0001437749-20-020562 | 10-Q | XBRL Viewer | Bassett Furniture Industries INC

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Aug. 29, 2020	Sep. 25, 2020
Document Information [Line Items]
Entity Central Index Key	0000010329
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--11-28
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 29, 2020
Document Transition Report	false
Entity File Number	000-00209
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-0135270
Entity Address, Address Line One	3525 Fairystone Park Highway
Entity Address, City or Town	Bassett
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24055
City Area Code	276
Local Phone Number	629-6000
Title of 12(b) Security	Common Stock ($5.00 par value)
Trading Symbol	BSET
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,976,513

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019
Sales revenue:
Sales revenues	$ 91,559	$ 109,419	$ 267,480	$ 338,450
Cost of furniture and accessories sold	38,418	42,246	113,140	133,953
Selling, general and administrative expenses excluding new store pre-opening costs	50,394	63,519	165,407	197,495
New store pre-opening costs	0	254	0	1,117
Asset impairment charges	0	0	12,184	0
Goodwill impairment charge	0	0	1,971	0
Litigation expense	0	0	1,050	0
Early retirement program	0	0	0	835
Income (loss) from operations	2,747	3,400	(26,272)	5,050
Other income (loss), net	697	(298)	(430)	(566)
Income (loss) before income taxes	3,444	3,102	(26,702)	4,484
Income tax expense (benefit)	1,266	945	(9,738)	1,274
Net income (loss)	$ 2,178	$ 2,157	$ (16,964)	$ 3,210
Basic earnings (loss) per share (in dollars per share)	$ 0.22	$ 0.21	$ (1.70)	$ 0.31
Diluted earnings (loss) per share (in dollars per share)	0.22	0.21	(1.70)	0.31
Dividends per share (in dollars per share)	$ 0.08	$ 0.125	$ 0.33	$ 0.375
Furniture and Accessories [Member]
Sales revenue:
Sales revenues	$ 80,341	$ 98,369	$ 232,283	$ 301,550
Logistical Services [Member]
Sales revenue:
Sales revenues	$ 11,218	$ 11,050	$ 35,197	$ 36,900

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019
Net income (loss)	$ 2,178	$ 2,157	$ (16,964)	$ 3,210
Other comprehensive income:
Long Term Cash Awards (LTCA)	31	31	94	93
Other comprehensive income, net of tax	25	58	74	172
Total comprehensive income (loss)	2,203	2,215	(16,890)	3,382
Pension Plan [Member]
Other comprehensive income:
Income taxes related to LTCA	(8)	(8)	(24)	(24)
Supplemental Employee Retirement Plan [Member]
Other comprehensive income:
Long Term Cash Awards (LTCA)	2	47	5	139
Income taxes related to LTCA	$ 0	$ (12)	$ (1)	$ (36)

- Definition

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

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+ Details

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Aug. 29, 2020	Nov. 30, 2019
Current assets
Cash and cash equivalents	$ 31,029	$ 19,687
Short-term investments	17,661	17,436
Accounts receivable, net	19,099	21,378
Inventories	58,601	66,302
Recoverable income taxes	10,048	329
Other current assets	9,480	11,654
Total current assets	145,918	136,786
Property and equipment, net	89,031	101,724
Deferred income taxes	7,729	5,744
Goodwill and other intangible assets	23,921	26,176
Right of use assets under operating leases	120,889	0
Other	6,828	5,336
Total long-term assets	159,367	37,256
Total assets	394,316	275,766
Current liabilities
Accounts payable	19,215	23,677
Accrued compensation and benefits	14,463	11,308
Customer deposits	35,721	25,341
Current portion operating lease obligations	28,211	0
Other current liabilites and accrued expenses	12,874	11,945
Total current liabilities	110,484	72,271
Long-term liabilities
Post employment benefit obligations	12,023	11,830
Long-term portion of operating lease obligations	117,009	0
Other long-term liabilities	1,336	12,995
Total long-term liabilities	130,368	24,825
Stockholders’ equity
Common stock	49,883	50,581
Retained earnings	104,743	129,130
Additional paid-in capital	0	195
Accumulated other comprehensive loss	(1,162)	(1,236)
Total stockholders' equity	153,464	178,670
Total liabilities and stockholders’ equity	$ 394,316	$ 275,766

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019
Operating activities:
Net income (loss)	$ (16,964)	$ 3,210
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	10,249	10,092
Gain on lease modification	(152)	0
(Gain) loss on sale of property and equipment	39	(98)
Asset impairment charges	12,184	0
Goodwill impairment charge	1,971	0
Inventory valuation charges	3,814	1,753
Additions charged to expense	727	(5)
Deferred income taxes	(708)	22
Other, net	149	161
Changes in operating assets and liabilities:
Accounts receivable	1,552	(1,755)
Inventories	3,887	(3,858)
Other current assets	(8,898)	(1,986)
Right of use assets under operating leases	24,338	0
Customer deposits	10,380	(4,673)
Accounts payable and other liabilities	1,379	(4,922)
Obligations under operating leases	(26,464)	0
Net cash provided by (used in) operating activities	17,483	(2,059)
Investing activities:
Purchases of property and equipment	(2,214)	(10,651)
Proceeds from sales of property and equipment	2,345	119
Purchases of investments	(241)	0
Proceeds from maturities of investments	16	5,000
Other	(1,107)	(506)
Net cash used in investing activities	(1,201)	(6,038)
Financing activities:
Cash dividends	(3,306)	(3,867)
Proceeds from the exercise of stock options	0	25
Other issuance of common stock	217	246
Repurchases of common stock	(1,542)	(6,845)
Taxes paid related to net share settlement of equity awards	(214)	0
Repayments of finance lease obligations	(95)	0
Repayments of notes payable	0	(292)
Net cash used in financing activities	(4,940)	(10,733)
Change in cash and cash equivalents	11,342	(18,830)
Cash and cash equivalents - beginning of period	19,687	33,468
Cash and cash equivalents - end of period	$ 31,029	$ 14,638

Note 1 - Basis of Presentation

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

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

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.

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

The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, or the “Company”) and our wholly-owned subsidiaries of which we have a controlling interest. In accordance with ASC Topic 810, we have evaluated our licensees and certain other entities to determine whether they are variable interest entities (“VIEs”) of which we are the primary beneficiary and thus would require consolidation in our financial statements. To date we have concluded that none of our licensees nor any other of our counterparties represent VIEs.

Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of operations net of estimates for returns and allowances.

Revenues from logistical services are generated by our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”). Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated in consolidation, and Zenith’s operating costs and expenses are included in selling, general and administrative expenses in our condensed consolidated statements of operations.

Our fiscal year, which ends on the last Saturday of November, periodically results in a 53-week year instead of the normal 52 weeks. The prior fiscal year ending November 30, 2019 was a 53-week year, with the additional week being included in the first fiscal quarter of 2019. Accordingly, the information presented below includes 39 weeks of operations for the nine months ended August 29, 2020 as compared with 40 weeks included in the nine months ended August 31, 2019.

Recently Adopted Accounting Pronouncements

Effective as of the beginning of fiscal 2020, we have adopted 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. We have adopted this standard using the modified retrospective approach. Refer to Note 11, Leases, for more information regarding our leases and the adoption of the new standard.

Impact of the COVID-19 Pandemic Upon our Financial Condition and Results of Operations

On March 11, 2020, the World Health Organization declared the current coronavirus (“COVID-19”) outbreak to be a global pandemic. In response to this declaration and the rapid spread of COVID-19 within the United States, federal, state and local governments throughout the country imposed varying degrees of restrictions on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. These measures have had a significant adverse impact upon many sectors of the economy, including non-essential retail commerce.

In response to these measures and for the protection of our employees and customers, we temporarily closed our dedicated stores, our manufacturing locations and many of our warehouses for several weeks primarily during the second fiscal quarter of 2020. This extended period of suspended operations has had a material adverse impact upon our results of operations for the nine months ended August 29, 2020. In addition to operating losses resulting from severely reduced sales volumes, our loss for the nine months ended August 29, 2020 also included charges for goodwill impairment (Note 6) as well as for the impairment of certain other long-lived assets (Note 9) taken during the second quarter of 2020. However, since restarting our manufacturing operations and reopening stores, we have seen a significant improvement in business conditions which has allowed us to return to overall profitability for the third fiscal quarter of 2020 and to generate positive cash flow during the period. All retail stores that were temporarily closed during the second quarter had reopened by mid- June, and written orders taken at both the retail and wholesale segments exceeded levels from the third fiscal quarter of 2019. The improvement in operating cash flow allowed us to restore the temporary salary and wage reductions which had been enacted during the second quarter, resume the payment of quarterly dividends, including the payment of the dividend declared and subsequently suspended during the second quarter, and to resume share repurchases under our share repurchase program. Tempering these improvements are the continuing logistical challenges faced by the entire home furnishings industry resulting from COVID-related labor shortages and supply chain disruptions creating significant delays in order fulfillment and increasing backlogs.

