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bset20201012_8k.htm
false 0000010329 0000010329 2020-10-07 2020-10-07
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported) October 7, 2020
 
 
BASSETT FURNITURE INDUSTRIES, INCORPORATED
(Exact name of registrant as specified in its charter)
 
 
Virginia
 
0-209
 
54-0135270
(State or other jurisdiction of
incorporation or organization)
 
(Commission File No.)
 
(I.R.S. Employer
Identification No.)
 
3525 Fairystone Park Highway
Bassett, Virginia
 
24055
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code 276/629-6000
  
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock ($5.00 par value)
BSET
NASDAQ
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
 
Item 5.02
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
 
(d) Director Election
 
On October 7, 2020, the Board elected Emma S. Battle as a director. Ms. Battle was elected to serve until the 2021 Annual Meeting of Stockholders and thereafter if re-elected until her successor is duly elected and qualified. Ms. Battle was elected upon the recommendation of the Organization, Compensation and Nominating Committee of the Board.  Ms. Battle will receive compensation for her Board service as a non-employee director consistent with the Company’s director compensation program. The Board has determined that Ms. Battle is an independent outside director, and it has not been determined on which committee of the Board she will serve. Ms. Battle is the President and CEO of MarketVigor, a business services company she founded in 2003. Since 2017, she has served as the President and CEO of Higher Ed Works, a nonpartisan public charity that supports higher public education in North Carolina. From 2015 to 2017, Ms. Battle was Vice President, Client Success of Windsor Circle, an e-commerce marketing company. She currently serves on the Board of the Southeastern Wind Coalition, on the Board of Advisors of Elon University’s Love School of Business, and on the Executive Leadership Board of the Frank Porter Graham Child Development Institute. Ms. Battle was a member of the Board of Directors of Primo Water Corporation (PRMW) from 2019 to 2020.
 
Item 9.01.
Financial Statements and Exhibits
 
(d) Exhibits
 
99
104
Cover Page Interactive Data File (formatted as Inline XBRL)
  
 
  
 
Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
BASSETT FURNITURE INDUSTRIES,
INCORPORATED
 
 
 
 
 
 
Date:  October 12, 2020
By:
/s/ J. Michael Daniel
 
 
 
J. Michael Daniel
 
 
 
Title:   Senior Vice President – Chief
Financial Officer
 
 
 
  
 
 
 
EXHIBIT INDEX
 
Description
 
Exhibit No. 99      News release issued by Bassett Furniture Industries on October 9, 2020.
 
 
ex_206710.htm

 

Exhibit 99

 

https://cdn.kscope.io/8542e19aa8963fe9da4a41dcc49c17fe-ex_206710img001.jpg

 

Bassett Furniture Industries, Inc.  J. Michael Daniel, Senior Vice
P.O. Box 626  President and Chief Financial
Bassett, VA 24055 Officer
  (276) 629-6614 - Investors
   
 

Peter D. Morrison, Vice President of

Communications
For Immediate Release  (276) 629-6387 – Media

   

 

Bassett Furniture News Release

Bassett Announces Board Appointment

 

Bassett Furniture Industries, Inc. (BSET) announced that on October 7, 2020, Emma S. Battle was elected a member of its Board of Directors. “We welcome Emma Battle to the Bassett Board of Directors,” said Rob Spilman, Chairman and CEO. “She is a successful businessperson with an extensive background in digital strategy, e-commerce marketing, and client success management. She also has been an avid leader and supporter of education in North Carolina for many years. We look forward to enjoying the benefits of her talent, wisdom and expertise.”

 

After receiving her B.A. degree in Economics and Spanish from Duke University in 1983, Ms. Battle worked at Pepsico in production supervisory roles before obtaining her MBA from Harvard School of Business in 1990. Ms. Battle has over 30 years of business experience in strategy, operations and marketing.  She has spent the past 20 years as an innovative leader in e-commerce, digital, B2C and B2B marketing, along with client success operations. She is currently President and CEO of MarketVigor, a business services company she founded in 2003, and is the President and CEO of Higher Ed Works, a nonpartisan public charity supporting higher public education in North Carolina.  She has previously served as President and Chief Operating Officer at Crisp Digital Agency, Vice President of Client Success at Windsor Circle, an e-commerce marketing company, Vice President of Marketing and Merchandising at Art.com, and, Vice President of Marketing, Vice President of Strategic Planning, Director of Marketing and Director of Operations & Sourcing, at HanesBrands, Inc.  

 

Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality, mid-priced home furnishings. With 98 company- and licensee-owned stores, Bassett has leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. Bassett’s retail strategy includes affordable custom-built furniture. The stores also feature the latest on-trend furniture styles, free in-home design visits, and coordinated decorating accessories. Bassett also maintains its traditional wholesale business with more than 700 accounts in the open market, across the United States and internationally, and a logistics business specializing in home furnishings. For more information, visit the Company’s website at bassettfurniture.com. (BSET-E)