. The acquisition costs are primarily related to legal, accounting and valuation services.

The pro forma impact of the acquisition and the results of operations attributable to Lane Venture since the acquisition have not been presented because they are not material to our consolidated results of operations for the three fiscal years ended November 24, 2018.

Licensee Store Acquisition

During the first quarter of fiscal 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 3 inputs as specified in the fair value hierarchy in ASC 820, Fair Value Measurements and Disclosures. See Note 4.

The pro forma impact of the acquisition and the results of operations for the Columbus store since the acquisition was not material to our consolidated results of operations for the year ended November 25, 2017.

Note 4 - Financial Instruments, Investments and Fair Value Measurements

12 Months Ended

Nov. 30, 2019

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.

Investments

Our short-term investments of $17,436 and $22,643 at November 30, 2019 and November 24, 2018, respectively, consisted of certificates of deposit (CDs) with original terms of six to twelve months, bearing interest at rates ranging from 0.85% to 2.55%. At November 30, 2019, the weighted average remaining time to maturity of the CDs was approximately three months and the weighted average yield of the CDs was approximately 2.09%. 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 30, 2019 and November 24, 2018 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 10) 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, goodwill impairment testing (Note 8), which involves Level 3 inputs, and asset impairments (Note 15) which utilize 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

12 Months Ended

Nov. 30, 2019

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

5.	Accounts Receivable

Accounts receivable consists of the following:

	November 30, 2019			November 24, 2018
Gross accounts receivable	$	22,193		$	19,809
Allowance for doubtful accounts		(815	)		(754	)
Net accounts receivable	$	21,378		$	19,055

Activity in the allowance for doubtful accounts was as follows:

	2019		2018

Balance, beginning of the year	$	754	$	617
Acquired allowance on accounts receivable (Note 3)		-		50
Additions charged to expense		61		339
Reductions to allowance, net		-		(252	)
Balance, end of the year	$	815	$	754

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 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 4.

Note 6 - Inventories

12 Months Ended

Nov. 30, 2019

Inventory Disclosure [Text Block]

6.	Inventories

Inventories consist of the following:

	November 30, 2019			November 24, 2018
Wholesale finished goods	$	27,792		$	30,750
Work in process		733			432
Raw materials and supplies		17,293			15,503
Retail merchandise		31,534			27,599
Total inventories on first-in, first-out method		77,352			74,284
LIFO adjustment		(8,688	)		(8,326	)
Reserve for excess and obsolete inventory		(2,362	)		(1,766	)
	$	66,302		$	64,192

We source a significant amount of our wholesale product from other countries. During 2019, 2018 and 2017, purchases from our two largest vendors located in Vietnam and China were $15,221, $24,073 and $21,977 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 25, 2017	$	1,618		$	277		$	1,895
Acquired reserve on inventory (Note 3)		110			-			110
Additions charged to expense		1,884			425			2,309
Write-offs		(2,112	)		(436	)		(2,548	)
Balance at November 24, 2018		1,500			266			1,766
Additions charged to expense		1,881			373			2,254
Write-offs		(1,327	)		(331	)		(1,658	)
Balance at November 30, 2019	$	2,054		$	308		$	2,362

Additions charged to expense for our wholesale segment during the year ended November 30, 2019 includes a $390 inventory valuation charge arising from our decision to exit the juvenile furniture line of business.

Note 7 - Property and Equipment

12 Months Ended

Nov. 30, 2019

Property, Plant and Equipment Disclosure [Text Block]

7.	Property and Equipment

Property and equipment consist of the following:

	November 30, 2019			November 24, 2018
Land	$	9,478		$	9,908
Buildings and leasehold improvements		126,085			124,449
Machinery and equipment		115,131			108,379
Property and equipment at cost		250,694			242,736
Less accumulated depreciation		(148,970	)		(137,873	)
Property and equipment, net	$	101,724		$	104,863

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

	November 30, 2019		November 24, 2018
Wholesale	$	28,993	$	26,511
Retail - Company-owned stores		55,625		61,380
Logistical Services		17,106		16,972
Total property and equipment, net	$	101,724	$	104,863

At November 30, 2019 we owned one retail store property located in Gulfport, Mississippi which was under contract to be sold. The net book value of the property of $1,569 at November 30, 2019 is classified as held for sale and is included in other current assets in the accompanying consolidated balance sheets at November 30, 2019. The sale of the property was completed subsequent to November 30, 2019 for net proceeds of $1,639.

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

	2019		2018		2017

Cost of goods sold (wholesale segment)	$	1,402	$	1,264	$	989
Selling, general and adminstrative expenses:
Wholesale segment		1,672		1,666		1,531
Retail segment		7,479		7,060		7,080
Logistical services segment		3,697		3,747		3,987
Total included in selling, general and adminstrative expenses		12,848		12,473		12,598
Total depreciation expense included in income from operations	$	14,250	$	13,737	$	13,587

Note 8 - Goodwill and Other Intangible Assets

12 Months Ended

Nov. 30, 2019

Goodwill and Intangible Assets Disclosure [Text Block]

8.	Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	November 30, 2019
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,550	$	(1,088	)	$	2,462
Technology - customized applications		834		(575	)		259

Total intangible assets subject to amortization	$	4,384	$	(1,663	)		2,721

Intangibles not subject to amortization:
Trade names							9,338
Goodwill							14,117

Total goodwill and other intangible assets						$	26,176

	November 24, 2018
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,550	$	(829	)	$	2,721
Technology - customized applications		834		(456	)		378

Total intangible assets subject to amortization	$	4,384	$	(1,285	)		3,099

Intangibles not subject to amortization:
Trade names							9,338
Goodwill							16,043

Total goodwill and other intangible assets						$	28,480

We performed our annual goodwill impairment test as of September 1, 2019. As a result of this test, we concluded that the carrying value of our retail reporting unit exceeded its fair value by an amount in excess of the goodwill previously allocated to the reporting unit. Therefore, we recognized a goodwill impairment charge of $1,926. The fair values of the other reporting units with material amounts of goodwill substantially exceeded their carrying values as of September 1, 2019.

The determination of the fair value of our reporting units is based on a combination of a market approach, that considers benchmark company market multiples, and an income approach, that utilizes discounted cash flows for each reporting unit and other Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosure (see Note 4). Under the income approach, we determine fair value based on the present value of the most recent cash flow projections for each reporting unit as of the date of the analysis and calculate a terminal value utilizing a terminal growth rate. The significant assumptions under this approach include, among others: income projections, which are dependent on future sales, new product introductions, customer behavior, competitor pricing, operating expenses, the discount rate, and the terminal growth rate. The cash flows used to determine fair value are dependent on a number of significant management assumptions such as our expectations of future performance and the expected future economic environment, which are partly based upon our historical experience. Our estimates are subject to change given the inherent uncertainty in predicting future results. Additionally, the discount rate and the terminal growth rate are based on our judgment of the rates that would be utilized by a hypothetical market participant. As part of the goodwill impairment testing, we also consider our market capitalization in assessing the reasonableness of the combined fair values estimated for our reporting units.

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

Wholesale

Retail

Logistics

Total

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

Goodwill arising from Lane Venture acquisition (Note 3)
4,143 - - 4,143

Balance as of November 24, 2018
9,188 1,926 4,929 16,043

Goodwill impairment
- (1,926 ) - (1,926 )

Balance as of November 30, 2019
$ 9,188 $ - $ 4,929 $ 14,117

Accumulated impairment losses at November 30, 2019 were $1,926. There were no accumulated impairment losses on goodwill as of November 24, 2018 or November 25, 2017.

The weighted average useful lives of our finite-lived intangible assets and remaining amortization periods as of November 30, 2019 are as follows:

Useful Life

in Years

Remaining

Amortization

Period in

Years

Customer relationships
14 10

Technology - customized applications
7 2

Amortization expense associated with intangible assets during fiscal 2019, 2018 and 2017 was $379, $374 and $322, respectively and is included in selling, general and administrative expense in our consolidated statement of operations. All expense arising from the amortization of intangible assets is associated with our logistical services segment except for $57 and $51 in fiscal 2019 and 2018, respectively, associated with our wholesale segment arising from Lane Venture (Note 3). Estimated future amortization expense for intangible assets that exist at November 30, 2019 is as follows:

Fiscal 2020
$ 379

Fiscal 2021
379

Fiscal 2022
279

Fiscal 2023
259

Fiscal 2024
259

Thereafter
1,166

Total
$ 2,721

Note 9 - Unconsolidated Affiliated Companies

12 Months Ended

Nov. 30, 2019

Equity Method Investments and Joint Ventures Disclosure [Text Block]

9.	Unconsolidated Affiliated Companies

International Market Centers, L.P.

In connection with the sale of our interest in International Home Furnishings Center, Inc. on May 2, 2011, we acquired a minority interest in International Market Centers, L.P. (“IMC”) in exchange for $1,000. Our investment in IMC was included in other long-term assets in our consolidated balance sheet as of November 26, 2016 and was accounted for using the cost method as we did not have significant influence over IMC. During fiscal 2017 IMC was sold resulting in the redemption of our entire interest for total proceeds of $1,954 resulting in a gain of $954 which is included in gain on sale of investments in our consolidated statement of operations.

Other

In 1985, we acquired a minority interest in a privately-held, start-up provider of property and casualty insurance for $325. We have accounted for this investment on the cost method and it was included in other long-term assets in our consolidated balance sheet as of November 26, 2016. During fiscal 2017 we sold our entire interest for $3,592 in cash, resulting in a gain of $3,267 which is included in gain on sale of investments in our consolidated statement of operations.

Note 10 - Notes Payable and Bank Credit Facility

12 Months Ended

Nov. 30, 2019

Debt Disclosure [Text Block]

10.

Notes Payable and Bank Credit Facility

Real Estate Notes Payable

Certain of our retail real estate properties were financed through commercial mortgages with outstanding principal totaling $292 at November 24, 2018, which was included in other current liabilities and accrued expenses in the accompanying condensed consolidated balance sheet. These obligations were paid in full during the third quarter of fiscal 2019.

Fair Value

We believe that the carrying amount of our notes payable approximated fair value at November 24, 2018. 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 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 4.

Bank Credit Facility

Our credit facility with our bank provides for a line of credit of up to $25,000. This credit facility 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. The credit facility will mature in December 2021.

We have $2,673 outstanding under standby letters of credit against our line, leaving availability under our credit line of $22,327. In addition, we have outstanding standby letters of credit with another bank totaling $325.

Total interest paid during fiscal 2019, 2018 and 2017 was $7, $166 and $322, respectively.

Note 11 - Post-employment Benefit Obligations

12 Months Ended

Nov. 30, 2019

Postemployment Benefits Disclosure [Text Block]

11.

Post-Employment Benefit Obligations

Management Savings Plan

On May 1, 2017, our Board of Directors, upon the recommendation of the Organization, Compensation and Nominating Committee (the “Committee”), adopted the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Plan”).The Plan is an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees.

The Plan is an account-based plan under which (i) participants may defer voluntarily the payment of current compensation to future years (“participant deferrals”) and (ii) the Company may make annual awards to participants payable in future years (“Company contributions”). The Plan permits each participant to defer up to 75% of base salary and up to 100% of any incentive compensation or other bonus, which amounts would be credited to a deferral account established for the participant. Such deferrals will be fully vested at the time of the deferral. Participant deferrals will be indexed to one or more deemed investment alternatives chosen by the participant from a range of alternatives made available under the Plan. Each participant’s account will be adjusted to reflect gains and losses based on the performance of the selected investment alternatives. A participant may receive distributions from the Plan: (1) upon separation from service, in either a lump sum or annual installment payments over up to a 15 year period, as elected by the participant, (2) upon death or disability, in a lump sum, or (3) on a date or dates specified by the participant (“scheduled distributions”) with such scheduled payments made in either a lump sum or substantially equal annual installments over a period of up to five years, as elected by the participant. Participant contributions commenced during the third quarter of fiscal 2017. Company contributions will vest in full (1) on the third anniversary of the date such amounts are credited to the participant’s account, (2) the date that the participant reaches age 63 or (3) upon death or disability. Company contributions are subject to the same rules described above regarding the crediting of gains or losses from deemed investments and the timing of distributions. Expense associated with the Company contribution was $196, $102 and $55 for fiscal 2019, 2018 and 2017, respectively. Our liability for Company contributions and participant deferrals at November 30, 2019 and November 24, 2018 was $894 and $749, respectively, and is included in post-employment benefit obligations in our consolidated balance sheets.