Whereas most state and local governments have eased restrictions on commercial retail activity, it is possible that a resurgence in COVID-19 cases could prompt a return to tighter restrictions in certain areas of the country. Furthermore, while the home furnishings industry has fared much better during the pandemic than certain other sectors of the economy, continued economic weakness may eventually have an adverse impact upon our business, and order cancellations could result if the present delays in order fulfillment continue for an extended period of time. Therefore, significant uncertainty remains regarding the ongoing impact of the COVID-19 outbreak upon our financial condition and future results of operations, as well as upon the significant estimates and assumptions we utilize in reporting certain assets and liabilities.

Note 2 - Interim Financial Presentation

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Condensed Financial Statements [Text Block]

2. Interim Financial Presentation

All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three and nine months ended August 29, 2020 are not necessarily indicative of results for the full fiscal year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended November 30, 2019.

Income Taxes

We calculate an anticipated effective tax rate for the year based on our annual estimates of pretax income and use that effective tax rate to record our year-to-date income tax provision. Any change in annual projections of pretax income could have a significant impact on our effective tax rate for the respective quarter.

On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. A major provision of the CARES Act allows net operating losses from the 2018, 2019 and 2020 tax years to be carried back up to five years. As a result, our effective tax rates for the three and nine months ended August 29, 2020 were 36.8% and (36.5%), respectively, which differ from the federal statutory rate of 21% primarily due to the effects of carrying back our current net operating loss to tax years in which the federal statutory rate was 35%, and to the effects of state income taxes and various permanent differences, including those related to the non-taxability of Company-owned life insurance. Our effective tax rates for the three and nine months ended August 31, 2019 were 30.5% and 28.4%, respectively, and differ from the federal statutory rate of 21% primarily due to the effects of state income taxes and various permanent differences, including those related to the non-taxability of Company-owned life insurance.

Note 3 - Financial Instruments and Fair Value Measurements

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Fair Value Disclosures [Text Block]

3. Financial Instruments and Fair Value Measurements

Financial Instruments

Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit (CDs), accounts receivable, and accounts payable. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in CDs, accounts receivable, and accounts payable approximate fair value.

Investments

Our short-term investments of $17,661 at August 29, 2020 and $17,436 at November 30, 2019 consisted of CDs. At August 29, 2020, the CDs had original terms averaging eight months, bearing interest at rates ranging from 0.10% to 2.00%. At August 29, 2020, the weighted average remaining time to maturity of the CDs was approximately five months and the weighted average yield of the CDs was approximately 0.31%. Each CD is placed with a federally insured financial institution and all deposits are within federal deposit insurance limits. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at August 29, 2020 and November 30, 2019 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. Our primary non-recurring fair value estimates typically involve business acquisitions or the impairment of long-lived assets (see Note 6 regarding the impairment of goodwill, Note 9 regarding the impairment of certain long-lived assets and Note 11 regarding the impairment of lease right-of-use assets upon adoption of ASC Topic 842) which involve a combination of Level 2 and Level 3 inputs.

- Definition

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 4 - Accounts Receivable

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

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

4. Accounts Receivable

Accounts receivable consists of the following:

	August 29, 2020			November 30, 2019
Gross accounts receivable	$	20,502		$	22,193
Allowance for doubtful accounts		(1,403	)		(815	)
Accounts receivable, net	$	19,099		$	21,378

Activity in the allowance for doubtful accounts for the nine months ended August 29, 2020 was as follows:

Balance at November 30, 2019	$	815
Additions charged to expense		727
Write-offs against allowance		(139	)
Balance at August 29, 2020	$	1,403

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 3.

Note 5 - Inventories

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

5. Inventories

Domestic furniture inventories are valued at the lower of cost, which is determined using the last-in, first-out (LIFO) method, or market. Imported inventories and those applicable to our Lane Venture and Bassett Outdoor lines are valued at the lower of cost, which is determined using the first-in, first-out (FIFO) method, or net realizable value.

Inventories were comprised of the following:

	August 29, 2020			November 30, 2019
Wholesale finished goods	$	25,493		$	27,792
Work in process		531			733
Raw materials and supplies		14,255			17,293
Retail merchandise		31,774			31,534
Total inventories on first-in, first-out method		72,053			77,352
LIFO adjustment		(8,896	)		(8,688	)
Reserve for excess and obsolete inventory		(4,556	)		(2,362	)

Total Inventories	$	58,601		$	66,302

We estimate an inventory reserve for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand, market conditions and the respective valuations at LIFO. The need for these reserves is primarily driven by the normal product life cycle. As products mature and sales volumes decline, we rationalize our product offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. In determining reserves, we calculate separate reserves on our wholesale and retail inventories. Our wholesale inventories tend to carry the majority of the reserves for excess quantities and obsolete inventory due to the nature of our distribution model. These wholesale reserves primarily represent design and/or style obsolescence. Typically, product is not shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do not typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is not associated with a specific customer order in our retail warehouses.

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

	Wholesale Segment			Retail Segment			Total

Balance at November 30, 2019	$	2,054		$	308		$	2,362
Additions charged to expense		3,280			534			3,814
Write-offs		(1,491	)		(129	)		(1,620	)
Balance at August 29, 2020	$	3,843		$	713		$	4,556

Our estimates and assumptions have been reasonably accurate in the past. We have not made any significant changes to our methodology for determining inventory reserves in 2020 and do not anticipate that our methodology is likely to change in the future.

Note 6 - Goodwill and Other Intangible Assets

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

6. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	August 29, 2020
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(1,282	)	$	2,268
Technology - customized applications		834		(665	)		169

Total intangible assets subject to amortization	$	4,384	$	(1,947	)		2,437

Intangibles not subject to amortization:
Trade names							9,338
Goodwill							12,146

Total goodwill and other intangible assets						$	23,921

	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

We normally test the carrying amount of our goodwill on an annual basis as of the beginning of our fourth quarter, the most recent annual test having been performed as of September 1, 2019 which resulted in the full impairment of the goodwill previously allocated to our retail reporting unit. Due to the impact of the COVID-19 pandemic, we performed an interim impairment assessment of our remaining goodwill as of May 30, 2020. In accordance with ASC Topic 350, Intangibles – Goodwill & Other (“ASC Topic 350”), we first assessed qualitative factors to determine whether it was more likely than not that the fair value of our reporting units was less than their carrying amounts as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test described in ASC Topic 350. The more likely than not threshold is defined as having a likelihood of more than 50 percent. Based on our qualitative assessment as described above, we concluded that it was necessary to perform the quantitative evaluation for the wood reporting unit in the second fiscal quarter. As a result of this test, we concluded that the carrying value of our wood 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 $1,971 for the nine months ended August 29, 2020. The determination of the fair value of our wood reporting unit was primarily based on an income approach that utilized discounted cash flows for the 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 3). Under the income approach, we determined fair value based on the present value of the most recent cash flow projections for the reporting unit as of the date of the analysis and calculated a terminal value utilizing a terminal growth rate. The significant assumptions under this approach included, 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 were 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 as well as our estimate of the period of time required to recover from the impact of the COVID-19 pandemic. Our estimates are subject to change given the inherent uncertainty in predicting future results, including uncertainties surrounding the continuing impact of COVID-19 upon consumer spending and our ability to keep our retail store locations open to the public. 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.

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

	Wholesale			Retail		Logistics		Total

Balance as of November 30, 2019	$	9,188		$	-	$	4,929	$	14,117
Goodwill impairment		(1,971	)		-		-		(1,971	)

Balance as of August 29, 2020	$	7,217		$	-	$	4,929	$	12,146

The carrying amounts of our goodwill at August 29, 2020 and November 30, 2019 included the following accumulated impairment losses:

	Wholesale		Retail		Logistics		Total

Balance as of November 30, 2019	$	-	$	1,926	$	-	$	1,926

Balance as of August 29, 2020	$	1,971	$	1,926	$	-	$	3,897

Amortization expense associated with intangible assets during the three and nine months ended August 29, 2020 and August 31, 2019 was as follows:

	Quarter Ended				Nine Months Ended
	August 29, 2020		August 31, 2019		August 29, 2020		August 31, 2019

Intangible asset amortization expense	$	95	$	95	$	284	$	284

Estimated future amortization expense for intangible assets that exist at August 29, 2020 is as follows:

Remainder of fiscal 2020	$	95
Fiscal 2021		379
Fiscal 2022		279
Fiscal 2023		259
Fiscal 2024		259
Fiscal 2025		259
Thereafter		907

Total	$	2,437

Note 7 - Bank Credit Facility

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

7. Bank Credit Facility

Bank Credit Facility

Our bank credit facility, which was amended effective June 15, 2020, provides for a line of credit of up to $50,000. At August 29, 2020, we had $2,181 outstanding under standby letters of credit against our line, leaving availability under our credit line of $47,819. In addition, we have outstanding standby letters of credit with another bank totaling $325. Under the terms of our credit facility, the maximum amount available under our credit line will remain at $50,000 through December 31, 2020, after which date the maximum availability will be reduced to $25,000. The line bears interest at the rate of LIBOR plus 1.9%, with a fee of 0.25% charged for the unused portion of the line and is secured by a general lien on our accounts receivable and inventory. In addition, all covenants based on financial ratios have been waived for the remainder of fiscal 2020. The credit facility matures on January 31, 2022.

