0001437749-21-022879 | 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. 28, 2021	Sep. 24, 2021
Document Information [Line Items]
Entity Central Index Key	0000010329
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--11-27
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 28, 2021
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		9,755,846

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Aug. 28, 2021	Aug. 29, 2020
Sales revenue:
Sales revenues	$ 118,906	$ 91,559	$ 356,638	$ 267,480
Selling, general and administrative expenses	47,631	40,198	145,474	130,225
Asset impairment charges	0	0	0	12,184
Goodwill impairment charge	0	0	0	1,971
Litigation expense	0	0	0	1,050
Income (loss) from operations	4,490	2,747	18,890	(26,272)
Other income (loss), net	(347)	697	(1,016)	(430)
Income (loss) before income taxes	4,143	3,444	17,874	(26,702)
Income tax expense (benefit)	1,127	1,266	4,873	(9,738)
Net income (loss)	$ 3,016	$ 2,178	$ 13,001	$ (16,964)
Basic earnings (loss) per share (in dollars per share)	$ 0.31	$ 0.22	$ 1.32	$ (1.70)
Diluted earnings (loss) per share (in dollars per share)	0.31	0.22	1.32	(1.70)
Regular dividends per share (in dollars per share)	0.14	0.08	0.39	0.33
Special dividend per share (in dollars per share)	$ 0	$ 0	$ 0.25	$ 0
Furniture and Accessories [Member]
Sales revenue:
Sales revenues	$ 104,870	$ 80,341	$ 316,522	$ 232,283
Cost of goods and services sold	52,263	38,418	153,426	113,140
Logistical Services [Member]
Sales revenue:
Sales revenues	14,036	11,218	40,116	35,197
Cost of goods and services sold	$ 14,522	$ 10,196	$ 38,848	$ 35,182

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Aug. 28, 2021	Aug. 29, 2020
Net income (loss)	$ 3,016	$ 2,178	$ 13,001	$ (16,964)
Other comprehensive income:
Other comprehensive income, net of tax	35	25	104	74
Total comprehensive income (loss)	3,051	2,203	13,105	(16,890)
Pension Plan [Member]
Other comprehensive income:
Amortization associated with awards	36	31	108	94
Income taxes related to Retirement Plan	(9)	(8)	(28)	(24)
Supplemental Employee Retirement Plan [Member]
Other comprehensive income:
Amortization associated with awards	11	2	33	5
Income taxes related to Retirement Plan	$ (3)	$ 0	$ (9)	$ (1)

- 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. 28, 2021	Nov. 28, 2020
Current assets
Cash and cash equivalents	$ 38,611	$ 45,799
Short-term investments	17,715	17,715
Accounts receivable, net	26,769	22,340
Inventories	73,827	54,886
Recoverable income taxes	6,778	9,666
Other current assets	13,111	10,272
Total current assets	176,811	160,678
Property and equipment, net	94,489	90,917
Deferred income taxes	3,498	4,587
Goodwill and other intangible assets	23,543	23,827
Right of use assets under operating leases	110,792	116,903
Other	6,900	5,637
Total long-term assets	144,733	150,954
Total assets	416,033	402,549
Current liabilities
Accounts payable	27,951	23,426
Accrued compensation and benefits	14,603	16,964
Customer deposits	51,103	39,762
Current portion of operating lease obligations	27,545	27,078
Other current liabilites and accrued expenses	13,050	11,141
Total current liabilities	134,252	118,371
Long-term liabilities
Post employment benefit obligations	12,454	12,089
Long-term portion of operating lease obligations	103,468	111,972
Other long-term liabilities	6,412	2,087
Total long-term liabilities	122,334	126,148
Stockholders’ equity
Common stock	48,779	49,714
Retained earnings	111,958	109,710
Accumulated other comprehensive loss	(1,290)	(1,394)
Total stockholders' equity	159,447	158,030
Total liabilities and stockholders’ equity	$ 416,033	$ 402,549

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020
Operating activities:
Net income (loss)	$ 13,001	$ (16,964)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	10,458	10,249
Gain on lease modification	0	(152)
Asset impairment charges	0	12,184
Goodwill impairment charge	0	1,971
Inventory valuation charges	1,975	3,814
Bad debt valuation charges (recoveries)	(145)	727
Deferred income taxes	1,053	(708)
Other, net	410	188
Changes in operating assets and liabilities:
Accounts receivable	(4,184)	1,552
Inventories	(20,916)	3,887
Other current assets	(100)	(8,898)
Right of use assets under operating leases	18,857	24,338
Customer deposits	11,341	10,380
Accounts payable and other liabilities	2,750	1,379
Obligations under operating leases	(20,823)	(26,464)
Net cash provided by operating activities	13,677	17,483
Investing activities:
Purchases of property and equipment	(7,141)	(2,214)
Proceeds from sales of property and equipment	101	2,345
Purchases of investments	0	(241)
Proceeds from maturities of investments	0	16
Other	(1,173)	(1,107)
Net cash used in investing activities	(8,213)	(1,201)
Financing activities:
Cash dividends	(6,321)	(3,306)
Proceeds from the exercise of stock options	42	0
Other issuance of common stock	266	217
Repurchases of common stock	(5,566)	(1,542)
Taxes paid related to net share settlement of equity awards	(219)	(214)
Repayments of finance lease obligations	(854)	(95)
Net cash used in financing activities	(12,652)	(4,940)
Change in cash and cash equivalents	(7,188)	11,342
Cash and cash equivalents - beginning of period	45,799	19,687
Cash and cash equivalents - end of period	$ 38,611	$ 31,029

Note 1 - Basis of Presentation

9 Months Ended

Aug. 28, 2021

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 segment have been eliminated in consolidation, and Zenith’s operating costs and expenses associated with sales to external customers are reported as cost of logistical services in our condensed consolidated statements of operations.