On May 2, 2017, we made Long Term Cash Awards (“LTC Awards”) totaling $2,000 under the Plan to certain management employees in the amount of $400 each. The LTC Awards vest in full on the first anniversary of the date of the award if the participant has reached age 63 by that time, or, if later, on the date the participant reaches age 63, provided in either instance that the participant is still employed by the Company at that time. If not previously vested, the awards will also vest immediately upon the death or disability of the participant prior to the participant’s separation from service. The awards will be payable in 10 equal annual installments following the participant’s death, disability or separation from service. We are accounting for the LTC Awards as a defined benefit pension plan.

During fiscal 2019, 2018 and 2017, we invested $627, $900 and $431 in life insurance policies covering all participants in the Plan. At November 30, 2019, these policies have a net death benefit of $14,998 for which the Company is the sole beneficiary. These policies are intended to provide a source of funds to meet the obligations arising from the deferred compensation and LTC Awards under the Plan, and serve as an economic hedge of the financial impact of changes in the liabilities. They are held in an irrevocable trust but are subject to claims of creditors in the event of the Company’s insolvency.

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 $2,273 at November 30, 2019 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.

Aggregated summarized information for the Supplemental Plan and the LTC Awards, measured as of the end of each year presented, is as follows:

	2019			2018
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	11,652		$	12,322
Service cost		190			196
Interest cost		441			418
Actuarial gains		(1,172	)		(616	)
Benefits paid		(1,021	)		(668	)
Projected benefit obligation at end of year	$	10,090		$	11,652

Accumulated Benefit Obligation	$	9,998		$	11,559

Discount rate used to value the ending benefit obligations:		2.75	%		4.00	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	655		$	798
Noncurrent liabilities		9,435			10,854
Total amounts recognized	$	10,090		$	11,652
Amounts recognized in accumulated other comprehensive income:
Prior service cost	$	606		$	806
Actuarial loss		1,055			2,408
Net amount recognized	$	1,661		$	3,214

Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	(541	)	$	(2	)

	2019		2018		2017

Components of Net Periodic Pension Cost:
Service cost	$	190	$	196	$	146
Interest cost		441		418		423
Amortization of transition obligation		-		42		42
Amortization of prior service cost		126		126		-
Amortization of other loss		183		262		323

Net periodic pension cost	$	940	$	1,044	$	934

Assumptions used to determine net periodic pension cost:
Discount rate	4.00	%	3.50	%	3.75	%
Increase in future compensation levels	3.00	%	3.00	%	3.00	%

Estimated Future Benefit Payments (with mortality):
Fiscal 2020								655
Fiscal 2021								622
Fiscal 2022								821
Fiscal 2023								779
Fiscal 2024								734
Fiscal 2025 through 2029								2,961

Of the $1,661 recognized in accumulated other comprehensive income at November 30, 2019, amounts expected to be recognized as components of net periodic pension cost during fiscal 2020 are as follows:

Prior service cost
$ 126

Other loss
7

Total expected to be amortized to net periodic pension cost in 2020
$ 133

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

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 $204, $216, and $216 in fiscal 2019, 2018, and 2017, respectively, associated with the plan. Our liability under this plan was $1,767 and $1,837 as of November 30, 2019 and November 24, 2018, 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 8% of gross pay, regardless of years of service. Expense for employer matching contributions was $1,157, $1,128 and $1,068 during fiscal 2019, 2018 and 2017, respectively.

Note 12 - Accumulated Other Comprehensive Loss

12 Months Ended

Nov. 30, 2019

Comprehensive Income (Loss) Note [Text Block]

12.

Accumulated Other Comprehensive Loss

The activity in accumulated other comprehensive loss for the fiscal years ended November 30, 2019 and November 24, 2018, which is comprised solely of post-retirement benefit costs related to our SERP and LTC Awards, is as follows:

Balance at November 25, 2017	$	(2,570	)
Reclassification of certain tax effects to retained earnings ⁽¹⁾		(545	)
Actuarial gains		616
Net pension amortization
reclassified from accumulated other comprehensive loss		430
Tax effects		(269	)
Balance at November 24, 2018		(2,338	)
Actuarial gains		1,172
Net pension amortization
reclassified from accumulated other comprehensive loss		308
Tax effects		(378	)
Balance at November 30, 2019	$	(1,236	)

(1) In 2018 we adopted ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Comprehensive Income. ASU 2018-02 addressed the impact of the remeasurement of deferred taxes on items in accumulated other comprehensive income due to the reduction in federal statutory rates arising from the Tax Cuts and Jobs Act of December 2017 by allowing the transfer of certain tax effects carried over from prior years to retained earnings as of the beginning of fiscal 2018.

Note 13 - Capital Stock and Stock Compensation

12 Months Ended

Nov. 30, 2019

Share-based Payment Arrangement [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 operations for fiscal 2019, 2018 and 2017 was as follows:

	2019		2018		2017

Stock based compensation expense	$	958	$	1,133	$	1,028

Incentive Stock Compensation Plans

On 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 no new grants of options made in 2019, 2018 or 2017.

Changes in the outstanding options under our plans during the year ended November 30, 2019 were as follows:

	Number of Shares			Weighted Average Exercise Price Per Share

Outstanding at November 24, 2018		8,350		$	8.02
Granted		-			-
Exercised		(3,100	)		8.02
Forfeited/Expired		-			-
Outstanding at November 30, 2019		5,250			8.02
Exercisable at November 30, 2019		5,250		$	8.02

All remaining options outstanding at November 30, 2019 are exercisable at $8.02 per share with a remaining contractual life of 1.6 years and an aggregate intrinsic value of $38. There were no non-vested options outstanding under our plans during the year ended November 30, 2019.

Additional information regarding activity in our stock options during fiscal 2019, 2018 and 2017 is as follows:

2019

2018

2017

Total intrinsic value of options exercised
$ 34 $ 75 $ 564

Total cash received from the exercise of options
25 27 310

Excess tax benefits recognized in income tax expense upon the exercise of options
6 16 188

Restricted Shares

Changes in the outstanding non-vested restricted shares during the year ended November 30, 2019 were as follows:

Number of Shares

Weighted

Average Grant

Date Fair

Value Per

Share

Non-vested restricted shares outstanding at November 24, 2018
81,036 $ 32.03

Granted
18,153 15.81

Vested
(6,036 ) 33.07

Forfeited
(3,000 ) 20.97

Non-vested restricted shares outstanding at November 30, 2019
90,153 $ 32.03

Restricted share awards granted in fiscal 2019 consisted of 9,653 restricted shares granted to our non-employee directors on March 6, 2019 which will vest on the first anniversary of the grant, and 5,000 and 3,500 restricted shares granted to employees on July 23, 2019 and October 9, 2019, respectively, which will vest on the third anniversary of each grant.

During fiscal 2019, 6,036 restricted shares were vested and released, all of which had been granted to directors. During fiscal 2018 and 2017, 19,810 shares and 21,210 shares, respectively, were withheld to cover withholding taxes of $674 and $641, respectively, arising from the vesting of restricted shares. During fiscal 2019, 2018 and 2017, excess tax benefits of $0, $207 and $366, respectively, were recognized within income tax expense upon the release of vested shares.

Additional information regarding our outstanding non-vested restricted shares at November 30, 2019 is as follows:

Remaining

Restricted

Share Value

Restriction

Grant

Shares

at Grant Date

Period

Date

Outstanding

Per Share

(Years)

January 10, 2017
36,000 $ 29.05 0.1

January 11, 2018
36,000 35.75 1.1

March 6, 2019
9,653 18.13 0.3

July 23, 2019
5,000 12.34 2.6

October 9, 2019
3,500 14.37 2.9

90,153

Unrecognized compensation cost related to these non-vested restricted shares at November 30, 2019 is $594, of which $525 is expected to be recognized in fiscal 2020 with the remainder to be recognized over the following two fiscal years.

Employee Stock Purchase Plan

In March of 2017 we adopted and implemented the 2017 Employee Stock Purchase Plan (“2017 ESPP”) that allows eligible employees to purchase a limited number of shares of our stock at 85% of market value. Under the 2017 ESPP we sold 23,460, 14,967 and 6,275 shares to employees during fiscal 2019, 2018 and 2017, respectively, which resulted in an immaterial amount of compensation expense. There are 205,298 shares remaining available for sale under the 2017 ESPP at November 30, 2019.

Note 14 - Income Taxes

12 Months Ended

Nov. 30, 2019

Income Tax Disclosure [Text Block]

14.

Income Taxes

The components of the income tax provision are as follows:

	2019			2018			2017
Current:
Federal	$	2,150		$	(1,137	)	$	7,887
State		892			462			2,035

Deferred:
Increase (decrease) in
Federal		(2,191	)		4,747			(200	)
State		(663	)		(84	)		(102	)
Total	$	188		$	3,988		$	9,620

On December 22, 2017, The Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act reduced the federal statutory corporate income tax rate from 35% to 21% effective January 1, 2018 for all corporate taxpayers, while most other provisions of the Act became effective for fiscal years beginning on or after January 1, 2018. Therefore, we computed our income tax expense for fiscal 2018 using a blended federal statutory rate of 22.2%. The 21% federal statutory rate, as well as certain other provisions of the Act including the elimination of the domestic manufacturing deduction and new limitations on certain business deductions, applies to our 2019 fiscal year and thereafter. The federal rate reduction had a significant impact on our provision for income taxes for fiscal 2018 due to a discrete charge of $1,331 arising from the re-measurement of our deferred tax assets. Our accounting for the income tax effects of the Act was complete as of November 24, 2018.

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:

	2019			2018			2017
Statutory federal income tax rate		21.0	%		22.2	%		35.0	%
Revaluation of deferred tax assets resulting from new enacted rates		-			10.9			-
State income tax, net of federal benefit		(14.0	)		4.6			3.9
Impairment of non-deductible goodwill		(23.2	)		-			-
Excess tax benefits from stock-based compensation		0.3			(1.5	)		(1.8	)
Other		5.1			(3.5	)		(2.6	)
Effective income tax rate		(10.8	)%		32.7	%		34.5	%

Excess tax benefits in the amount of $22, $223 and $554 were recognized as a component of income tax expense during fiscal 2019, 2018 and 2017, respectively, resulting from the exercise of stock options and the release of restricted shares. The fiscal 2019 adjustment for impairment of non-deductible goodwill reflects the fact that there was no tax basis related to the impaired goodwill.

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 30, 2019		November 24, 2018
Deferred income tax assets:
Trade accounts receivable	$	207	$	192
Inventories		2,487		1,755
Notes receivable		44		109
Post employment benefit obligations		3,241		3,619
State net operating loss carryforwards		193		218
Unrealized loss from affiliates		81		15
Net deferred rents		3,753		3,199
Other		1,828		1,290
Gross deferred income tax assets		11,834		10,397
Valuation allowance		-		-
Total deferred income tax assets		11,834		10,397

Deferred income tax liabilities:
Property and equipment		4,288		5,353
Intangible assets		1,114		1,060
Prepaid expenses and other		688		718

Total deferred income tax liabilities		6,090		7,131

Net deferred income tax assets	$	5,744	$	3,266

We have state net operating loss carryforwards available to offset future taxable state income of $4,095, which expire in varying amounts between 2021 and 2027. Realization is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards.

Income taxes paid, net of refunds received, during 2019, 2018 and 2017 were $1,228, $1,431, and $7,516, respectively.

We regularly evaluate, assess and adjust our accrued liabilities for unrecognized tax benefits in light of changing facts and circumstances, which could cause the effective tax rate to fluctuate from period to period. Our accrued liabilities for uncertain tax benefits at November 30, 2019 and November 24, 2018 were 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 2016 through 2019 for all of our major tax jurisdictions.

Note 15 - Other Gains and Losses

12 Months Ended

Nov. 30, 2019

Other Gains and Losses [Text Block]

15.

Other Gains and Losses

Gains on Sales of Retail Store Locations

Selling, general and administrative expenses for the year ended November 24, 2018 includes a gain of $165 resulting from the sale of our retail store location in Spring, Texas for $2,463 in cash. The store was closed in October of 2018 and repositioned to a new location serving the Houston market in The Woodlands, Texas, which opened in November of 2018.