Note 8 - Post Employment Benefit Obligations

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Postemployment Benefits Disclosure [Text Block]

8. Post Employment Benefit Obligations

Defined Benefit Plans

We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. The liability for the Supplemental Plan was $8,706 and $8,779 as of August 29, 2020 and November 30, 2019, respectively.

We also have the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Management Savings Plan”) which was established in the second quarter of fiscal 2017. The Management Savings Plan is an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees. As part of the Management Savings Plan, we have made Long Term Cash Awards (“LTC Awards”) totaling $2,000 to certain management employees in the amount of $400 each. The liability for the LTC Awards was $1,393 and $1,311 as of August 29, 2020 and November 30, 2019, respectively.

The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets:

	August 29, 2020		November 30, 2019
Accrued compensation and benefits	$	655	$	655
Post employment benefit obligations		9,444		9,435

Total pension liability	$	10,099	$	10,090

Components of net periodic pension costs for our defined benefit plans for the three and nine months ended August 29, 2020 and August 31, 2019 are as follows:

	Quarter Ended				Nine Months Ended
	August 29, 2020		August 31, 2019		August 29, 2020		August 31, 2019
Service cost	$	43	$	47	$	130	$	141
Interest cost		67		110		201		331
Amortization of prior service costs		31		31		94		94
Amortization of loss		2		46		6		138

Net periodic pension cost	$	143	$	234	$	431	$	704

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

Deferred Compensation Plans

We have an unfunded deferred compensation plan that covers one current executive and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or deferrals permitted. Our liability under this plan was $1,720 and $1,767 as of August 29, 2020 and November 30, 2019, respectively.

We also have an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees which was established under the Management Savings Plan. Our liability under this plan, including both accrued Company contributions and participant salary deferrals, was $1,124 and $894 as of August 29, 2020 and November 30, 2019, respectively.

Our combined liability for all deferred compensation arrangements, including Company contributions and participant deferrals under the Management Savings Plan, is recorded as follows in the condensed consolidated balance sheets:

	August 29, 2020		November 30, 2019
Accrued compensation and benefits	$	266	$	266
Post employment benefit obligations		2,578		2,395

Total deferred compensation liability	$	2,844	$	2,661

We recognized expense under our deferred compensation arrangements during the three and nine months ended August 29, 2020 and August 31, 2019 as follows:

Quarter Ended

Nine Months Ended

August 29,

2020

August 31,

2019

August 29,

2020

August 31,

2019

Deferred compensation expense

190

483

267

Note 9 - Other Gains and Losses

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Other Gains and Losses [Text Block]

9. Other Gains & Losses

Fiscal 2020

Asset Impairment Charges

During the nine months ended August 29, 2020 we recorded $11,114 of non-cash impairment charges on the assets of five underperforming retail stores, including $6,239 for the impairment of operating lease right-of-use assets associated with the leased locations. Our estimates of the fair value of the impaired right-of-use assets included estimates of discounted cash flows based upon current market rents and other inputs which we consider to be Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurement and Disclosure (see Note 3).

During the nine months ended August 29, 2020 we incurred $1,070 of non-cash impairment charges in our wholesale segment, primarily due to the closing of our custom upholstery manufacturing facility in Grand Prairie, Texas, in May.

Litigation Expense

During the nine months ended August 29, 2020 we accrued an additional $1,050 for the estimated costs to resolve certain wage and hour violation claims that have been asserted against the Company and have received class action designation, bringing our total recorded reserve for these claims to $1,750 at August 29, 2020, which is included in other current liabilities and accrued expenses in our accompanying balance sheet. 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.

Gains from Company-Owned Life Insurance

Other income (loss), net for the three and nine months ended August 29, 2020 includes a gain of $914 from the recognition of a death benefit from Company-owned life insurance. Other loss, net for the nine months ended August 31, 2019 included a gain of $629 arising from death benefits from Company-owned life insurance.

Fiscal 2019

Early Retirement Program

During the first quarter of fiscal 2019, we offered a voluntary early retirement package to certain eligible employees of the Company. 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 nine months ended August 31, 2019. The unpaid balance of the obligation at August 29, 2020 and November 30, 2019 of $9 and $374, respectively, is included in other current liabilities and accrued expenses in our condensed consolidated balance sheets.

Note 10 - Commitments and Contingencies

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

10. Commitments and Contingencies

We are involved in various legal and environmental matters, which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, we believe that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations. See Note 9 regarding litigation arising from certain wage and hour violations which have been asserted against the Company.

Note 11 - Leases

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

11. Leases

During the first quarter of fiscal 2020, we adopted ASU 2016-02, Leases (Topic 842) and all related amendments. The guidance requires lessees to recognize substantially all leases on their balance sheet as a right-of-use (“ROU”) asset and a lease liability.

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 used in our retail segment. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Our real estate lease terms range from one to 15 years and generally have renewal options of between five and 15 years. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet this criteria are included in the lease term at lease commencement.

Most of our leases do not have an interest rate implicit in the lease. As a result, for purposes of measuring our ROU asset and lease liability, we determine our incremental borrowing rate by applying a spread above the U.S. Treasury borrowing rates. In the case an interest rate is implicit in a lease we will use that rate as the discount rate for that lease. Some of our leases contain variable rent payments based on a Consumer Price Index or percentage of sales. Due to the variable nature of these costs, they are not included in the measurement of the ROU asset and lease liability.

We adopted the standard utilizing the transition election to not restate comparative periods for the impact of adopting the standard and recognizing the cumulative impact of adoption in the opening balance of retained earnings. We elected the package of transition expedients available for expired or existing contracts, which allowed the carry-forward of historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. In addition, we have elected the practical expedient to not separate lease and non-lease components when determining the ROU asset and lease liability and have elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements. We have also elected the hindsight practical expedient to determine the lease term for existing leases. In our application of hindsight, we evaluated the performance of the leased stores and the associated markets in relation to our overall real estate strategies, which resulted in the determination that most renewal options would not be reasonably certain in determining the expected lease term. We have made an accounting policy election to not recognize ROU assets and lease liabilities on the balance sheet for those leases with initial terms of one year or less and instead such lease obligations will be expensed on a straight-line basis over the lease term.

Adoption of the standard resulted in the recording of additional net lease-related assets and lease-related liabilities of $146,585 and $151,672, respectively, as of December 1, 2019. The difference between the additional lease assets and lease liabilities, net of the $1,302 deferred tax impact, was $3,785 and was recorded as an adjustment to retained earnings. This adjustment to retained earnings primarily represents the impairment of right-of-use assets associated with certain underperforming retail locations. Our estimates of the fair value of the impaired ROU assets included estimates of discounted cash flows based upon current market rents and other inputs which we consider to be Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurement and Disclosure (see Note 3). Our adoption of this standard did not have a material impact on our consolidated statements of operations, comprehensive income or cash flows.

We have negotiated with a number of our landlords to obtain relief in the form of rent deferrals or abatements of rent currently past due as a result of the effects of COVID-19 on our business. At August 29, 2020, the unpaid rent was $2,769 which primarily represents rent deferred to fiscal 2021 and is included in other current liabilities and accrued expenses in our accompanying condensed consolidated balance sheet. In accordance with FASB Staff Q&A - Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic ("FASB Staff Q&A") issued in April 2020, we have elected to account for any lease concessions resulting directly from COVID-19 as if the enforceable rights and obligations for the concessions existed in the respective contracts at lease inception and as such we will not account for any concession as a lease modification. Guidance from the FASB Staff Q&A provided methods to account for rent deferrals which include the option to treat the lease as if no changes to the lease contract were made or to treat deferred payments as variable lease payments. The FASB Staff Q&A allows entities to select the most practical approach and does not require the same approach be applied consistently to all leases. As a result, we expect to account for the deferrals as if no changes to the lease contract were made and will continue to recognize lease expense, on a straight-line basis, during the deferral period. For any abatements received, we will account for those as variable rent in the period in which the abatement is granted. For the three and nine months ended August 29, 2020, we were granted abatements against rent totaling $657.

Supplemental balance sheet information related to leases as of August 29, 2020 is as follows:

Operating leases:
Right of use assets	$	120,889
Lease liabilties, short-term		28,211
Lease liabilties, long-term		117,009

Finance leases:
Right of use assets (1)	$	1,322
Lease liabilties, short-term (2)		249
Lease liabilties, long-term (3)		1,072

	(1)	Included in property & equipment, net in our condensed consolidated balance sheet.
	(2)	Included in other current liabilites and accrued expenses in our condensed consolidated balance sheet.
	(3)	Included in other long-term liabilites and accrued expenses in our condensed consolidated balance sheet.

Our right-of-use assets under operating leases by segment as of August 29, 2020 are as follows:

Wholesale	$	8,028
Retail		95,815
Logistical services		17,046
Total right of use assets	$	120,889

The components of our lease cost for the three and nine months ended August 29, 2020 are as follows:

	Quarter Ended			Nine Months Ended
	August 29, 2020			August 31, 2020
Lease cost:
Operating lease cost	$	8,441		$	26,005
Financing lease cost:
Amortization of right-of-use assets		46			103
Interest on lease liabilities		13			29
Short-term lease cost		423			1,221
Variable lease cost (net of abatements received)		(624	)		(560	)
Sublease income		(395	)		(1,183	)

Total lease cost	$	7,904		$	25,615

Supplemental lease disclosures as of August 29, 2020 and for the nine months then ended are as follows:

	Operating			Financing

For the nine months ended August 29, 2020:
Cash paid for amounts included in the measurements of lease liabilities	$	25,113		$	124
Lease liabilities arising from new right-of-use assets		5,426			1,426

As of August 29, 2020:
Weighted average remaining lease terms (years)		6.3			5.0
Weighted average discount rates		5.01	%		4.56	%

Future payments under our leases and the present value of the obligations as of August 29, 2020 are as follows:

	Operating Leases		Financing Leases

Remainder of fiscal 2020	$	9,354	$	95
Fiscal 2021		33,740		382
Fiscal 2022		30,431		382
Fiscal 2023		25,350		382
Fiscal 2024		18,462		311
Fiscal 2025		15,125		197
Thereafter		38,127		33
Total lease payments		170,589		1,782
Less: interest		25,369		461
Total lease obligations	$	145,220	$	1,321

We sublease a small number of our leased locations to our licensees for operation as Bassett Home Furnishings (“BHF”) network stores. The terms of these leases generally match those of the lease we have with the lessor. Minimum future lease payments due to us under these subleases are as follows:

Remainder of fiscal 2020	$	379
Fiscal 2021		1,260
Fiscal 2022		1,070
Fiscal 2023		754
Fiscal 2024		648
Fiscal 2025		588
Thereafter		157
Total minimum future rental income	$	4,856

Lease Guarantees

We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one to ten years. We were contingently liable under licensee lease obligation guarantees in the amount of $1,802 and $1,776 at August 29, 2020 and November 30, 2019, 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 or liquidating the collateral (primarily inventory). The proceeds of the above options are expected to cover the estimated amount of our future payments under the guarantee obligations, net of recorded reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at August 29, 2020 and November 30, 2019 was not material.

Note 12 - Earnings (Loss) Per Share

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

12. Earnings (Loss) Per Share

The following reconciles basic and diluted earnings (loss) per share:

	Net Income (Loss)			Weighted Average Shares		Net Income (Loss) Per Share
For the quarter ended August 29, 2020:

Basic earnings per share	$	2,178			9,955,382	$	0.22
Add effect of dilutive securities:
Options and restricted shares		-			16,263		-
Diluted earnings per share	$	2,178			9,971,645	$	0.22

For the quarter ended August 31, 2019:

Basic earnings per share	$	2,157			10,212,259	$	0.21
Add effect of dilutive securities:
Options and restricted shares		-			28,276		-
Diluted earnings per share	$	2,157			10,240,535	$	0.21

For the nine months ended August 29, 2020:

Basic loss per share	$	(16,964	)		9,979,861	$	(1.70	)
Add effect of dilutive securities:
Options and restricted shares*		-			-		-
Diluted loss per share	$	(16,964	)		9,979,861	$	(1.70	)

For the nine months ended August 31, 2019:

Basic earnings per share	$	3,210			10,368,891	$	0.31
Add effect of dilutive securities:
Options and restricted shares		-			26,914		-
Diluted earnings per share	$	3,210			10,395,805	$	0.31

*Due to the net loss, the potentially dilutive securities would have been anti-dilutive and are therefore excluded.

For the three and nine months ended August 29, 2020 and August 31, 2019, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

	Quarter Ended				Nine Months Ended
	August 29, 2020		August 31, 2019		August 29, 2020		August 31, 2019

Stock options		-		-		5,250		-
Unvested shares		3,500		45,653		88,153		45,653

Total anti-dilutive securities		3,500		45,653		93,403		45,653

Note 13 - Segment Information

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

13. Segment Information

We have strategically aligned our business into three reportable segments as defined in ASC 280, Segment Reporting, and as described below:

●

Wholesale. The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company-owned and licensee-owned retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations, which include Lane Venture, 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 income (loss), net, in our condensed 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. Our logistical services segment 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 logistical services revenue in our condensed consolidated statements of operations. Zenith’s total operating costs, including those associated with providing logistical services to the Company as well as to third-party customers, are included in selling, general and administrative expenses and were $16,826 and $54,407 for the three and nine months ended August 29, 2020, respectively, and $18,289 and $59,169 for the three and nine months ended August 31, 2019, respectively.

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

The following table presents our segment information:

	Quarter Ended						Nine Months Ended
	August 29, 2020			August 31, 2019			August 29, 2020			August 31, 2019
Sales Revenue
Wholesale	$	55,443		$	62,690		$	153,588		$	198,602
Retail - Company-owned stores		48,144			66,539			147,161			198,736
Logistical services		17,848			18,899			54,422			60,743
Inter-company eliminations:
Furniture and accessories		(23,246	)		(30,860	)		(68,466	)		(95,789	)
Logistical services		(6,630	)		(7,849	)		(19,225	)		(23,842	)
Consolidated	$	91,559		$	109,419		$	267,480		$	338,450

Income (Loss) from Operations
Wholesale	$	3,324		$	3,044		$	(1,344	)	$	10,399
Retail - Company-owned stores		(1,585	)		(431	)		(12,004	)		(6,430	)
Logistical services		1,022			610			15			1,574
Inter-company elimination		(14	)		177			2,266			342
Early retirement program		-			-			-			(835	)
Asset impairment charges		-			-			(12,184	)		-
Goodwill impairment charge		-			-			(1,971	)		-
Litigation expense		-			-			(1,050	)		-
Consolidated	$	2,747		$	3,400		$	(26,272	)	$	5,050

Depreciation and Amortization
Wholesale	$	747		$	752		$	2,338		$	2,397
Retail - Company-owned stores		1,516			1,612			4,958			4,661
Logistical services		747			993			2,953			3,034
Consolidated	$	3,010		$	3,357		$	10,249		$	10,092

Capital Expenditures
Wholesale	$	286		$	670		$	979		$	2,810
Retail - Company-owned stores		92			1,482			695			6,872
Logistical services		45			186			540			969
Consolidated	$	423		$	2,338		$	2,214		$	10,651

	As of		As of
Identifiable Assets	August 29, 2020		November 30, 2019
Wholesale	$	156,464	$	144,392
Retail - Company-owned stores		180,252		91,997
Logistical services		57,600		39,377
Consolidated	$	394,316	$	275,766

Wholesale shipments by type

	Quarter Ended								Nine Months Ended
	August 29, 2020				August 31, 2019				August 29, 2020				August 31, 2019

Bassett Custom Upholstery	$	31,016	55.9	%	$	36,809	58.7	%	$	90,283	58.8	%	$	115,200	58.0	%
Bassett Leather		5,804	10.5	%		4,480	7.1	%		13,559	8.8	%		14,714	7.4	%
Bassett Custom Wood		9,582	17.3	%		11,757	18.8	%		26,504	17.3	%		33,958	17.1	%
Bassett Casegoods		9,041	16.3	%		9,644	15.4	%		23,242	15.1	%		32,263	16.2	%
Accessories (1)		-	0.0	%		-	0.0	%		-	0.0	%		2,467	1.2	%
Total	$	55,443	100.0	%	$	62,690	100.0	%	$	153,588	100.0	%	$	198,602	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.

- Definition

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

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+ Details

Note 14 - Revenue Recognition

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

14. Revenue Recognition

We recognize revenue when we transfer promised goods or services to our customers in an amount that reflects the consideration we expect 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. At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. All wholesale and retail revenues are recorded net of estimated returns and allowances based on historical patterns. We typically collect a significant portion of the purchase price from our retail customers as a deposit upon order, with the balance typically collected upon delivery. These customer deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $35,721 and $25,341 as of August 29, 2020 and November 30, 2019, respectively. Substantially all of the customer deposits held at November 30, 2019 related to performance obligations that were satisfied during the current year-to-date period and have therefore been recognized in revenue for the nine months ended August 29, 2020.

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. The balances of assets recognized for shipping revenues earned but not billed as of August 29, 2020 and November 30, 2019 were not material. 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.

We exclude from revenue all amounts collected from customers for sales tax. We do not disclose amounts allocated to remaining unsatisfied performance obligations as they are expected to be satisfied within one year or less.