Selling, general and administrative expenses for the year ended November 25, 2017 includes a gain of $1,220 resulting from the sale of our retail store location in Las Vegas, Nevada for $4,335 in cash. The store was closed in August of 2017 in preparation for its repositioning to a new location serving the Las Vegas market, in Summerlin, Nevada, which opened in January of 2018.

Early Retirement Program

During the first quarter of fiscal 2019, we offered a voluntary early retirement package to certain eligible employees of the Company. Twenty-three employees accepted the offer, which expired on February 28, 2019. These employees are to receive pay equal to one-half their current salary plus benefits over a period of one year from the final day of each individual’s active employment. Accordingly, we recognized a charge of $835 during the year ended November 30, 2019. The unpaid obligation of $374 is included in other accrued liabilities in our consolidated balance sheet as of November 30, 2019.

Asset Impairment Charges and Lease Exit Costs

During fiscal 2019, the loss from operations included $4,431 of non-cash impairment charges recognized on the assets of six underperforming retail stores. In addition, a $149 charge was accrued for lease exit costs incurred in connection with the repositioning of a Company-owned retail store in Palm Beach, Florida to a new location within the same market.

During fiscal 2018 income from operations included $469 of non-cash asset impairment charges recognized on the assets of one underperforming retail location, and a $301 charge for the accrual of lease exit costs incurred in connection with the closing of a Company-owned retail store location in San Antonio, Texas.

There were no asset impairment charges or lease exit costs incurred against income from operations during fiscal 2017. See Note 2 regarding non-operating impairment charges incurred in connection with our investments in retail real estate.

Litigation Expense

During fiscal 2019 we accrued $700 for the estimated costs to resolve certain wage and hour violation claims that have been asserted against the Company. While the ultimate cost of resolving these claims may be substantially higher, the amount accrued represents our estimate of the most likely outcome of a mediated settlement.

Note 16 - Leases and Lease Guarantees

12 Months Ended

Nov. 30, 2019

Leases Lease Guarantees And Loan Guarantees [Text Block]

16.

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 retail and logistical services segments. We also lease tractors and trailers used in our logistical services segment and local delivery trucks and service vans used in our retail segment. Our real estate lease terms range from one to 15 years and generally have renewal options of between five and 15 years. Some store leases contain contingent rental provisions based upon sales volume. Our transportation equipment leases have terms ranging from two to 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 30, 2019:

	Retail Stores		Warehousing & Distribution Centers		Transportation Equipment		All Other		Total

Fiscal 2020	$	24,524	$	5,745	$	4,938	$	1,824	$	37,031
Fiscal 2021		22,596		5,012		3,761		1,109		32,478
Fiscal 2022		20,067		4,742		2,618		502		27,929
Fiscal 2023		18,243		3,302		1,311		57		22,913
Fiscal 2024		14,385		1,396		1,049		5		16,835
Thereafter		46,759		368		391		-		47,518
Total future minimum lease payments	$	146,574	$	20,565	$	14,068	$	3,497	$	184,704

Lease expense was $41,809, $38,970 and $34,372 for 2019, 2018, and 2017, respectively. Improvement allowances received from lessors at the inception of a lease are deferred and amortized over the term of the lease. The unamortized balance of such amounts was $8,050 and $6,716 at November 30, 2019 and November 24, 2018, respectively, with the non-current portion of $6,799 and $5,715, respectively, included in other liabilities in our consolidated balance sheets and the remaining current portion included in other accrued liabilities.

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 2020	$	1,533
Fiscal 2021		948
Fiscal 2022		602
Fiscal 2023		285
Fiscal 2024		180
Thereafter		120
Total minimum future rental income	$	3,668

Real estate rental net loss (rental income less lease costs, depreciation, insurance, and taxes), related to licensee stores and other investment real estate, was $156, $23 and $48 in 2019, 2018 and 2017, respectively, and is reflected in other loss, net in the accompanying consolidated statements of operations.

Guarantees

As part of the strategy for our store program, we have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one to three years. We were contingently liable under licensee lease obligation guarantees in the amount of $1,776 and $2,021 at November 30, 2019 and November 24, 2018, 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 30, 2019 and November 24, 2018, were not material.

Note 17 - Contingencies

12 Months Ended

Nov. 30, 2019

Legal Matters and Contingencies [Text Block]

17.

Contingencies

We are involved in various claims and actions 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. See Note 15 regarding litigation arising from certain wage and hour violations which have been asserted against the Company.

Note 18 - Earnings (Loss) Per Share

12 Months Ended

Nov. 30, 2019

Earnings Per Share [Text Block]

18.

Earnings (Loss) Per Share

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

	2019			2018		2017
Numerator:
Net income (loss)	$	(1,928	)	$	8,218	$	18,256

Denominator:
Denominator for basic income per share - weighted average shares		10,285,511			10,651,351		10,649,225
Effect of dilutive securities		-			40,424		82,850
Denominator for diluted income per share — weighted average shares and assumed conversions		10,285,511			10,691,775		10,732,075

Basic income (loss) per share:
Net income (loss) per share — basic	$	(0.19	)	$	0.77	$	1.71

Diluted income (loss) per share:
Net income (loss) per share — diluted	$	(0.19	)	$	0.77	$	1.70

For fiscal 2019, 2018 and 2017, the following potentially dilutive shares were excluded from the computations as there effect was anti-dilutive:

	2019		2018		2017
Unvested restricted shares		90,153		45,036		-
Stock options		5,250		-		-

Note 19 - Segment Information

12 Months Ended

Nov. 30, 2019

Segment Reporting Disclosure [Text Block]

19.

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 operations.

●

Retail – Company-owned stores. Our retail segment consists of Company-owned stores and includes the revenues, expenses, assets and liabilities and capital expenditures directly related to these stores and the Company-owned distribution network utilized to deliver products to our retail customers.

●

Logistical services. With our acquisition of Zenith on February 2, 2015, we created the logistical services operating segment which reflects the operations of Zenith. In addition to providing shipping 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 consolidated statement of operations. Zenith’s operating costs are included in selling, general and administrative expenses and total $78,220, $81,468 and $80,068 for fiscal 2019, 2018 and 2017, respectively.

During the fourth quarter of fiscal 2018, we substantially completed transferring operational control of home delivery services for BHF stores from Zenith to our retail segment, including the transfer of the assets and many of the employees used in providing that service. Accordingly, the results for the retail and logistical services segments for all periods prior to fiscal 2019 have been restated to present the depreciation and amortization, capital expenditures and identifiable assets associated with home delivery services formerly provided by Zenith to the Bassett retail segment as though they had been incurred within the retail segment, and intercompany revenues for those services are no longer included in the logistical services segment. The impact of the restatement upon the income (loss) from operations for both the logistical services and retail segments was not material. Concurrently with the transfer of home delivery operations to retail, Zenith also ceased providing such services to third party customers. Revenues from Zenith’s home delivery services formerly provided to third party customers and the associated costs thereof continue to be reported in the logistical services segment. Zenith continues to provide other intercompany shipping and warehousing services to Bassett which are eliminated in consolidation.

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 segment. 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 operations.

The following table presents segment information for each of the last three fiscal years:

2019

2018

2017

Net Sales

Wholesale
$ 261,105 $ 255,958 $ 249,193

Retail
268,693 268,883 268,264

Logistical services
80,074 82,866 83,030

Inter-company eliminations:

Furniture and accessories
(125,933 ) (122,372 ) (119,360 )

Logistical services
(31,852 ) (28,480 ) (28,624 )

Consolidated
$ 452,087 $ 456,855 $ 452,503

Income (loss) from Operations

Wholesale
$ 11,456 $ 12,274 $ 19,121

Retail
(7,009 ) (312 ) 3,490

Logistical services
1,855 1,398 2,962

Inter-company elimination
1,144 1,494 1,445

Asset impairment charges
(4,431 ) (469 ) -

Goodwill impairment charge
(1,926 ) - -

Early retirement program
(835 ) - -

Litigation expense
(700 ) - -

Lease exit costs
(149 ) (301 ) -

Consolidated income from operations
$ (595 ) $ 14,084 $ 27,018

Depreciation and Amortization

Wholesale
$ 3,178 $ 3,038 $ 2,648

Retail
6,303 6,096 6,355

Logistical services
4,019 4,069 4,309

Consolidated
$ 13,500 $ 13,203 $ 13,312

Capital Expenditures

Wholesale
$ 5,650 $ 4,194 $ 4,875

Retail
8,473 12,769 8,108

Logistical services
3,627 1,338 2,517

Consolidated
$ 17,750 $ 18,301 $ 15,500

Identifiable Assets

Wholesale
$ 144,392 $ 144,209 $ 152,181

Retail
91,997 96,241 90,186

Logistical services
39,377 51,191 51,381

Consolidated
$ 275,766 $ 291,641 $ 293,748

A breakdown of wholesale sales by product category for each of the last three fiscal years is provided below:

2019

2018

2017

Bassett Custom Upholstery
$ 152,415 58.4 % $ 141,321 55.2 % $ 136,366 54.7 %

Bassett Leather
19,220 7.4 % 21,589 8.4 % 22,528 9.0 %

Bassett Custom Wood
46,082 17.6 % 46,074 18.0 % 43,793 17.6 %

Bassett Casegoods
40,920 15.7 % 42,875 16.8 % 42,874 17.2 %

Accessories (1)
2,468 0.9 % 4,099 1.6 % 3,632 1.5 %

Total
$ 261,105 100.0 % $ 255,958 100.0 % $ 249,193 100.0 %

(1)

Beginning with the third quarter of fiscal 2019, our wholesale segment no longer purchases accessory items for resale to our retail segment or to third party customers such as licensees or independent furniture retailers. Our retail segment and third party customers now source their accessory items directly from the accessory vendors.

Note 20 - Quarterly Results of Operations

12 Months Ended

Nov. 30, 2019

Quarterly Financial Information [Text Block]

20.

Quarterly Results of Operations

	2019
	First Quarter (1)		Second Quarter		Third Quarter		Fourth Quarter (2)

Sales revenue:
Furniture and accessories	$	107,357	$	95,824	$	98,369	$	102,315
Logistics		13,484		12,366		11,050		11,322
Total sales revenue		120,841		108,190		109,419		113,637
Cost of furniture and accessories sold		49,177		42,530		42,246		45,291
Income (loss) from operations		949		701		3,400		(5,645	)
Net income (loss)		608		445		2,157		(5,138	)
Basic earnings (loss) per share		0.06		0.04		0.21		(0.50	)
Diluted earnings (loss) per share		0.06		0.04		0.21		(0.50	)

	2018
	First Quarter (3)			Second Quarter (4)		Third Quarter		Fourth Quarter (5)

Sales revenue:
Furniture and accessories	$	96,123		$	102,675	$	99,807	$	103,864
Logistics		14,149			14,305		13,149		12,783
Total sales revenue		110,272			116,980		112,956		116,647
Cost of furniture and accessories sold		43,269			45,660		44,821		45,831
Income from operations		2,050			5,663		4,324		2,047
Net income		(913	)		4,289		2,945		1,897
Basic earnings per share		(0.09	)		0.40		0.28		0.18
Diluted earnings per share		(0.09	)		0.40		0.28		0.18

The first quarter of fiscal 2019 included 14 weeks. All other quarters shown above for fiscal 2019 and 2018 consist of 13 week fiscal periods.

(1)

Income from operations includes a charge of $835 arising from certain eligible employees’ acceptance of voluntary early retirement package (see Note 15).

(2)

Loss from operations includes a charge for the impairment of goodwill of $1,926 (see Note 8) and charges of $4,431, $700 and $149 for impairment of long-lived assets, litigation costs and lease termination costs, respectively (see Note 15).

(3)

Net loss includes a $2,157 charge to income tax expense arising from the remeasurement of our deferred tax assets due to the reduction in the Federal statutory income tax rate included in the Tax Cuts and Jobs Act (see Note 14).

(4)

Income from operations includes a gain of $165 from the sale of our Spring, Texas retail store (see Note 15). Net income includes a benefit of $155 in income tax expense arising from additional adjustments to the remeasurement of our deferred tax assets resulting from the Act (see Note 14).