See Note 13, Segment Information, for disaggregated revenue information.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Note 15 - Changes to Stockholders' Equity

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

15. Changes to Stockholders’ Equity

The following changes in our stockholders’ equity occurred during the three and nine months ended August 29, 2020 and August 31, 2019:

	Quarter Ended						Nine Months Ended

	August 29, 2020			August 31, 2019			August 29, 2020			August 31, 2019
Common Stock:

Beginning of period	$	49,977		$	52,262		$	50,581		$	52,638
Issuance of common stock		80			58			198			339
Forfeited shares		-			-			(35	)
Purchase and retirement of common stock		(174	)		(1,742	)		(861	)		(2,399	)
End of period	$	49,883		$	50,578		$	49,883		$	50,578

Common Shares Issued and Outstanding:

Beginning of period		9,995,356			10,452,345			10,116,291			10,527,636
Issuance of common stock		16,064			11,734			39,572			67,935
Forfeited shares		-			-			(7,000	)		-
Purchase and retirement of common stock		(34,907	)		(348,383	)		(172,350	)		(479,875	)
End of period		9,976,513			10,115,696			9,976,513			10,115,696

Additional Paid-in Capital:

Beginning of period	$	-		$	-		$	195		$	-
Issuance of common stock		(21	)		28			19			(69	)
Forfeited shares		-			-			35			-
Purchase and retirement of common stock		(99	)		(270	)		(563	)		(649	)
Stock based compensation		120			242			314			718
End of period	$	-		$	-		$	-		$	-

Retained Earnings:

Beginning of period	$	103,391		$	137,127		$	129,130		$	140,009
Cumulative effect of a change in accounting principal		-			-			(3,785	)		(21	)
Net income (loss) for the period		2,178			2,157			(16,964	)		3,210
Purchase and retirement of common stock		(27	)		(2,487	)		(332	)		(3,798	)
Cash dividends declared		(799	)		(1,264	)		(3,306	)		(3,867	)
End of period	$	104,743		$	135,533		$	104,743		$	135,533

Accumulated Other Comprehensive Loss:

Beginning of period	$	(1,187	)	$	(2,223	)	$	(1,236	)	$	(2,338	)
Amortization of pension costs, net of tax		25			58			74			173
End of period	$	(1,162	)	$	(2,165	)	$	(1,162	)	$	(2,165	)

Note 16 - Recent Accounting Pronouncements

9 Months Ended

Aug. 29, 2020

Notes to Financial Statements

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

16. Recent Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The guidance in ASU 2016-13 replaces the incurred loss impairment methodology under current GAAP. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. For available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The guidance in ASU 2016-13 will become effective for us as of the beginning of our 2021 fiscal year. We are currently evaluating the impact that this guidance will have upon our financial position and results of operations, if any.

In August 2018, the FASB issued Accounting Standards Update No. 2018-15, 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.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Aug. 29, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements Effective as of the beginning of fiscal 2020, we have adopted 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. We have adopted this standard using the modified retrospective approach. Refer to Note 11, Leases, for more information regarding our leases and the adoption of the new standard.
Impact of the COVID -19 Pandemic Upon Financial Condition and Results of Operations, Policy [Policy Text Block]	Impact of the COVID-19 Pandemic Upon our Financial Condition and Results of Operations On March 11, 2020, the World Health Organization declared the current coronavirus (“COVID-19”) outbreak to be a global pandemic. In response to this declaration and the rapid spread of COVID-19 within the United States, federal, state and local governments throughout the country imposed varying degrees of restrictions on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. These measures have had a significant adverse impact upon many sectors of the economy, including non-essential retail commerce. In response to these measures and for the protection of our employees and customers, we temporarily closed our dedicated stores, our manufacturing locations and many of our warehouses for several weeks primarily during the second fiscal quarter of 2020. This extended period of suspended operations has had a material adverse impact upon our results of operations for the nine months ended August 29, 2020. In addition to operating losses resulting from severely reduced sales volumes, our loss for the nine months ended August 29, 2020 also included charges for goodwill impairment (Note 6) as well as for the impairment of certain other long-lived assets (Note 9) taken during the second quarter of 2020. However, since restarting our manufacturing operations and reopening stores, we have seen a significant improvement in business conditions which has allowed us to return to overall profitability for the third fiscal quarter of 2020 and to generate positive cash flow during the period. All retail stores that were temporarily closed during the second quarter had reopened by mid- June, and written orders taken at both the retail and wholesale segments exceeded levels from the third fiscal quarter of 2019. The improvement in operating cash flow allowed us to restore the temporary salary and wage reductions which had been enacted during the second quarter, resume the payment of quarterly dividends, including the payment of the dividend declared and subsequently suspended during the second quarter, and to resume share repurchases under our share repurchase program. Tempering these improvements are the continuing logistical challenges faced by the entire home furnishings industry resulting from COVID-related labor shortages and supply chain disruptions creating significant delays in order fulfillment and increasing backlogs. Whereas most state and local governments have eased restrictions on commercial retail activity, it is possible that a resurgence in COVID-19 cases could prompt a return to tighter restrictions in certain areas of the country. Furthermore, while the home furnishings industry has fared much better during the pandemic than certain other sectors of the economy, continued economic weakness may eventually have an adverse impact upon our business, and order cancellations could result if the present delays in order fulfillment continue for an extended period of time. Therefore, significant uncertainty remains regarding the ongoing impact of the COVID-19 outbreak upon our financial condition and future results of operations, as well as upon the significant estimates and assumptions we utilize in reporting certain assets and liabilities.

Note 4 - Accounts Receivable (Tables)

9 Months Ended

Aug. 29, 2020

Notes Tables

Schedule Of Accounts Receivable [Table Text Block]

	August 29, 2020			November 30, 2019
Gross accounts receivable	$	20,502		$	22,193
Allowance for doubtful accounts		(1,403	)		(815	)
Accounts receivable, net	$	19,099		$	21,378

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

Balance at November 30, 2019	$	815
Additions charged to expense		727
Write-offs against allowance		(139	)
Balance at August 29, 2020	$	1,403

Note 5 - Inventories (Tables)

9 Months Ended

Aug. 29, 2020

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	August 29, 2020			November 30, 2019
Wholesale finished goods	$	25,493		$	27,792
Work in process		531			733
Raw materials and supplies		14,255			17,293
Retail merchandise		31,774			31,534
Total inventories on first-in, first-out method		72,053			77,352
LIFO adjustment		(8,896	)		(8,688	)
Reserve for excess and obsolete inventory		(4,556	)		(2,362	)

Total Inventories	$	58,601		$	66,302

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

	Wholesale Segment			Retail Segment			Total

Balance at November 30, 2019	$	2,054		$	308		$	2,362
Additions charged to expense		3,280			534			3,814
Write-offs		(1,491	)		(129	)		(1,620	)
Balance at August 29, 2020	$	3,843		$	713		$	4,556

Note 6 - Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Aug. 29, 2020

Notes Tables

Schedule of Intangible Assets and Goodwill [Table Text Block]

	August 29, 2020
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(1,282	)	$	2,268
Technology - customized applications		834		(665	)		169

Total intangible assets subject to amortization	$	4,384	$	(1,947	)		2,437

Intangibles not subject to amortization:
Trade names							9,338
Goodwill							12,146

Total goodwill and other intangible assets						$	23,921

	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

Schedule of Goodwill [Table Text Block]

	Wholesale			Retail		Logistics		Total

Balance as of November 30, 2019	$	9,188		$	-	$	4,929	$	14,117
Goodwill impairment		(1,971	)		-		-		(1,971	)

Balance as of August 29, 2020	$	7,217		$	-	$	4,929	$	12,146

	Wholesale		Retail		Logistics		Total

Balance as of November 30, 2019	$	-	$	1,926	$	-	$	1,926

Balance as of August 29, 2020	$	1,971	$	1,926	$	-	$	3,897

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

	Quarter Ended				Nine Months Ended
	August 29, 2020		August 31, 2019		August 29, 2020		August 31, 2019

Intangible asset amortization expense	$	95	$	95	$	284	$	284

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

Remainder of fiscal 2020	$	95
Fiscal 2021		379
Fiscal 2022		279
Fiscal 2023		259
Fiscal 2024		259
Fiscal 2025		259
Thereafter		907

Total	$	2,437

Note 8 - Post Employment Benefit Obligations (Tables)

9 Months Ended

Aug. 29, 2020

Notes Tables

Schedule of Pension Liability [Table Text Block]

	August 29, 2020		November 30, 2019
Accrued compensation and benefits	$	655	$	655
Post employment benefit obligations		9,444		9,435

Total pension liability	$	10,099	$	10,090

Schedule of Net Benefit Costs [Table Text Block]

	Quarter Ended				Nine Months Ended
	August 29, 2020		August 31, 2019		August 29, 2020		August 31, 2019
Service cost	$	43	$	47	$	130	$	141
Interest cost		67		110		201		331
Amortization of prior service costs		31		31		94		94
Amortization of loss		2		46		6		138

Net periodic pension cost	$	143	$	234	$	431	$	704

Schedule of Deferred Compensation Liability [Table Text Block]

	August 29, 2020		November 30, 2019
Accrued compensation and benefits	$	266	$	266
Post employment benefit obligations		2,578		2,395

Total deferred compensation liability	$	2,844	$	2,661

Recognized Deferred Compensation Expense [Table Text Block]

Quarter Ended

Nine Months Ended

August 29,

2020

August 31,

2019

August 29,

2020

August 31,

2019

Deferred compensation expense

190

483

267

Note 11 - Leases (Tables)

9 Months Ended

Aug. 29, 2020

Notes Tables

Lessee, Supplemental Balance Sheet Information [Table Text Block]

Operating leases:
Right of use assets	$	120,889
Lease liabilties, short-term		28,211
Lease liabilties, long-term		117,009

Finance leases:
Right of use assets (1)	$	1,322
Lease liabilties, short-term (2)		249
Lease liabilties, long-term (3)		1,072

Wholesale	$	8,028
Retail		95,815
Logistical services		17,046
Total right of use assets	$	120,889

Lease, Cost [Table Text Block]