(5)

Income from operations includes a $469 asset impairment charge related to our Torrance, California retail store and a $301 charge for lease exit costs related to the closing of a store in San Antonio, Texas (see Note 15). Net income includes a $704 tax benefit arising from the final adjustment to our interim estimates of the impact of reduced federal income tax rates on the valuation of our deferred tax assets (see Note 14).

Schedule II - Analysis of Valuation and Qualifying Accounts

12 Months Ended

Nov. 30, 2019

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

Bassett Furniture Industries, Incorporated

Schedule II

Analysis of Valuation and Qualifying Accounts

For the Years Ended November 30, 2019, November 24, 2018 and November 25, 2017

(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 25, 2017:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	799	$	(59	)	$	(123	)	$	-		$	617

Notes receivable valuation reserves	$	1,454	$	-		$	-		$	-		$	1,454


For the Year Ended November 24, 2018:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	617	$	339		$	(252	)	$	50	(2)	$	754

Notes receivable valuation reserves	$	1,454	$	-		$	(1,077	)	$	-		$	377


For the Year Ended November 30, 2019:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	754	$	61		$	-		$	-		$	815

Notes receivable valuation reserves	$	377	$	-		$	(18	)	$	-		$	359

(1) Deductions are for the purpose for which the reserve was created.

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

Significant Accounting Policies (Policies)

12 Months Ended

Nov. 30, 2019

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

Upon adoption of ASC 606, we have adopted the following policy elections and practical expedients:

•

We exclude from revenue amounts collected from customers for sales tax, which is consistent with our policy prior to the adoption of ASC 606.

•

We do not disclose the value of unsatisfied performance obligations because the transfer of goods or services is made within one year of the placement of customer orders.

See Note 19, Segment Information, for disaggregated revenue information.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents and Short-Term Investments

Receivable [Policy Text Block]

Accounts Receivable

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

Concentrations of Credit Risk and Major Customers

	2019		2018
Accounts receivable, net of allowances (Note 5)	$	21,378	$	19,055
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 16)		1,751		1,995
Other		168		-
Total credit risk exposure related to customers	$	23,297	$	21,050

Inventory, Policy [Policy Text Block]

Inventories

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

Property and Equipment

Retail Real Estate [Policy Text Block]

Retail Real Estate

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

Goodwill

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

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 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 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 Tax, Policy [Policy Text Block]

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. See Note 14.

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 14.

New Store Pre Opening Costs [Policy Text Block]

New Store Pre-Opening Costs

Income from operations for fiscal 2019, 2018 and 2017 includes new store pre-opening costs of $1,117, $2,081 and $2,413, 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 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 $18,402, $17,511, and $18,514 for fiscal 2019, 2018 and 2017, respectively. Costs incurred to deliver retail merchandise to customers, including the cost of operating regional distribution warehouses, are also recorded in selling, general and administrative expense and totaled $23,710, $20,640, and $19,604 for fiscal 2019, 2018 and 2017, respectively.

Advertising Cost [Policy Text Block]

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 $20,674, $20,922, and $18,834 in fiscal 2019, 2018, and 2017, respectively.

Liability Reserve Estimate, Policy [Policy Text Block]

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 [Policy Text Block]

Supplemental Cash Flow Information

During the fourth quarter of fiscal 2019, we purchased certain fixed assets and inventory with a total purchase price of $2,225, of which $375 was paid for with the issuance of 24,590 shares if our common stock. There were no material non-cash investing or financing activities during fiscal 2018 or 2017.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Recently Adopted Pronouncements

Effective as of the beginning of fiscal 2019, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Refer to the preceding discussion under “Revenue Recognition” for more information regarding the impact of ASC 606 on our financial statements.

Effective as of the beginning of fiscal 2019, we adopted 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 with comparative amounts in prior period cash flow statements reclassified to conform to the current period presentation. Accordingly, for the years ended November 24, 2018 and November 25, 2017 we have reclassified investments in Company-owned life insurance (net of death benefits received) of $1,287 and $857, respectively, from cash flows from operating activities to cash flows from investing activities, and we have reclassified $78 and $184, respectively, representing the portion of a debt payment attributable to discount accretion from cash flows from financing activities to cash flows from operating activities.

Effective as of the beginning of fiscal 2019, we adopted 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 adoption of this guidance did not have a material impact upon our financial condition or results of operations.

Effective as of the beginning of fiscal 2019, we adopted 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. During the fourth quarter of fiscal 2019, we purchased a set of production equipment for $1,966 which, upon application of the screen, did not constitute a business and was therefore accounted for as an asset purchase.

Effective as of the beginning of fiscal 2019, we adopted Accounting Standards Update No. 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting. ASU 2017-09 was issued to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Essentially, an entity will not have to account for the effects of a modification if: (1) The fair value of the modified award is the same immediately before and after the modification; (2) the vesting conditions of the modified award are the same immediately before and after the modification; and (3) the classification of the modified award as either an equity instrument or liability instrument is the same immediately before and after the modification. The adoption of this guidance did not have a material impact upon our financial condition or results of operations.

Effective for our annual test for impairment of goodwill as of the beginning of the fourth fiscal quarter of 2019, we have adopted 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. Refer to the preceding discussion under “Goodwill” for additional information regarding the results of our annual impairment test following the adoption of ASU 2017-04.

Recent Pronouncements Not Yet Adopted

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842). The guidance in ASU 2016-02 (as subsequently amended by ASU 2018-01, ASU 2018-10, ASU 2018-11 and ASU 2018-20) 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. In addition, ASU 2018-11 provides for an additional (and optional) transition method by which entities may elect to initially apply the transition requirements in Topic 842 at that Topic’s effective date with the effects of initially applying Topic 842 recognized as a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption and without retrospective application to any comparative prior periods presented. Also, ASU 2018-20 provides certain narrow-scope improvements to Topic 842 as it relates to lessors. We have substantially completed identifying the population of contracts that meet the definition of a lease under ASU 2016-02. We are in the final stage of implementing a lease accounting system and finalizing our control framework in preparation for the adoption of this standard in the first quarter of fiscal 2020. We plan to elect certain practical expedients permitted under the transition guidance, including the package of practical expedients, which allows the Company to not reassess whether existing contracts contain leases, the lease classification of existing leases, or initial direct costs for existing leases. We also plan to elect not to separate lease and non-lease components for certain classes of leased assets and not to recognize a right-of-use asset and a lease liability for leases with an initial term of twelve months or less. We will adopt the guidance of ASU 2016-02 using the optional transition method as provided by ASU 2018-11. On adoption, we will recognize additional operating liabilities, with corresponding right of use assets of the same amount adjusted for prepaid/deferred rent, unamortized lease incentives and any impairment of right of use assets based on the present value of the remaining minimum rental payments. We expect the adoption of this standard to have a material effect on our statement of financial position (refer to Note 16 for information regarding our leases currently classified as operating leases under ASC Topic 840).

In August 2018, the FASB issued Accounting Standards Update No. 2018-15 – Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in ASU 2018-15. The amendments in ASU 2018-15 will become effective for us as of the beginning of our 2021 fiscal year. Early adoption is permitted, including adoption in any interim period. We are currently evaluating the impact that this guidance will have upon our financial position and results of operations, if any.

In December 2019, the FASB issued Accounting Standards Update No. 2019-12 – Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in ASU 2019-12 will become effective for us as of the beginning of our 2022 fiscal year. Early adoption is permitted, including adoption in any interim period. We are currently evaluating the impact that this guidance will have upon our financial position and results of operations, if any.

Reclassification, Policy [Policy Text Block]

Reclassifications

Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation with no effect on previously reported net income or Stockholders’ equity. See “Recently Adopted Accounting Pronouncements” above regarding the impact of our adoption of ASU 2016-15 on the statements of cash flows for fiscal 2018 and 2017.

Note 2 - Significant Accounting Policies (Tables)

12 Months Ended

Nov. 30, 2019

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

	2019		2018
Accounts receivable, net of allowances (Note 5)	$	21,378	$	19,055
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 16)		1,751		1,995
Other		168		-
Total credit risk exposure related to customers	$	23,297	$	21,050

Note 3 - Business Combinations (Tables)

12 Months Ended

Nov. 30, 2019

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

Allocation of the fair value of consideration transferred:
Identifiable assets acquired:
Accounts receivable, net of reserve (Note 5)	$	1,507
Inventory, net of reserve (Note 6)		3,718
Prepaid expenses and other current assets		37
Intangible assets		7,360
Total identifiable assets acquired		12,622
Liabilities assumed:
Accounts payable		(357	)
Other accrued liabilities		(852	)
Total liabilities assumed		(1,209	)
Net identifiable assets acquired		11,413
Goodwill		4,143
Total net assets acquired	$	15,556

Inventory	$	343
Goodwill		312

Purchase price	$	655

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

	Useful Life
Description:	In Years		Fair Value

Trade name		Indefinite	$	6,848
Customer relationships		9		512

Total acquired intangible assets			$	7,360

Note 5 - Accounts Receivable (Tables)

12 Months Ended

Nov. 30, 2019

Schedule Of Accounts Receivable [Table Text Block]

	November 30, 2019			November 24, 2018
Gross accounts receivable	$	22,193		$	19,809
Allowance for doubtful accounts		(815	)		(754	)
Net accounts receivable	$	21,378		$	19,055

Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]

	2019		2018

Balance, beginning of the year	$	754	$	617
Acquired allowance on accounts receivable (Note 3)		-		50
Additions charged to expense		61		339
Reductions to allowance, net		-		(252	)
Balance, end of the year	$	815	$	754

Note 6 - Inventories (Tables)

12 Months Ended

Nov. 30, 2019

Schedule of Inventory, Current [Table Text Block]

	November 30, 2019			November 24, 2018
Wholesale finished goods	$	27,792		$	30,750
Work in process		733			432
Raw materials and supplies		17,293			15,503
Retail merchandise		31,534			27,599
Total inventories on first-in, first-out method		77,352			74,284
LIFO adjustment		(8,688	)		(8,326	)
Reserve for excess and obsolete inventory		(2,362	)		(1,766	)
	$	66,302		$	64,192

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

	Wholesale Segment			Retail Segment			Total
Balance at November 25, 2017	$	1,618		$	277		$	1,895
Acquired reserve on inventory (Note 3)		110			-			110
Additions charged to expense		1,884			425			2,309
Write-offs		(2,112	)		(436	)		(2,548	)
Balance at November 24, 2018		1,500			266			1,766
Additions charged to expense		1,881			373			2,254
Write-offs		(1,327	)		(331	)		(1,658	)
Balance at November 30, 2019	$	2,054		$	308		$	2,362

Note 7 - Property and Equipment (Tables)

12 Months Ended

Nov. 30, 2019

Property, Plant and Equipment [Table Text Block]

	November 30, 2019			November 24, 2018
Land	$	9,478		$	9,908
Buildings and leasehold improvements		126,085			124,449
Machinery and equipment		115,131			108,379
Property and equipment at cost		250,694			242,736
Less accumulated depreciation		(148,970	)		(137,873	)
Property and equipment, net	$	101,724		$	104,863

Schedule of Property Plant and Equipment by Reporting Segment [Table Text Block]

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 20%; margin-left: 36pt; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tbody> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> November 30, 2019 </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> November 24, 2018 </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 62%;"> Wholesale </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">28,993</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">26,511</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Retail - Company-owned stores </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">55,625</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">61,380</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Logistical Services </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">17,106</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">16,972</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total property and equipment, net </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">101,724</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">104,863</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </tbody> </table>

Schedule of Depreciation [Table Text Block]

	2019		2018		2017

Cost of goods sold (wholesale segment)	$	1,402	$	1,264	$	989
Selling, general and adminstrative expenses:
Wholesale segment		1,672		1,666		1,531
Retail segment		7,479		7,060		7,080
Logistical services segment		3,697		3,747		3,987
Total included in selling, general and adminstrative expenses		12,848		12,473		12,598
Total depreciation expense included in income from operations	$	14,250	$	13,737	$	13,587

Note 8 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Nov. 30, 2019

Schedule of Intangible Assets and Goodwill [Table Text Block]

	November 30, 2019
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,550	$	(1,088	)	$	2,462
Technology - customized applications		834		(575	)		259

Total intangible assets subject to amortization	$	4,384	$	(1,663	)		2,721

Intangibles not subject to amortization:
Trade names							9,338
Goodwill							14,117