	Quarter Ended			Nine Months Ended
	August 29, 2020			August 31, 2020
Lease cost:
Operating lease cost	$	8,441		$	26,005
Financing lease cost:
Amortization of right-of-use assets		46			103
Interest on lease liabilities		13			29
Short-term lease cost		423			1,221
Variable lease cost (net of abatements received)		(624	)		(560	)
Sublease income		(395	)		(1,183	)

Total lease cost	$	7,904		$	25,615

Supplemental Lease Disclosures [Table Text Block]

	Operating			Financing

For the nine months ended August 29, 2020:
Cash paid for amounts included in the measurements of lease liabilities	$	25,113		$	124
Lease liabilities arising from new right-of-use assets		5,426			1,426

As of August 29, 2020:
Weighted average remaining lease terms (years)		6.3			5.0
Weighted average discount rates		5.01	%		4.56	%

Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block]

	Operating Leases		Financing Leases

Remainder of fiscal 2020	$	9,354	$	95
Fiscal 2021		33,740		382
Fiscal 2022		30,431		382
Fiscal 2023		25,350		382
Fiscal 2024		18,462		311
Fiscal 2025		15,125		197
Thereafter		38,127		33
Total lease payments		170,589		1,782
Less: interest		25,369		461
Total lease obligations	$	145,220	$	1,321

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]

Remainder of fiscal 2020	$	379
Fiscal 2021		1,260
Fiscal 2022		1,070
Fiscal 2023		754
Fiscal 2024		648
Fiscal 2025		588
Thereafter		157
Total minimum future rental income	$	4,856

Note 12 - Earnings (Loss) Per Share (Tables)

9 Months Ended

Aug. 29, 2020

Notes Tables

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

	Net Income (Loss)			Weighted Average Shares		Net Income (Loss) Per Share
For the quarter ended August 29, 2020:

Basic earnings per share	$	2,178			9,955,382	$	0.22
Add effect of dilutive securities:
Options and restricted shares		-			16,263		-
Diluted earnings per share	$	2,178			9,971,645	$	0.22

For the quarter ended August 31, 2019:

Basic earnings per share	$	2,157			10,212,259	$	0.21
Add effect of dilutive securities:
Options and restricted shares		-			28,276		-
Diluted earnings per share	$	2,157			10,240,535	$	0.21

For the nine months ended August 29, 2020:

Basic loss per share	$	(16,964	)		9,979,861	$	(1.70	)
Add effect of dilutive securities:
Options and restricted shares*		-			-		-
Diluted loss per share	$	(16,964	)		9,979,861	$	(1.70	)

For the nine months ended August 31, 2019:

Basic earnings per share	$	3,210			10,368,891	$	0.31
Add effect of dilutive securities:
Options and restricted shares		-			26,914		-
Diluted earnings per share	$	3,210			10,395,805	$	0.31

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

	Quarter Ended				Nine Months Ended
	August 29, 2020		August 31, 2019		August 29, 2020		August 31, 2019

Stock options		-		-		5,250		-
Unvested shares		3,500		45,653		88,153		45,653

Total anti-dilutive securities		3,500		45,653		93,403		45,653

Note 13 - Segment Information (Tables)

9 Months Ended

Aug. 29, 2020

Notes Tables

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

	Quarter Ended						Nine Months Ended
	August 29, 2020			August 31, 2019			August 29, 2020			August 31, 2019
Sales Revenue
Wholesale	$	55,443		$	62,690		$	153,588		$	198,602
Retail - Company-owned stores		48,144			66,539			147,161			198,736
Logistical services		17,848			18,899			54,422			60,743
Inter-company eliminations:
Furniture and accessories		(23,246	)		(30,860	)		(68,466	)		(95,789	)
Logistical services		(6,630	)		(7,849	)		(19,225	)		(23,842	)
Consolidated	$	91,559		$	109,419		$	267,480		$	338,450

Income (Loss) from Operations
Wholesale	$	3,324		$	3,044		$	(1,344	)	$	10,399
Retail - Company-owned stores		(1,585	)		(431	)		(12,004	)		(6,430	)
Logistical services		1,022			610			15			1,574
Inter-company elimination		(14	)		177			2,266			342
Early retirement program		-			-			-			(835	)
Asset impairment charges		-			-			(12,184	)		-
Goodwill impairment charge		-			-			(1,971	)		-
Litigation expense		-			-			(1,050	)		-
Consolidated	$	2,747		$	3,400		$	(26,272	)	$	5,050

Depreciation and Amortization
Wholesale	$	747		$	752		$	2,338		$	2,397
Retail - Company-owned stores		1,516			1,612			4,958			4,661
Logistical services		747			993			2,953			3,034
Consolidated	$	3,010		$	3,357		$	10,249		$	10,092

Capital Expenditures
Wholesale	$	286		$	670		$	979		$	2,810
Retail - Company-owned stores		92			1,482			695			6,872
Logistical services		45			186			540			969
Consolidated	$	423		$	2,338		$	2,214		$	10,651

	As of		As of
Identifiable Assets	August 29, 2020		November 30, 2019
Wholesale	$	156,464	$	144,392
Retail - Company-owned stores		180,252		91,997
Logistical services		57,600		39,377
Consolidated	$	394,316	$	275,766

Wholesale Revenue by Major Product Category [Table Text Block]

	Quarter Ended								Nine Months Ended
	August 29, 2020				August 31, 2019				August 29, 2020				August 31, 2019

Bassett Custom Upholstery	$	31,016	55.9	%	$	36,809	58.7	%	$	90,283	58.8	%	$	115,200	58.0	%
Bassett Leather		5,804	10.5	%		4,480	7.1	%		13,559	8.8	%		14,714	7.4	%
Bassett Custom Wood		9,582	17.3	%		11,757	18.8	%		26,504	17.3	%		33,958	17.1	%
Bassett Casegoods		9,041	16.3	%		9,644	15.4	%		23,242	15.1	%		32,263	16.2	%
Accessories (1)		-	0.0	%		-	0.0	%		-	0.0	%		2,467	1.2	%
Total	$	55,443	100.0	%	$	62,690	100.0	%	$	153,588	100.0	%	$	198,602	100.0	%

Note 15 - Changes to Stockholders' Equity (Tables)

9 Months Ended

Aug. 29, 2020

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	Quarter Ended						Nine Months Ended

	August 29, 2020			August 31, 2019			August 29, 2020			August 31, 2019
Common Stock:

Beginning of period	$	49,977		$	52,262		$	50,581		$	52,638
Issuance of common stock		80			58			198			339
Forfeited shares		-			-			(35	)
Purchase and retirement of common stock		(174	)		(1,742	)		(861	)		(2,399	)
End of period	$	49,883		$	50,578		$	49,883		$	50,578

Common Shares Issued and Outstanding:

Beginning of period		9,995,356			10,452,345			10,116,291			10,527,636
Issuance of common stock		16,064			11,734			39,572			67,935
Forfeited shares		-			-			(7,000	)		-
Purchase and retirement of common stock		(34,907	)		(348,383	)		(172,350	)		(479,875	)
End of period		9,976,513			10,115,696			9,976,513			10,115,696

Additional Paid-in Capital:

Beginning of period	$	-		$	-		$	195		$	-
Issuance of common stock		(21	)		28			19			(69	)
Forfeited shares		-			-			35			-
Purchase and retirement of common stock		(99	)		(270	)		(563	)		(649	)
Stock based compensation		120			242			314			718
End of period	$	-		$	-		$	-		$	-

Retained Earnings:

Beginning of period	$	103,391		$	137,127		$	129,130		$	140,009
Cumulative effect of a change in accounting principal		-			-			(3,785	)		(21	)
Net income (loss) for the period		2,178			2,157			(16,964	)		3,210
Purchase and retirement of common stock		(27	)		(2,487	)		(332	)		(3,798	)
Cash dividends declared		(799	)		(1,264	)		(3,306	)		(3,867	)
End of period	$	104,743		$	135,533		$	104,743		$	135,533

Accumulated Other Comprehensive Loss:

Beginning of period	$	(1,187	)	$	(2,223	)	$	(1,236	)	$	(2,338	)
Amortization of pension costs, net of tax		25			58			74			173
End of period	$	(1,162	)	$	(2,165	)	$	(1,162	)	$	(2,165	)

Note 2 - Interim Financial Presentation (Details Textual)	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019	Nov. 30, 2019	Nov. 24, 2018
Effective Income Tax Rate Reconciliation, Percent, Total	36.80%	30.50%	(36.50%)	28.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					21.00%	35.00%

Note 3 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($)	9 Months Ended
	Aug. 29, 2020	Nov. 30, 2019
Short-term Investments, Total	$ 17,661,000	$ 17,436,000
Certificates of Deposit, Original Terms, Weighted Average (Month)	8 months
Certificates of Deposit, Remaining Time to Maturity (Month)	5 months
Minimum [Member]
Interest Rate of Certificates of Deposit	0.10%
Maximum [Member]
Interest Rate of Certificates of Deposit	2.00%
Weighted Average [Member]
Interest Rate of Certificates of Deposit	0.31%
Certificates of Deposit [Member]
Short-term Investments, Total	$ 17,661	$ 17,436,000

Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Nov. 30, 2019
Gross accounts receivable	$ 20,502	$ 22,193
Allowance for doubtful accounts	(1,403)	(815)
Accounts receivable, net	$ 19,099	$ 21,378

Note 4 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019
Balance at November 30, 2019	$ 815
Additions charged to expense	727	$ (5)
Write-offs against allowance	(139)
Balance at August 29, 2020	$ 1,403

Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Nov. 30, 2019
Wholesale finished goods	$ 25,493	$ 27,792
Work in process	531	733
Raw materials and supplies	14,255	17,293
Retail merchandise	31,774	31,534
Total inventories on first-in, first-out method	72,053	77,352
LIFO adjustment	(8,896)	(8,688)
Reserve for excess and obsolete inventory	(4,556)	(2,362)
Total Inventories	$ 58,601	$ 66,302

Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019
Balance	$ 2,362
Additions charged to expense	3,814	$ 1,753
Write-offs	(1,620)
Balance	4,556
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	2,054
Additions charged to expense	3,280
Write-offs	(1,491)
Balance	3,843
Operating Segments [Member] \| Retail Segment [Member]
Balance	308
Additions charged to expense	534
Write-offs	(129)
Balance	$ 713

Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019
Goodwill, Impairment Loss	$ 0	$ 0	$ 1,971	$ 0

Note 6 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Nov. 30, 2019
Intangibles subject to amortization, Gross Carrying Amount	$ 4,384	$ 4,384
Intangibles subject to amortization, Accumulated Amortization	(1,947)	(1,663)
Intangibles subject to amortization, Intangible Assets, Net	2,437	2,721
Trade names	9,338	9,338
Goodwill	12,146	14,117
Total goodwill and other intangible assets	23,921	26,176
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,550	3,550
Intangibles subject to amortization, Accumulated Amortization	(1,282)	(1,088)
Intangibles subject to amortization, Intangible Assets, Net	2,268	2,462
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(665)	(575)
Intangibles subject to amortization, Intangible Assets, Net	$ 169	$ 259

Note 6 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019	Nov. 30, 2019
Balance			$ 14,117
Goodwill impairment	$ 0	$ 0	(1,971)	$ 0
Balance	12,146		12,146
Goodwill, accumulated impairment loss	3,897		3,897		$ 1,926
Wholesale Segment [Member]
Balance			9,188
Goodwill impairment			(1,971)
Balance	7,217		7,217
Goodwill, accumulated impairment loss	1,971		1,971		0
Retail Segment [Member]
Balance			0
Goodwill impairment			0
Balance	0		0
Goodwill, accumulated impairment loss	1,926		1,926		1,926
Logistical Services [Member]
Balance			4,929
Goodwill impairment			0
Balance	4,929		4,929
Goodwill, accumulated impairment loss	$ 0		$ 0		$ 0

Note 6 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019
Intangible asset amortization expense	$ 95	$ 95	$ 284	$ 284

Note 6 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Nov. 30, 2019
Remainder of fiscal 2020	$ 95
Fiscal 2021	379
Fiscal 2022	279
Fiscal 2023	259
Fiscal 2024	259
Fiscal 2025	259
Thereafter	907
Total	$ 2,437	$ 2,721

Note 7 - Bank Credit Facility (Details Textual) - USD ($)	Jun. 15, 2020	Aug. 29, 2020	May 30, 2020
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000,000	$ 50,000,000	$ 25,000,000
Letters of Credit Outstanding, Amount		2,181
Line of Credit Facility, Remaining Borrowing Capacity		47,819
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Bank One [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.90%
Bank Two [Member]
Letters of Credit Outstanding, Amount		$ 325,000

Note 8 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2017	Aug. 29, 2020	Nov. 30, 2019
Unfunded Deferred Compensation Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		$ 1,720	$ 1,767
Deferred Compensation, Management Savings Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		1,124	894
Management Savings Plan [member]
Defined Benefit Plan, Fixed Future Benefit Award	$ 2,000
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants	$ 400
Deferred Compensation Arrangement with Individual, Recorded Liability		1,393	1,311
Supplemental Employee Retirement Plan [Member]
Liability, Other Postretirement Defined Benefit Plan		$ 8,706	$ 8,779

Note 8 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Aug. 29, 2020	Nov. 30, 2019
Combined pension liability	$ 10,099	$ 10,090
Accrued Compensation and Benefits [Member]
Combined pension liability	655	655
Post Employment Benefit Obligations [Member]
Combined pension liability	$ 9,444	$ 9,435

Note 8 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019
Service cost	$ 43	$ 47	$ 130	$ 141
Interest cost	67	110	201	331
Amortization of prior service costs	31	31	94	94
Amortization of loss	2	46	6	138
Net periodic pension cost	$ 143	$ 234	$ 431	$ 704

Note 8 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	Aug. 29, 2020	Nov. 30, 2019
Liability for all deferred compensation arrangements	$ 2,844	$ 2,661
Accrued Compensation and Benefits [Member]
Liability for all deferred compensation arrangements	266	266
Post Employment Benefit Obligations [Member]
Liability for all deferred compensation arrangements	$ 2,578	$ 2,395

Note 8 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019
Deferred compensation expense	$ 190	$ 84	$ 483	$ 267

Note 9 - Other Gains and Losses (Details Textual) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Mar. 02, 2019	Aug. 29, 2020	Aug. 31, 2019	Nov. 30, 2019
Legal Fees	$ 0	$ 0		$ 1,050	$ 0
Estimated Litigation Liability	1,750			1,750
Gain (Loss) from Company Owned Life Insurance	914			914	629
Early Retirement Program, Benefits Payment Period (Year)			1 year
Early Retirement Program Expense	0	$ 0		0	$ 835
Liability, Other Retirement Benefits	$ 9			9
Other Current Liabilities [Member]
Liability, Other Retirement Benefits						$ 374
Underperforming Retail Stores [Member]
Operating Lease, Impairment Loss				6,239
Underperforming Retail Stores [Member]
Asset Impairment Charges, Total				11,114
Closed Custom Upholstery Manufacturing Facility in Grand Prairie, Texas [Member]
Asset Impairment Charges, Total				$ 1,070

Note 11 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Note 11 - Leases (Details Textual) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 29, 2020	Dec. 01, 2019	Nov. 30, 2019
Retained Earnings (Accumulated Deficit), Ending Balance	$ 104,743	$ 104,743		$ 129,130
Past Due Rents Subject to Negotiation with Lessors	2,769	2,769
Rent Abatement	657	657
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,802	$ 1,802		$ 1,776
Accounting Standards Update 2016-02 [Member]
Lease, Right-of-Use Asset, Net			$ 146,585
Lease, Liability, Net			151,672
Deferred Income Tax Liabilities, Net, Total			1,302
Retained Earnings (Accumulated Deficit), Ending Balance			$ 3,785
Minimum [Member]
Lease Guarantees Term (Year)		1 year
Minimum [Member] \| Real Estate Lease [Member]
Lessee, Operating Lease, Term of Contract (Year)	1 year	1 year
Lessee, Operating Lease, Renewal Term (Year)	5 years	5 years
Maximum [Member]
Lease Guarantees Term (Year)		10 years
Maximum [Member] \| Real Estate Lease [Member]
Lessee, Operating Lease, Term of Contract (Year)	15 years	15 years
Lessee, Operating Lease, Renewal Term (Year)	15 years	15 years

Note 11 - Leases - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands

Aug. 29, 2020

Nov. 30, 2019

Right of use assets

$ 120,889

$ 0

Lease liabilties, short-term

28,211

Lease liabilties, long-term

117,009

$ 0

Right of use assets (1)

^[1]

1,322

Lease liabilties, short-term (2)

^[2]

249

Lease liabilties, long-term (3)

^[3]

1,072

Wholesale Segment [Member]

Right of use assets

8,028

Retail Segment [Member]

Right of use assets

95,815

Logistical Services [Member]

Right of use assets

$ 17,046

[1]	Included in property & equipment, net in our condensed consolidated balance sheet.
[2]	Included in other current liabilites and accrued expenses in our condensed consolidated balance sheet.
[3]	Included in other long-term liabilites and accrued expenses in our condensed consolidated balance sheet.