Total goodwill and other intangible assets						$	26,176

	November 24, 2018
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,550	$	(829	)	$	2,721
Technology - customized applications		834		(456	)		378

Total intangible assets subject to amortization	$	4,384	$	(1,285	)		3,099

Intangibles not subject to amortization:
Trade names							9,338
Goodwill							16,043

Total goodwill and other intangible assets						$	28,480

Schedule of Goodwill [Table Text Block]

	Wholesale		Retail			Logistics		Total

Balance as of November 25, 2017	$	5,045	$	1,926		$	4,929	$	11,900
Goodwill arising from Lane Venture acquisition (Note 3)		4,143		-			-		4,143

Balance as of November 24, 2018		9,188		1,926			4,929		16,043
Goodwill impairment		-		(1,926	)		-		(1,926	)

Balance as of November 30, 2019	$	9,188	$	-		$	4,929	$	14,117

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	Useful Life in Years		Remaining Amortization Period in Years

Customer relationships		14		10
Technology - customized applications		7		2

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

Fiscal 2020	$	379
Fiscal 2021		379
Fiscal 2022		279
Fiscal 2023		259
Fiscal 2024		259
Thereafter		1,166

Total	$	2,721

Note 11 - Post-employment Benefit Obligations (Tables)

12 Months Ended

Nov. 30, 2019

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

	2019			2018
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	11,652		$	12,322
Service cost		190			196
Interest cost		441			418
Actuarial gains		(1,172	)		(616	)
Benefits paid		(1,021	)		(668	)
Projected benefit obligation at end of year	$	10,090		$	11,652

Accumulated Benefit Obligation	$	9,998		$	11,559

Discount rate used to value the ending benefit obligations:		2.75	%		4.00	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	655		$	798
Noncurrent liabilities		9,435			10,854
Total amounts recognized	$	10,090		$	11,652
Amounts recognized in accumulated other comprehensive income:
Prior service cost	$	606		$	806
Actuarial loss		1,055			2,408
Net amount recognized	$	1,661		$	3,214

Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	(541	)	$	(2	)

Schedule of Net Benefit Costs [Table Text Block]

	2019		2018		2017

Components of Net Periodic Pension Cost:
Service cost	$	190	$	196	$	146
Interest cost		441		418		423
Amortization of transition obligation		-		42		42
Amortization of prior service cost		126		126		-
Amortization of other loss		183		262		323

Net periodic pension cost	$	940	$	1,044	$	934

Assumptions used to determine net periodic pension cost:
Discount rate	4.00	%	3.50	%	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 2020								655
Fiscal 2021								622
Fiscal 2022								821
Fiscal 2023								779
Fiscal 2024								734
Fiscal 2025 through 2029								2,961

Schedule of Defined Benefit Plan, Expected Amortization, Next Fiscal Year [Table Text Block]

Prior service cost	$	126
Other loss		7

Total expected to be amortized to net periodic pension cost in 2020	$	133

Note 12 - Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Nov. 30, 2019

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

Balance at November 25, 2017	$	(2,570	)
Reclassification of certain tax effects to retained earnings ⁽¹⁾		(545	)
Actuarial gains		616
Net pension amortization
reclassified from accumulated other comprehensive loss		430
Tax effects		(269	)
Balance at November 24, 2018		(2,338	)
Actuarial gains		1,172
Net pension amortization
reclassified from accumulated other comprehensive loss		308
Tax effects		(378	)
Balance at November 30, 2019	$	(1,236	)

Note 13 - Capital Stock and Stock Compensation (Tables)

12 Months Ended

Nov. 30, 2019

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	2019		2018		2017

Stock based compensation expense	$	958	$	1,133	$	1,028

Share-based Payment Arrangement, Option, Activity [Table Text Block]

	Number of Shares			Weighted Average Exercise Price Per Share

Outstanding at November 24, 2018		8,350		$	8.02
Granted		-			-
Exercised		(3,100	)		8.02
Forfeited/Expired		-			-
Outstanding at November 30, 2019		5,250			8.02
Exercisable at November 30, 2019		5,250		$	8.02

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

	2019		2018		2017

Total intrinsic value of options exercised	$	34	$	75	$	564
Total cash received from the exercise of options		25		27		310
Excess tax benefits recognized in income tax expense upon the exercise of options		6		16		188

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 24, 2018		81,036		$	32.03
Granted		18,153			15.81
Vested		(6,036	)		33.07
Forfeited		(3,000	)		20.97
Non-vested restricted shares outstanding at November 30, 2019		90,153		$	32.03

Share-based Compensation Arrangements 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)*


January 10, 2017		36,000	$	29.05		0.1
January 11, 2018		36,000		35.75		1.1
March 6, 2019		9,653		18.13		0.3
July 23, 2019		5,000		12.34		2.6
October 9, 2019		3,500		14.37		2.9
		90,153

Note 14 - Income Taxes (Tables)

12 Months Ended

Nov. 30, 2019

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

	2019			2018			2017
Current:
Federal	$	2,150		$	(1,137	)	$	7,887
State		892			462			2,035

Deferred:
Increase (decrease) in
Federal		(2,191	)		4,747			(200	)
State		(663	)		(84	)		(102	)
Total	$	188		$	3,988		$	9,620

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

	2019			2018			2017
Statutory federal income tax rate		21.0	%		22.2	%		35.0	%
Revaluation of deferred tax assets resulting from new enacted rates		-			10.9			-
State income tax, net of federal benefit		(14.0	)		4.6			3.9
Impairment of non-deductible goodwill		(23.2	)		-			-
Excess tax benefits from stock-based compensation		0.3			(1.5	)		(1.8	)
Other		5.1			(3.5	)		(2.6	)
Effective income tax rate		(10.8	)%		32.7	%		34.5	%

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

	November 30, 2019		November 24, 2018
Deferred income tax assets:
Trade accounts receivable	$	207	$	192
Inventories		2,487		1,755
Notes receivable		44		109
Post employment benefit obligations		3,241		3,619
State net operating loss carryforwards		193		218
Unrealized loss from affiliates		81		15
Net deferred rents		3,753		3,199
Other		1,828		1,290
Gross deferred income tax assets		11,834		10,397
Valuation allowance		-		-
Total deferred income tax assets		11,834		10,397

Deferred income tax liabilities:
Property and equipment		4,288		5,353
Intangible assets		1,114		1,060
Prepaid expenses and other		688		718

Total deferred income tax liabilities		6,090		7,131

Net deferred income tax assets	$	5,744	$	3,266

Note 16 - Leases and Lease Guarantees (Tables)

12 Months Ended

Nov. 30, 2019

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

	Retail Stores		Warehousing & Distribution Centers		Transportation Equipment		All Other		Total

Fiscal 2020	$	24,524	$	5,745	$	4,938	$	1,824	$	37,031
Fiscal 2021		22,596		5,012		3,761		1,109		32,478
Fiscal 2022		20,067		4,742		2,618		502		27,929
Fiscal 2023		18,243		3,302		1,311		57		22,913
Fiscal 2024		14,385		1,396		1,049		5		16,835
Thereafter		46,759		368		391		-		47,518
Total future minimum lease payments	$	146,574	$	20,565	$	14,068	$	3,497	$	184,704

Schedule Of Future Rental Income [Table Text Block]

Fiscal 2020	$	1,533
Fiscal 2021		948
Fiscal 2022		602
Fiscal 2023		285
Fiscal 2024		180
Thereafter		120
Total minimum future rental income	$	3,668

Note 18 - Earnings (Loss) Per Share (Tables)

12 Months Ended

Nov. 30, 2019

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

	2019			2018		2017
Numerator:
Net income (loss)	$	(1,928	)	$	8,218	$	18,256

Denominator:
Denominator for basic income per share - weighted average shares		10,285,511			10,651,351		10,649,225
Effect of dilutive securities		-			40,424		82,850
Denominator for diluted income per share — weighted average shares and assumed conversions		10,285,511			10,691,775		10,732,075

Basic income (loss) per share:
Net income (loss) per share — basic	$	(0.19	)	$	0.77	$	1.71

Diluted income (loss) per share:
Net income (loss) per share — diluted	$	(0.19	)	$	0.77	$	1.70

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

	2019		2018		2017
Unvested restricted shares		90,153		45,036		-
Stock options		5,250		-		-

Note 19 - Segment Information (Tables)

12 Months Ended

Nov. 30, 2019

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

	2019			2018			2017
Net Sales
Wholesale	$	261,105		$	255,958		$	249,193
Retail		268,693			268,883			268,264
Logistical services		80,074			82,866			83,030
Inter-company eliminations:
Furniture and accessories		(125,933	)		(122,372	)		(119,360	)
Logistical services		(31,852	)		(28,480	)		(28,624	)
Consolidated	$	452,087		$	456,855		$	452,503

Income (loss) from Operations
Wholesale	$	11,456		$	12,274		$	19,121
Retail		(7,009	)		(312	)		3,490
Logistical services		1,855			1,398			2,962
Inter-company elimination		1,144			1,494			1,445
Asset impairment charges		(4,431	)		(469	)		-
Goodwill impairment charge		(1,926	)		-			-
Early retirement program		(835	)		-			-
Litigation expense		(700	)		-			-
Lease exit costs		(149	)		(301	)		-
Consolidated income from operations	$	(595	)	$	14,084		$	27,018

Depreciation and Amortization
Wholesale	$	3,178		$	3,038		$	2,648
Retail		6,303			6,096			6,355
Logistical services		4,019			4,069			4,309
Consolidated	$	13,500		$	13,203		$	13,312

Capital Expenditures
Wholesale	$	5,650		$	4,194		$	4,875
Retail		8,473			12,769			8,108
Logistical services		3,627			1,338			2,517
Consolidated	$	17,750		$	18,301		$	15,500

Identifiable Assets
Wholesale	$	144,392		$	144,209		$	152,181
Retail		91,997			96,241			90,186
Logistical services		39,377			51,191			51,381
Consolidated	$	275,766		$	291,641		$	293,748

Wholesale Revenue by Major Product Category [Table Text Block]

	2019				2018				2017

Bassett Custom Upholstery	$	152,415	58.4	%	$	141,321	55.2	%	$	136,366	54.7	%
Bassett Leather		19,220	7.4	%		21,589	8.4	%		22,528	9.0	%
Bassett Custom Wood		46,082	17.6	%		46,074	18.0	%		43,793	17.6	%
Bassett Casegoods		40,920	15.7	%		42,875	16.8	%		42,874	17.2	%
Accessories (1)		2,468	0.9	%		4,099	1.6	%		3,632	1.5	%
Total	$	261,105	100.0	%	$	255,958	100.0	%	$	249,193	100.0	%

Note 20 - Quarterly Results of Operations (Tables)

12 Months Ended

Nov. 30, 2019

Quarterly Financial Information [Table Text Block]

	2019
	First Quarter (1)		Second Quarter		Third Quarter		Fourth Quarter (2)

Sales revenue:
Furniture and accessories	$	107,357	$	95,824	$	98,369	$	102,315
Logistics		13,484		12,366		11,050		11,322
Total sales revenue		120,841		108,190		109,419		113,637
Cost of furniture and accessories sold		49,177		42,530		42,246		45,291
Income (loss) from operations		949		701		3,400		(5,645	)
Net income (loss)		608		445		2,157		(5,138	)
Basic earnings (loss) per share		0.06		0.04		0.21		(0.50	)
Diluted earnings (loss) per share		0.06		0.04		0.21		(0.50	)

	2018
	First Quarter (3)			Second Quarter (4)		Third Quarter		Fourth Quarter (5)

Sales revenue:
Furniture and accessories	$	96,123		$	102,675	$	99,807	$	103,864
Logistics		14,149			14,305		13,149		12,783
Total sales revenue		110,272			116,980		112,956		116,647
Cost of furniture and accessories sold		43,269			45,660		44,821		45,831
Income from operations		2,050			5,663		4,324		2,047
Net income		(913	)		4,289		2,945		1,897
Basic earnings per share		(0.09	)		0.40		0.28		0.18
Diluted earnings per share		(0.09	)		0.40		0.28		0.18

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

12 Months Ended

Nov. 30, 2019

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 25, 2017:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	799	$	(59	)	$	(123	)	$	-		$	617

Notes receivable valuation reserves	$	1,454	$	-		$	-		$	-		$	1,454


For the Year Ended November 24, 2018:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	617	$	339		$	(252	)	$	50	(2)	$	754

Notes receivable valuation reserves	$	1,454	$	-		$	(1,077	)	$	-		$	377


For the Year Ended November 30, 2019:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	754	$	61		$	-		$	-		$	815

Notes receivable valuation reserves	$	377	$	-		$	(18	)	$	-		$	359

Note 1 - Description of Business (Details Textual)	Nov. 30, 2019
Number of Stores	103
Percent Of Wholesale Products Sourced From Other Countries	23.00%
Number Of Domestic Manufacturing Facilities	5
Company-owned Retail Stores [Member]
Number of Stores	70
Licensee Operated Retail Stores [Member]
Number of Stores	33

Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 30, 2019 USD ($) shares	Nov. 30, 2019 USD ($)	Nov. 24, 2018 USD ($)	Nov. 25, 2017 USD ($)	Nov. 25, 2018 USD ($)
Contract with Customer, Liability, Total	$ 25,341	$ 25,341	$ 27,157
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 441	$ 441			$ 512
Percent Of Aggregate Risk Exposure Net Of Reserves Attributable To Major Customers	28.00%	28.00%	33.00%
Percentage of LIFO Inventory	52.00%	52.00%	52.00%
Gain (Loss) on Disposition of Property Plant Equipment, Total		$ (515)	$ 234	$ 1,190
Depreciation, Total		14,250	13,737	13,587
Impairment of Real Estate		(0)	(0)	1,084
Goodwill, Impairment Loss		1,926	0	0
Pre-Opening Costs		1,117	2,081	2,413
Advertising Expense		20,674	20,922	18,834
Payments to Acquire Fixed Assets and Inventory	$ 2,225
Stock Issued During Period, Value, Purchase of Fixed Assets and Inventory	$ 375
Stock Issued During Period, Shares, Purchase of Fixed Assets and Inventory \| shares	24,590
Net Cash Provided by (Used in) Operating Activities, Total		9,809	29,907	37,057
Net Cash Provided by (Used in) Investing Activities, Total		(11,173)	(31,973)	(6,992)
Net Cash Provided by (Used in) Financing Activities, Total		(12,417)	(18,415)	(11,260)
Payments to Acquire Productive Assets, Total	$ 1,966
Reclassification Of Investments in Company-owned Life Insurance Due to ASU 2016-15 [Member]
Net Cash Provided by (Used in) Operating Activities, Total			(1,287)	(857)
Net Cash Provided by (Used in) Investing Activities, Total			1,287	857
Reclassification Representing Portion of Debt Payment Attributable to Discount Accretion Due to ASU 2016-15 [Member]
Net Cash Provided by (Used in) Operating Activities, Total			78	184
Net Cash Provided by (Used in) Financing Activities, Total			(78)	(184)
Deliver Wholesale Merchandise to Customers [Member]
Selling, General and Administrative Expense, Delivery Costs	18,402	18,402	17,511	18,514
Deliver Retail Merchandise to Customers [Member]
Selling, General and Administrative Expense, Delivery Costs	23,710	23,710	20,640	19,604
Retail Real Estate [Member]
Proceeds from Sale of Real Estate Held-for-investment, Total		1,475
Depreciation, Total		94	103	127
Retail Real Estate [Member] \| Other Loss, Net [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Total		(98)
Non-US [Member]
Revenues, Total		$ 1,846	$ 1,587	$ 2,288
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Number of Major Customers		0	0	0
Other Noncurrent Assets [Member]
Real Estate Investment Property, Net, Total			$ 1,655
Sales Commissions [Member] \| Other Current Assets [Member]
Capitalized Contract Cost, Net, Total	$ 2,435	$ 2,435	$ 2,739
Logistical Services [Member]
Invoice Payment Term		30 days
Goodwill, Impairment Loss		$ (0)
Logistical Services [Member] \| Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Number of Major Customers		2	2	2
Concentration Risk, Percentage		44.00%	40.00%	47.00%
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
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

Note 2 - Significant Accounting Policies - Aggregate Exposure from Receivables and Guarantees Related to Customers (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 24, 2018
Accounts receivable, net of allowances (Note 5)	$ 21,378	$ 19,055
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 16)	1,751	1,995
Other	168	0
Total credit risk exposure related to customers	$ 23,297	$ 21,050

Note 3 - Business Combinations (Details Textual) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Dec. 21, 2017	Feb. 25, 2017	Nov. 24, 2018
Acquisition of Lane Venture [Member]
Payments to Acquire Businesses, Gross	$ 15,556
Goodwill, Purchase Accounting Adjustments			$ (76)
Business Combination, Acquisition Related Costs			$ 256
Bassett Home Furnishings, Columbus, Ohio [Member]
Business Combination, Consideration Transferred, Total		$ 655

Note 3 - Business Combinations - Acquisitions (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 24, 2018	Dec. 21, 2017	Nov. 25, 2017	Feb. 25, 2017
Goodwill	$ 14,117	$ 16,043		$ 11,900
Bassett Home Furnishings, Columbus, Ohio [Member]
Inventory, net of reserve (Note 6)					$ 343
Goodwill					312
Inventory					343
Purchase price					$ 655
Acquisition of Lane Venture [Member]
Accounts receivable, net of reserve (Note 5)			$ 1,507
Inventory, net of reserve (Note 6)			3,718
Prepaid expenses and other current assets			37
Intangible assets			7,360
Total identifiable assets acquired			12,622
Accounts payable			(357)
Other accrued liabilities			(852)
Total liabilities assumed			(1,209)
Net identifiable assets acquired			11,413
Goodwill			4,143
Total net assets acquired			15,556
Inventory			$ 3,718

Note 3 - Business Combinations - Acquired Identifiable Intangible Assets (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 21, 2017	Nov. 30, 2019
Customer Relationships [Member]
Useful Life (Year)		14 years
Acquisition of Lane Venture [Member]
Intangible assets	$ 7,360
Acquisition of Lane Venture [Member] \| Customer Relationships [Member]
Intangible assets	$ 512
Useful Life (Year)	9 years
Acquisition of Lane Venture [Member] \| Trade Names [Member]
Intangible assets	$ 6,848

Note 4 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018
Short-term Investments, Total	$ 17,436	$ 22,643
Minimum [Member]
Interest Rate of Certificates of Deposit	0.85%
Maximum [Member]
Interest Rate of Certificates of Deposit	2.55%
Weighted Average [Member]
Interest Rate of Certificates of Deposit	2.09%
Certificates of Deposit [Member]
Short-term Investments, Total	$ 17,436	$ 22,643

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Nov. 30, 2019	Dec. 31, 2018	Nov. 24, 2018	Dec. 31, 2017
Gross accounts receivable		$ 22,193		$ 19,809
Allowance for doubtful accounts	$ (815)	(815)	$ (754)	(754)	$ (617)
Net accounts receivable		$ 21,378		$ 19,055

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance	$ 754	$ 617
Acquired allowance on accounts receivable (Note 3)	0	50
Additions charged to expense	61	339
Reductions to allowance, net	0	(252)
Balance	$ 815	$ 754

Note 6 - Inventories (Details Textual) - USD ($)	12 Months Ended
Note 6 - Inventories (Details Textual) - USD ($)	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Purchases From Major Vendors	$ 15,221,000	$ 24,073	$ 21,977,000
Inventory Write-down	2,254,000	$ 2,309,000
Wholesale Segment [Member] \| Juvenile Furniture Line of Business [Member]
Inventory Write-down	$ 390,000

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Wholesale finished goods	$ 27,792	$ 30,750
Work in process	733	432
Raw materials and supplies	17,293	15,503
Retail merchandise	31,534	27,599
Total inventories on first-in, first-out method	77,352	74,284
LIFO adjustment	(8,688)	(8,326)
Reserve for excess and obsolete inventory	(2,362)	(1,766)	$ (1,895)
Inventory, net	$ 66,302	$ 64,192

Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018
Balance	$ 1,766	$ 1,895
Acquired reserve on inventory (Note 3)		110
Inventory Write-down	2,254	2,309
Write-offs	(1,658)	(2,548)
Write-offs	(1,658)	(2,548)
Balance	2,362	1,766
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	1,500	1,618
Acquired reserve on inventory (Note 3)		110
Inventory Write-down	1,881	1,884
Write-offs	(1,327)	(2,112)
Write-offs	(1,327)	(2,112)
Balance	2,054	1,500
Operating Segments [Member] \| Retail Segment [Member]
Balance	266	277
Acquired reserve on inventory (Note 3)		0
Inventory Write-down	373	425
Write-offs	(331)	(436)
Write-offs	(331)	(436)
Balance	$ 308	$ 266

Note 7 - Property and Equipment (Details Textual) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Jan. 23, 2020	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Proceeds from Sale of Property, Plant, and Equipment, Total		$ 1,643	$ 2,689	$ 4,474
Subsequent Event [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total	$ 1,639
Other Current Assets [Member]
Assets Held-for-sale, Not Part of Disposal Group, Current, Total		$ 1,569

Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 24, 2018
Land	$ 9,478	$ 9,908
Buildings and leasehold improvements	126,085	124,449
Machinery and equipment	115,131	108,379
Property and equipment at cost	250,694	242,736
Less accumulated depreciation	(148,970)	(137,873)
Property and equipment, net	$ 101,724	$ 104,863

Note 7 - Property and Equipment - Summary of Reportable Segment Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 24, 2018
Property and equipment, net	$ 101,724	$ 104,863
Wholesale Segment [Member]
Property and equipment, net	28,993	26,511
Retail Segment [Member]
Property and equipment, net	55,625	61,380
Logistical Services [Member]
Property and equipment, net	$ 17,106	$ 16,972

Note 7 - Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Depreciation expense	$ 14,250	$ 13,737	$ 13,587
Cost of Sales [Member]
Depreciation expense	1,402	1,264	989
Selling, General and Administrative Expenses [Member]
Depreciation expense	12,848	12,473	12,598
Selling, General and Administrative Expenses [Member] \| Wholesale Segment [Member]
Depreciation expense	1,672	1,666	1,531
Selling, General and Administrative Expenses [Member] \| Retail Segment [Member]
Depreciation expense	7,479	7,060	7,080
Selling, General and Administrative Expenses [Member] \| Logistical Services [Member]
Depreciation expense	$ 3,697	$ 3,747	$ 3,987

Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017	Sep. 01, 2019
Goodwill, Impaired, Accumulated Impairment Loss	$ 1,926	$ 0	$ 0	$ 1,926
Amortization of Intangible Assets, Total	379	374	$ 322
Wholesale Segment [Member]
Amortization of Intangible Assets, Total	$ 57	$ 51

Note 8 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Aug. 31, 2019	Nov. 24, 2018
Intangibles subject to amortization, Gross Carrying Amount	$ 4,384		$ 4,384
Intangibles subject to amortization, Accumulated Amortization	(1,663)		(1,285)
Intangibles subject to amortization, Intangible Assets, Net	2,721	$ 2,721	3,099
Trade names	9,338		9,338
Goodwill	14,117		16,043
Total goodwill and other intangible assets	26,176		28,480
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,550		3,550
Intangibles subject to amortization, Accumulated Amortization	(1,088)		(829)
Intangibles subject to amortization, Intangible Assets, Net	2,462		2,721
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834		834
Intangibles subject to amortization, Accumulated Amortization	(575)		(456)
Intangibles subject to amortization, Intangible Assets, Net	$ 259		$ 378

Note 8 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Balance	$ 16,043	$ 11,900
Goodwill arising from Lane Venture acquisition (Note 3)		4,143
Goodwill impairment	(1,926)	0	$ 0
Balance	14,117	16,043	11,900
Wholesale Segment [Member]
Balance	9,188	5,045
Goodwill arising from Lane Venture acquisition (Note 3)		4,143
Goodwill impairment	0
Balance	9,188	9,188	5,045
Retail Segment [Member]
Balance	1,926	1,926
Goodwill arising from Lane Venture acquisition (Note 3)		0
Goodwill impairment	(1,926)
Balance	0	1,926	1,926
Logistical Services [Member]
Balance	4,929	4,929
Goodwill arising from Lane Venture acquisition (Note 3)		0
Goodwill impairment	0
Balance	$ 4,929	$ 4,929	$ 4,929