Note 11 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Aug. 29, 2020	Aug. 29, 2020
Operating lease cost	$ 8,441	$ 26,005
Amortization of right-of-use assets	46	103
Interest on lease liabilities	13	29
Short-term lease cost	423	1,221
Variable lease cost (net of abatements received)	(624)	(560)
Sublease income	(395)	(1,183)
Total lease cost	$ 7,904	$ 25,615

Note 11 - Leases - Supplemental Lease Disclosures (Details) $ in Thousands	9 Months Ended
	Aug. 29, 2020 USD ($)
Cash paid for amounts included in the measurements of lease liabilities, operating	$ 25,113
Cash paid for amounts included in the measurements of lease liabilities, financing	124
Lease liabilities arising from new right-of-use assets, operating	5,426
Lease liabilities arising from new right-of-use assets, financing	$ 1,426
Weighted average remaining lease terms (years), operating (Year)	6 years 3 months 18 days
Weighted average remaining lease terms (years), financing (Year)	5 years
Weighted average discount rates, operating	5.01%
Weighted average discount rates, financing	4.56%

Note 11 - Leases - Lease Maturities (Details) $ in Thousands	Aug. 29, 2020 USD ($)
Remainder of fiscal 2020, operating lease	$ 9,354
Remainder of fiscal 2020, finance lease	95
Fiscal 2021, operating lease	33,740
Fiscal 2021, finance lease	382
Fiscal 2022, operating lease	30,431
Fiscal 2022, finance lease	382
Fiscal 2023, operating lease	25,350
Fiscal 2023, finance lease	382
Fiscal 2024, operating lease	18,462
Fiscal 2024, finance lease	311
Fiscal 2025, operating lease	15,125
Fiscal 2025, finance lease	197
Thereafter, operating lease	38,127
Thereafter, finance lease	33
Total lease payments, operating lease	170,589
Total lease payments, finance lease	1,782
Less: interest, operating lease	25,369
Less: interest, finance lease	461
Total operating lease obligations	145,220
Total finance lease obligations	$ 1,321

Note 11 - Leases - Minimum Future Rental Income (Details) $ in Thousands	Aug. 29, 2020 USD ($)
Remainder of fiscal 2020	$ 379
Fiscal 2021	1,260
Fiscal 2022	1,070
Fiscal 2023	754
Fiscal 2024	648
Fiscal 2025	588
Thereafter	157
Total minimum future rental income	$ 4,856

Note 12 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($)

3 Months Ended

9 Months Ended

Aug. 29, 2020

Aug. 31, 2019

Aug. 29, 2020

Aug. 31, 2019

Basic earnings per share, net income

$ 2,178,000

$ 2,157,000

$ (16,964,000)

$ 3,210

Basic earnings per share, weighted average shares (in shares)

9,955,382

10,212,259

9,979,861

10,368,891

Basic earnings (loss) per share (in dollars per share)

$ 0.22

$ 0.21

$ (1.70)

$ 0.31

Options and restricted shares, net income

$ 0

^[1]

$ 0

^[1]

$ 0

Options and restricted shares, weighted average shares (in shares)

16,263

^[1]

28,276

^[1]

26,914

Diluted earnings per share, net income

$ 2,178,000

$ 2,157,000

$ (16,964,000)

$ 3,210

Diluted earnings per share, weighted average shares (in shares)

9,971,645

10,240,535

9,979,861

10,395,805

Diluted earnings (loss) per share (in dollars per share)

$ 0.22

$ 0.21

$ (1.70)

$ 0.31

[1]	Due to the net loss, the potentially dilutive securities would have been anti-dilutive and are therefore excluded.

- Definition

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 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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- Definition

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.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Note 12 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019
Antidilutive securities (in shares)	3,500	45,653	93,403	45,653
Share-based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	0	0	5,250	0
Unvested Shares [Member]
Antidilutive securities (in shares)	3,500	45,653	88,153	45,653

Note 13 - Segment Information (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 29, 2020 USD ($)	Aug. 31, 2019 USD ($)	Aug. 29, 2020 USD ($)	Aug. 31, 2019 USD ($)
Number of Reportable Segments			3
SGA Expenses Excluding New Store Pre-opening Costs	$ 50,394	$ 63,519	$ 165,407	$ 197,495
Zenith Freight Lines [Member]
SGA Expenses Excluding New Store Pre-opening Costs	$ 16,826	$ 18,289	$ 54,407	$ 59,169

Note 13 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019	Nov. 30, 2019
Sales revenues	$ 91,559	$ 109,419	$ 267,480	$ 338,450
Income (loss) from Operations	2,747	3,400	(26,272)	5,050
Early retirement program	0	0	0	(835)
Asset impairment charges	0	0	(12,184)	0
Goodwill impairment	0	0	(1,971)	0
Litigation expense	0	0	(1,050)	0
Depreciation and amortization	3,010	3,357	10,249	10,092
Capital expenditures	423	2,338	2,214	10,651
Identifiable Assets	394,316		394,316		$ 275,766
Wholesale Segment [Member]
Sales revenues	55,443	62,690	153,588	198,602
Goodwill impairment			(1,971)
Retail Segment [Member]
Goodwill impairment			0
Logistical Services [Member]
Goodwill impairment			0
Operating Segments [Member] \| Wholesale Segment [Member]
Sales revenues	55,443	62,690	153,588	198,602
Income (loss) from Operations	3,324	3,044	(1,344)	10,399
Depreciation and amortization	747	752	2,338	2,397
Capital expenditures	286	670	979	2,810
Identifiable Assets	156,464		156,464		144,392
Operating Segments [Member] \| Retail Segment [Member]
Sales revenues	48,144	66,539	147,161	198,736
Income (loss) from Operations	(1,585)	(431)	(12,004)	(6,430)
Depreciation and amortization	1,516	1,612	4,958	4,661
Capital expenditures	92	1,482	695	6,872
Identifiable Assets	180,252		180,252		91,997
Operating Segments [Member] \| Logistical Services [Member]
Sales revenues	17,848	18,899	54,422	60,743
Income (loss) from Operations	1,022	610	15	1,574
Depreciation and amortization	747	993	2,953	3,034
Capital expenditures	45	186	540	969
Identifiable Assets	57,600		57,600		$ 39,377
Intersegment Eliminations [Member]
Income (loss) from Operations	(14)	177	2,266	342
Intersegment Eliminations [Member] \| Logistical Services [Member]
Sales revenues	(6,630)	(7,849)	(19,225)	(23,842)
Intersegment Eliminations [Member] \| Furniture and Accessories [Member]
Sales revenues	$ (23,246)	$ (30,860)	$ (68,466)	$ (95,789)

Note 13 - Segment Information - Wholesale Shipments by Type (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Aug. 29, 2020

Aug. 31, 2019

Aug. 29, 2020

Aug. 31, 2019

Sales revenue

$ 91,559

$ 109,419

$ 267,480

$ 338,450

Wholesale Segment [Member]

Sales revenue

$ 55,443

$ 62,690

$ 153,588

$ 198,602

Sales, revenue, percent

100.00%

Wholesale Segment [Member] | Upholstery [Member]

Sales revenue

$ 31,016

$ 36,809

$ 90,283

$ 115,200

Sales, revenue, percent

55.90%

58.70%

58.80%

58.00%

Wholesale Segment [Member] | Bassett Leather [Member]

Sales revenue

$ 5,804

$ 4,480

$ 13,559

$ 14,714

Sales, revenue, percent

10.50%

7.10%

8.80%

7.40%

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

Sales revenue

$ 9,582

$ 11,757

$ 26,504

$ 33,958

Sales, revenue, percent

17.30%

18.80%

17.30%

17.10%

Wholesale Segment [Member] | Bassett Casegoods [Member]

Sales revenue

$ 9,041

$ 9,644

$ 23,242

$ 32,263

Sales, revenue, percent

16.30%

15.40%

15.10%

16.20%

Wholesale Segment [Member] | Accessories [Member]

Sales revenue

^[1]

$ 0

$ 2,467

Sales, revenue, percent

^[1]

0.00%

1.20%

[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.

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Note 14 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 29, 2020	Nov. 30, 2019
Contract with Customer, Liability, Total	$ 35,721	$ 25,341
Maximum [Member]
Contract with Customer, Timing of Payment (Year)	1 year

Note 15 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019
Balance			$ 178,670
Balance	$ 153,464		153,464
Net income (loss) for the period	2,178	$ 2,157	(16,964)	$ 3,210
Common Stock [Member]
Balance	49,977	52,262	50,581	52,638
Issuance of common stock	80	58	198	339
Forfeited shares	0	0	(35)
Purchase and retirement of common stock	(174)	(1,742)	(861)	(2,399)
Balance	$ 49,883	$ 50,578	$ 49,883	$ 50,578
Balance, shares (in shares)	9,995,356	10,452,345	10,116,291	10,527,636
Issuance of common stock, shares (in shares)	16,064	11,734	39,572	67,935
Forfeited shares (in shares)	0	0	(7,000)	0
Purchase and retirement of common stock, shares (in shares)	(34,907)	(348,383)	(172,350)	(479,875)
Balance, shares (in shares)	9,976,513	10,115,696	9,976,513	10,115,696
Paid in Capital [Member]
Balance	$ 0	$ 0	$ 195	$ 0
Issuance of common stock	(21)	28	19	(69)
Forfeited shares	0	0	35	0
Purchase and retirement of common stock	(99)	(270)	(563)	(649)
Balance	0	0	0	0
Stock based compensation	120	242	314	718
Retained Earnings [Member]
Balance	103,391	137,127	129,130	140,009
Purchase and retirement of common stock	(27)	(2,487)	(332)	(3,798)
Balance	104,743	135,533	104,743	135,533
Cumulative effect of a change in accounting principal	0	0	(3,785)	(21)
Net income (loss) for the period	2,178	2,157	(16,964)	3,210
Cash dividends declared	(799)	(1,264)	(3,306)	(3,867)
AOCI Attributable to Parent [Member]
Balance	(1,187)	(2,223)	(1,236)	(2,338)
Balance	(1,162)	(2,165)	(1,162)	(2,165)
Amortization of pension costs, net of tax	$ 25	$ 58	$ 74	$ 173