Note 8 - Goodwill and Other Intangible Assets - Useful Lives and Remaining Amortization Period of Goodwill and Other Intangible Assets (Details)	12 Months Ended
	Nov. 30, 2019
Customer Relationships [Member]
Useful life (Year)	14 years
Remaining Amortization Period (Year)	10 years
Technology-Based Intangible Assets [Member]
Useful life (Year)	7 years
Remaining Amortization Period (Year)	2 years

Note 8 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Aug. 31, 2019	Nov. 24, 2018
Fiscal 2020		$ 379
Fiscal 2021		379
Fiscal 2022		279
Fiscal 2023		259
Fiscal 2024		259
Thereafter		1,166
Total	$ 2,721	$ 2,721	$ 3,099

Note 9 - Unconsolidated Affiliated Companies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	May 02, 2011
International Market Centers, L.P. [Member]
Cost Method Investments			$ 1,000
Proceeds from Sale of Long-term Investments	$ 1,954
Cost-method Investments, Realized Gains	954
Minority Interest in Privately-held, Start-up Provider of Property and Casualty Insurance [Member]
Proceeds from Sale of Long-term Investments	3,592
Cost-method Investments, Realized Gains	$ 3,267
Cost Method Investments, Original Cost		$ 325

Note 10 - Notes Payable and Bank Credit Facility (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 7	$ 166	$ 322
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity	25,000
Letters of Credit Outstanding, Amount	2,673
Line of Credit Facility, Remaining Borrowing Capacity	22,327
Bank Two [Member]
Letters of Credit Outstanding, Amount	$ 325
Real Estate Notes Payable Operated in Retail Segment [Member]
Long-term Debt, Total		$ 292

Note 11 - Post-employment Benefit Obligations (Details Textual) $ in Thousands			12 Months Ended
	May 02, 2017 USD ($)	May 01, 2017	Nov. 30, 2019 USD ($)	Nov. 24, 2018 USD ($)	Nov. 25, 2017 USD ($)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax, Total			$ 1,661	$ 3,214
Postemployment Benefits Liability, Noncurrent			$ 11,830	13,173
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			25.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent			8.00%
Defined Contribution Plan, Cost			$ 1,157	1,128	$ 1,068
Unfunded Deferred Compensation Plan [Member]
Pension Cost (Reversal of Cost)			204	216	216
Postemployment Benefits Liability, Noncurrent			1,767	1,837
Management Savings Plan [member]
Defined Benefit Plan, Fixed Future Benefit Award	$ 2,000
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants	$ 400
Defined Benefit Plan, Benefit Obligation, Number of Annual Installments	10
Payment to Acquire Life Insurance Policy, Operating Activities			627	900	431
Current Net Death Benefit			14,998
Supplemental Employee Retirement Plan [Member]
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Base Salary		75.00%
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Discretionary, Annual Incentive or Other Bonus		100.00%
Deferred Compensation Arrangement with Individual, Deferred Compensation, Annual installment Payments, Maximum Number of Years		15 years
Deferred Compensation Arrangement with Individual, Deferred Compensation, Scheduled Distributions, Maximum Number of Years		5 years
Deferred Compensation Arrangement with Individual, Compensation Expense			196	102	$ 55
Current Net Death Benefit			$ 2,273
Percent Of Final Average Compensation Provided By Supplemental Retirement Income Plan			65.00%
Death Benefit Percent Of Final Average Annual Compensation For Period of 120 Months			50.00%
Death Benefit Payment Term			120 months
Death Benefit Percent Of Final Average Annual Compensation Single Payment			200.00%
Supplemental Employee Retirement Plan [Member] \| Non-current Portion of Post Employment Benefits Liability [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability			$ 894	$ 749

Note 11 - Post-employment Benefit Obligations - Plan Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Projected benefit obligation	$ 11,652	$ 12,322
Service cost	190	196	$ 146
Interest cost	441	418	423
Actuarial gains	(1,172)	(616)
Benefits paid	(1,021)	(668)
Projected benefit obligation	10,090	11,652	$ 12,322
Accumulated Benefit Obligation	$ 9,998	$ 11,559
Discount rate used to value the ending benefit obligations:	2.75%	4.00%
Current liabilities	$ 655	$ 798
Noncurrent liabilities	9,435	10,854
Total amounts recognized	10,090	11,652
Prior service cost	606	806
Actuarial loss	1,055	2,408
Net amount recognized	1,661	3,214
Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$ (541)	$ (2)

Note 11 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Service cost	$ 190	$ 196	$ 146
Interest cost	441	418	423
Amortization of transition obligation	0	42	42
Amortization of prior service cost	126	126	0
Amortization of other loss	183	262	323
Net periodic pension cost	$ 940	$ 1,044	$ 934
Discount rate	4.00%	3.50%	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. 30, 2019 USD ($)
Fiscal 2020	$ 655
Fiscal 2021	622
Fiscal 2022	821
Fiscal 2023	779
Fiscal 2024	734
Fiscal 2025 through 2029	$ 2,961

Note 11 - Post-employment Benefit Obligations - Amounts Expected to be Recognized in Next Fiscal Year (Details) $ in Thousands	Nov. 30, 2019 USD ($)
Prior service cost	$ 126
Other loss	7
Total expected to be amortized to net periodic pension cost in 2020	$ 133

Note 12 - Accumulated Other Comprehensive Loss - Activity in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 30, 2019

Nov. 24, 2018

Net pension amortization reclassified from accumulated other comprehensive loss

$ 190,309

$ 191,460

308

430

Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]

178,670

190,309

OCI, before Reclassifications, before Tax, Attributable to Parent

(2,338)

(2,570)

1,172

Tax effects

(378)

(269)

Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ASU 2018-02 [Member]

$ (1,236)

(2,338)

Reclassification of certain tax effects to retained earnings (1)

^[1]

(545)

Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]

OCI, before Reclassifications, before Tax, Attributable to Parent

$ 616

[1]

In 2018 we adopted ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Comprehensive Income. ASU 2018-02 addressed the impact of the remeasurement of deferred taxes on items in accumulated other comprehensive income due to the reduction in federal statutory rates arising from the Tax Cuts and Jobs Act of December 2017 by allowing the transfer of certain tax effects carried over from prior years to retained earnings as of the beginning of fiscal 2018.

Note 13 - Capital Stock and Stock Compensation (Details Textual) - USD ($)						12 Months Ended
	Oct. 09, 2019	Jul. 23, 2019	Mar. 06, 2019	Nov. 30, 2018	Mar. 01, 2017	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance				$ 8.02		$ 8.02	$ 8.02
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term				1 year 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value				$ 38,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance						0
Payment, Tax Withholding, Share-based Payment Arrangement						$ (0)	$ 674,000	$ 641,000
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount						22,000	$ 223,000	$ 554,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total						594,000
Share-based Payment Arrangement, Nonvested Award, Cost Expected to be Recognized Next Fiscal Year, Amount						$ 525,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition							2 years
Stock Issued During Period, Shares, Employee Stock Purchase Plans						23,460	14,967	6,275
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						18,153
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount						$ 0	$ 207,000	$ 366,000
Restricted Stock [Member] \| Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			9,653,000			6,036
Restricted Stock [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	3,500,000	5,000,000
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation							19,810	21,210
Payment, Tax Withholding, Share-based Payment Arrangement							$ 674,000	$ 641,000
The 2010 Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance						1,250,000
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent					85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant						205,298

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. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Selling, General and Administrative Expenses [Member]
Stock based compensation expense	$ 958	$ 1,133	$ 1,028

Note 13 - Capital Stock and Stock Compensation - Changes in Outstanding Options (Details)	12 Months Ended
	Nov. 30, 2019 $ / shares shares
Outstanding, Shares (in shares) \| shares	8,350
Outstanding, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 8.02
Exercised, Shares (in shares) \| shares	(3,100)
Exercised, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 8.02
Forfeited/Expired, Shares (in shares) \| shares	0
Forfeited/Expired, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 0
Outstanding, Shares (in shares) \| shares	5,250
Outstanding, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 8.02
Exercisable, Shares (in shares) \| shares	5,250
Exercisable, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 8.02

Note 13 - Capital Stock and Stock Compensation - Additional Information Regarding Activity in Stock Options (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Total intrinsic value of options exercised	$ 34	$ 75	$ 564
Total cash received from the exercise of options	25	27	310
Excess tax benefits recognized in income tax expense upon the exercise of options	22	223	554
Share-based Payment Arrangement, Option [Member]
Excess tax benefits recognized in income tax expense upon the exercise of options	$ 6	$ 16	$ 188

Note 13 - Capital Stock and Stock Compensation - Changes in Non-vested Options (Details)	12 Months Ended
	Nov. 30, 2019 $ / shares shares
Non-vested restricted shares outstanding at November 30, 2019 (in shares)	90,153
Restricted Stock [Member]
Non-vested restricted shares outstanding at November 24, 2018 (in shares)	81,036
Non-vested restricted shares outstanding at November 24, 2018 (in dollars per share) \| $ / shares	$ 32.03
Granted (in shares)	18,153
Granted (in dollars per share) \| $ / shares	$ 15.81
Vested (in shares)	(6,036)
Vested (in dollars per share) \| $ / shares	$ 33.07
Forfeited (in shares)	(3,000)
Forfeited (in dollars per share) \| $ / shares	$ 20.97
Non-vested restricted shares outstanding at November 30, 2019 (in shares)	90,153
Non-vested restricted shares outstanding at November 30, 2019 (in dollars per share) \| $ / shares	$ 32.03

Note 13 - Capital Stock and Stock Compensation - Restricted Stock Awards (Details) - $ / shares	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018
Restricted Shares Outstanding (in shares)	90,153
Restricted Stock [Member]
Restricted Shares Outstanding (in shares)	90,153	81,036
Granted (in dollars per share)	$ 15.81
Restricted Stock [Member] \| January 10, 2017 [Member]
Restricted Shares Outstanding (in shares)	36,000
Granted (in dollars per share)	$ 29.05
Remaining Restriction Period (Year)	1 month 6 days
Restricted Stock [Member] \| January 11, 2018 [Member]
Restricted Shares Outstanding (in shares)	36,000
Granted (in dollars per share)	$ 35.75
Remaining Restriction Period (Year)	1 year 1 month 6 days
Restricted Stock [Member] \| March 8, 2017 [Member]
Restricted Shares Outstanding (in shares)	9,653
Granted (in dollars per share)	$ 18.13
Remaining Restriction Period (Year)	3 months 18 days
Restricted Stock [Member] \| July 23, 2019 [Member]
Restricted Shares Outstanding (in shares)	5,000
Granted (in dollars per share)	$ 12.34
Remaining Restriction Period (Year)	2 years 7 months 6 days
Restricted Stock [Member] \| October 9, 2019 [Member]
Restricted Shares Outstanding (in shares)	3,500
Granted (in dollars per share)	$ 14.37
Remaining Restriction Period (Year)	2 years 10 months 24 days

Note 14 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
Note 14 - Income Taxes (Details Textual) - USD ($)	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	22.20%	35.00%
Tax Cuts and Jobs Act of 2017 Provisional Adjustment of Deferred Tax Asset Liability		$ 1,331,000
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount	$ 22,000	223,000	$ 554,000
Income Taxes Paid, Net, Total	$ 1,228,000	$ 1,431,000	$ 7,516,000
Open Tax Year	2016 2017 2018 2019
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	$ 4,095
State and Local Jurisdiction [Member] \| Earliest Tax Year [Member]
Operating Loss Carryforwards, Expiration Year	2021
State and Local Jurisdiction [Member] \| Latest Tax Year [Member]
Operating Loss Carryforwards, Expiration Year	2027

Note 14 - Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Federal	$ 2,150	$ (1,137)	$ 7,887
State	892	462	2,035
Federal	(2,191)	4,747	(200)
State	(663)	(84)	(102)
Total	$ 188	$ 3,988	$ 9,620

Note 14 - Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details)	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Statutory federal income tax rate	21.00%	22.20%	35.00%
Revaluation of deferred tax assets resulting from new enacted rates		10.90%
State income tax, net of federal benefit	(14.00%)	4.60%	3.90%
Impairment of non-deductible goodwill	(23.20%)
Excess tax benefits from stock-based compensation	0.30%	(1.50%)	(1.80%)
Other	5.10%	(3.50%)	(2.60%)
Effective income tax rate	(10.80%)	32.70%	34.50%

Note 14 - Income Taxes - Income Tax Effects of Temporary Differences and Carryforwards (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 24, 2018
Trade accounts receivable	$ 207	$ 192
Inventories	2,487	1,755
Notes receivable	44	109
Post employment benefit obligations	3,241	3,619
State net operating loss carryforwards	193	218
Unrealized loss from affiliates	81	15
Net deferred rents	3,753	3,199
Other	1,828	1,290
Gross deferred income tax assets	11,834	10,397
Valuation allowance	0	0
Total deferred income tax assets	11,834	10,397
Property and equipment	4,288	5,353
Intangible assets	1,114	1,060
Prepaid expenses and other	688	718
Total deferred income tax liabilities	6,090	7,131
Net deferred income tax assets	$ 5,744	$ 3,266

Note 15 - Other Gains and Losses (Details Textual) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Nov. 30, 2019	Feb. 23, 2019	Nov. 24, 2018	May 26, 2018	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Gain (Loss) on Disposition of Property Plant Equipment, Total					$ (515)	$ 234	$ 1,190
Proceeds from Sale of Property, Plant, and Equipment, Total					$ 1,643	2,689	4,474
Early Retirement Program, Benefits Payment Period					1 year
Early Retirement Program Expense		$ 835			$ 835	0	0
Gain (Loss) on Contract Termination					(149)	(301)	(0)
Legal Fees	$ 700				700	0	0
Leasehold Improvements [Member]
Asset Impairment Charges, Total	4,431		$ 469		4,431	469	0
Gain (Loss) on Contract Termination	(149)		$ 301		149	301
Other Current Liabilities [Member]
Liability, Other Retirement Benefits	$ 374				$ 374
Land and Building occupied by Spring, Texas Retail Store [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Total				$ 165		165
Proceeds from Sale of Property, Plant, and Equipment, Total						$ 2,463
Former Retail Store, Las Vegas, Nevada [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total							4,335
Former Retail Store, Las Vegas, Nevada [Member] \| Selling, General and Administrative Expenses [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Total							$ 1,220

Note 16 - Leases and Lease Guarantees (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Operating Leases, Rent Expense, Total	$ 41,809	$ 38,970	$ 34,372
Operating Lease, Lease and Rental Expense, Unamortized Balance	8,050	6,716
Operating Lease, Lease and Rental Expense, Unamortized Balance, Noncurrent	6,799	5,715
Real Estate Rental Income (Loss), Net of Expense	(156)	(23)	$ (48)
Loss Contingency, Estimate of Possible Loss	1,751	1,995
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,776	$ 2,021
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 16 - Leases and Lease Guarantees - Future Minimum Lease Payments under Non-cancelable Operating Leases (Details) $ in Thousands	Nov. 30, 2019 USD ($)
Fiscal 2020	$ 37,031
Fiscal 2021	32,478
Fiscal 2022	27,929
Fiscal 2023	22,913
Fiscal 2024	16,835
Thereafter	47,518
Total future minimum lease payments	184,704
Retail Stores [Member]
Fiscal 2020	24,524
Fiscal 2021	22,596
Fiscal 2022	20,067
Fiscal 2023	18,243
Fiscal 2024	14,385
Thereafter	46,759
Total future minimum lease payments	146,574
Distribution Centers [Member]
Fiscal 2020	5,745
Fiscal 2021	5,012
Fiscal 2022	4,742
Fiscal 2023	3,302
Fiscal 2024	1,396
Thereafter	368
Total future minimum lease payments	20,565
Transportation Equipment Leases [Member]
Fiscal 2020	4,938
Fiscal 2021	3,761
Fiscal 2022	2,618
Fiscal 2023	1,311
Fiscal 2024	1,049
Thereafter	391
Total future minimum lease payments	14,068
All Other Lease Payment [Member]
Fiscal 2020	1,824
Fiscal 2021	1,109
Fiscal 2022	502
Fiscal 2023	57
Fiscal 2024	5
Thereafter	0
Total future minimum lease payments	$ 3,497

Note 16 - Leases and Lease Guarantees - Minimum Future Rental Income (Details) $ in Thousands	Nov. 30, 2019 USD ($)
Fiscal 2020	$ 1,533
Fiscal 2021	948
Fiscal 2022	602
Fiscal 2023	285
Fiscal 2024	180
Thereafter	120
Total minimum future rental income	$ 3,668

Note 18 - 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. 30, 2019

^[1]

Aug. 31, 2019

Jun. 01, 2019

Mar. 02, 2019

^[2]

Nov. 24, 2018

^[3]

Aug. 25, 2018

May 26, 2018

^[4]

Feb. 24, 2018

^[5]

Nov. 30, 2019

Nov. 24, 2018

Nov. 25, 2017

Net income (loss)

$ (5,138)

$ 2,157

$ 445

$ 608

$ 1,897

$ 2,945

$ 4,289

$ (913)

$ (1,928)

$ 8,218

$ 18,256

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

10,285,511

10,651,351

10,649,225

Effect of dilutive securities (in shares)

40,424

82,850

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

10,285,511

10,691,775

10,732,075

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

$ (0.50)

$ 0.21

$ 0.04

$ 0.06

$ 0.18

$ 0.28

$ 0.40

$ (0.09)

$ (0.19)

$ 0.77

$ 1.71

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

$ (0.50)

$ 0.21

$ 0.04

$ 0.06

$ 0.18

$ 0.28

$ 0.40

$ (0.09)

$ (0.19)

$ 0.77

$ 1.70

[1]	Loss from operations includes a charge for the impairment of goodwill of $1,926 (see Note 8) and charges of $4,431, $700 and $149 for impairment of long-lived assets, litigation costs and lease termination costs, respectively (see Note 15).
[2]	Income from operations includes a charge of $835 charge arising from certain eligible employees’ acceptance of voluntary early retirement package (see Note 15).
[3]	Income from operations includes a $469 asset impairment charge related to our Torrance, California retail store and a $301 charge for lease exit costs related to the closing of a store in San Antonio, Texas (see Note 15). Net income includes a $704 tax benefit arising from the final adjustment to our interim estimates of the impact of reduced federal income tax rates on the valuation of our deferred tax assets (see Note 14).
[4]	Income from operations includes a gain of $165 from the sale of our Spring, Texas retail store (see Note 15). Net income includes a benefit of $155 in income tax expense arising from additional adjustments to the remeasurement of our deferred tax assets resulting from the Act (see Note 14).
[5]	Net loss includes a $2,157 charge to income tax expense arising from the remeasurement of our deferred tax assets due to the reduction in the Federal statutory income tax rate included in the Tax Cuts and Jobs Act (see Note 14).

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
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+ Details

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Note 18 - Earnings Per Share - Antidilutive Securities (Details) - shares	12 Months Ended
	Nov. 30, 2019	Nov. 24, 2018	Nov. 25, 2017
Restricted Stock [Member]
Antidilutive securities (in shares)	90,153	45,036	0
Share-based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	5,250	0	0

Note 19 - Segment Information (Details Textual) $ in Thousands	12 Months Ended
	Nov. 30, 2019 USD ($)	Nov. 24, 2018 USD ($)	Nov. 25, 2017 USD ($)
Number of Reportable Segments	3
SGA Expenses Excluding New Store Pre-opening Costs	$ 264,280	$ 260,339	$ 245,493
Zenith Freight Lines [Member]
SGA Expenses Excluding New Store Pre-opening Costs	$ 78,220	$ 81,468	$ 80,068

Note 19 - Segment Information - Segment Information by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Nov. 30, 2019

Aug. 31, 2019

Jun. 01, 2019

Mar. 02, 2019

^[2]

Feb. 23, 2019

Nov. 24, 2018

Aug. 25, 2018

May 26, 2018

^[4]

Feb. 24, 2018

^[5]

Nov. 30, 2019

Nov. 24, 2018

Nov. 25, 2017

$ 113,637

^[1]

$ 109,419

$ 108,190

$ 120,841

$ 116,647

^[3]

$ 112,956

$ 116,980

$ 110,272

$ 452,087

$ 456,855

$ 452,503

(5,645)

^[1]

$ 3,400

$ 701

$ 949

2,047

^[3]

$ 4,324

$ 5,663

$ 2,050

(595)

14,084

27,018

Asset impairment charges

(4,431)

(469)

(1,926)

Early retirement program

$ (835)

(835)

Litigation expense

$ (700)

(700)

Lease exit costs

(149)

(301)

(0)

13,500

13,203

13,312

17,750

18,301

15,500

Wholesale Segment [Member]

275,766

291,641

275,766

291,641

293,748

261,105

255,958

249,193

Retail Segment [Member]

Logistical Services [Member]

(1,926)

Operating Segments [Member] | Wholesale Segment [Member]

261,105

255,958

249,193

11,456

12,274

19,121

3,178

3,038

2,648

5,650

4,194

4,875

Operating Segments [Member] | Retail Segment [Member]

144,392

144,209

144,392

144,209

152,181

Operating Segments [Member] | Logistical Services [Member]

268,693

268,883

268,264

80,074

82,866

83,030

1,855

1,398

2,962

4,019

4,069

4,309

3,627

1,338

2,517

Operating Segments [Member] | Company-owned Retail Stores [Member]

39,377

51,191

39,377

51,191

51,381

(7,009)

(312)

3,490

6,303

6,096

6,355

8,473

12,769

8,108

Intersegment Eliminations [Member]

$ 91,997

$ 96,241

91,997

96,241

90,186

Intersegment Eliminations [Member] | Logistical Services [Member]

1,144

1,494

1,445

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

(31,852)

(28,480)

(28,624)

$ (125,933)

$ (122,372)

$ (119,360)

[1]	Loss from operations includes a charge for the impairment of goodwill of $1,926 (see Note 8) and charges of $4,431, $700 and $149 for impairment of long-lived assets, litigation costs and lease termination costs, respectively (see Note 15).
[2]	Income from operations includes a charge of $835 charge arising from certain eligible employees’ acceptance of voluntary early retirement package (see Note 15).
[3]	Income from operations includes a $469 asset impairment charge related to our Torrance, California retail store and a $301 charge for lease exit costs related to the closing of a store in San Antonio, Texas (see Note 15). Net income includes a $704 tax benefit arising from the final adjustment to our interim estimates of the impact of reduced federal income tax rates on the valuation of our deferred tax assets (see Note 14).
[4]	Income from operations includes a gain of $165 from the sale of our Spring, Texas retail store (see Note 15). Net income includes a benefit of $155 in income tax expense arising from additional adjustments to the remeasurement of our deferred tax assets resulting from the Act (see Note 14).
[5]	Net loss includes a $2,157 charge to income tax expense arising from the remeasurement of our deferred tax assets due to the reduction in the Federal statutory income tax rate included in the Tax Cuts and Jobs Act (see Note 14).

Note 19 - Segment Information - Wholesale Shipments by Type (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Nov. 30, 2019

^[1]

Aug. 31, 2019

Jun. 01, 2019

Mar. 02, 2019

^[2]

Nov. 24, 2018

^[3]

Aug. 25, 2018

May 26, 2018

^[4]

Feb. 24, 2018

^[5]

Nov. 30, 2019

Nov. 24, 2018

Nov. 25, 2017

Wholesale Segment [Member]

$ 113,637

$ 109,419

$ 108,190

$ 120,841

$ 116,647

$ 112,956

$ 116,980

$ 110,272

$ 452,087

$ 456,855

$ 452,503

$ 261,105

$ 255,958

$ 249,193

Wholesale Segment [Member] | Upholstery [Member]

100.00%

$ 152,415

$ 141,321

$ 136,366

Wholesale Segment [Member] | Bassett Leather [Member]

58.40%

55.20%

54.70%

$ 19,220

$ 21,589

$ 22,528

Wholesale Segment [Member] | Bassett Custom Wood [Member]

7.40%

8.40%

9.00%

$ 46,082

$ 46,074

$ 43,793

Wholesale Segment [Member] | Bassett Casegoods [Member]

17.60%

18.00%

17.60%

$ 40,920

$ 42,875

$ 42,874

Wholesale Segment [Member] | Accessories [Member]

15.70%

16.80%

17.20%

^[6]

$ 2,468

$ 4,099

$ 3,632