Recently Adopted Accounting Pronouncements

Effective as of the beginning of fiscal 2021, we have adopted 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 previous GAAP. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. We assessed the guidance under ASU 2016-13 as applied to our trade receivables and contract assets, and determined that there was no material impact to our financial condition or results of operations as a result of the adoption.

Effective as of the beginning of fiscal 2021, we have adopted 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 (“ASU 2018-15”). ASU 2018-15 was issued 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. We adopted ASU 2018-15 on a prospective basis and the adoption did not have a material impact upon our financial condition or results of operations.

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

On March 11, 2020, the World Health Organization declared the 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 had a significant adverse impact upon many sectors of the economy, including non-essential retail commerce, beginning in our second fiscal quarter of 2020.

In response to the restrictive measures imposed by governmental authorities and for the protection of our employees and customers, we temporarily closed our dedicated stores, our manufacturing locations and many of our warehouses for much of the second fiscal quarter of 2020. This extended period of suspended operations had a material adverse impact upon our results of operations during the second fiscal quarter of 2020 and resulted in a significant net loss for the nine months ended August 29, 2020. In addition to operating losses resulting from severely reduced sales volumes, we also recorded charges for goodwill impairment (Note 6) as well as for the impairment of certain other long-lived assets (Note 10). However, since restarting our manufacturing operations and reopening stores, we have seen a significant improvement in business conditions which allowed us to return to overall profitability for the third and fourth fiscal quarters of 2020 continuing through the first nine months of fiscal 2021. 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 the progress in mass vaccination programs in the U.S. has prompted state and local governments to substantially lift most remaining restrictions on commercial retail activity, the recent resurgence in COVID-19 cases due to the Delta variant, as well as any future variants of the coronavirus entering the U.S. could prompt a return to tighter restrictions in certain areas of the country. Furthermore, pandemic-related labor shortages and supply chain disruptions are ongoing and order cancellations could result if the present delays in order fulfillment continue. Therefore, uncertainty remains regarding the ongoing impact of the COVID-19 pandemic 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. 28, 2021

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 28, 2021 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 28, 2020.

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.

Our effective tax rates for the three and nine months ended August 28, 2021 of 27.2% and 27.3%, respectively, differ from the federal statutory rate of 21% primarily due to the effects of state income taxes and various permanent differences, including tax deficiencies of $117 during the nine months ended August 28, 2021, respectively, arising from stock-based compensation.

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 allowed 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 net operating loss from fiscal 2020 to tax years in which the federal statutory rate was 35%, and to the effects of state income taxes and various permanent differences.

Note 3 - Financial Instruments and Fair Value Measurements

9 Months Ended

Aug. 28, 2021

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 $17,715 at August 28, 2021 and November 28, 2020 consisted of CDs. At August 28, 2021, the CDs had original terms averaging eight months, bearing interest at rates ranging from 0.01% to 0.85%. At August 28, 2021, the weighted average remaining time to maturity of the CDs was approximately five months and the weighted average yield of the CDs was approximately 0.05%. 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 28, 2021 and November 28, 2020 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 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. 28, 2021

Notes to Financial Statements

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

4. Accounts Receivable

Accounts receivable consists of the following:

	August 28, 2021			November 28, 2020
Gross accounts receivable	$	27,874		$	23,551
Allowance for doubtful accounts		(1,105	)		(1,211	)
Accounts receivable, net	$	26,769		$	22,340

We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis which is applied to accounts pooled on the basis of similar risk characteristics. Judgments are made with respect to the collectibility of accounts receivable within each pool based on historical experience, current payment practices and current economic trends based on our expectations over the expected life of the receivables, which is generally ninety days or less. Actual credit losses could differ from those estimates.

Activity in the allowance for doubtful accounts for the nine months ended August 28, 2021 was as follows:


Balance at November 28, 2020	$	1,211
Reductions to allowance		(106	)
Balance at August 28, 2021	$	1,105

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. 28, 2021

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 28, 2021			November 28, 2020
Wholesale finished goods	$	34,826		$	25,001
Work in process		699			516
Raw materials and supplies		21,276			14,836
Retail merchandise		31,501			27,946
Total inventories on first-in, first-out method		88,302			68,299
LIFO adjustment		(10,031	)		(8,891	)
Reserve for excess and obsolete inventory		(4,444	)		(4,522	)
	$	73,827		$	54,886

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 28, 2020	$	3,421		$	1,101		$	4,522
Additions charged to expense		1,227			748			1,975
Write-offs		(1,369	)		(684	)		(2,053	)
Balance at August 28, 2021	$	3,279		$	1,165		$	4,444

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 2021 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. 28, 2021

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 28, 2021
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(1,541	)	$	2,009
Technology - customized applications		834		(784	)		50

Total intangible assets subject to amortization	$	4,384	$	(2,325	)		2,059

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

Total goodwill and other intangible assets						$	23,543

	November 28, 2020
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(1,346	)	$	2,204
Technology - customized applications		834		(695	)		139

Total intangible assets subject to amortization	$	4,384	$	(2,041	)		2,343

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

Total goodwill and other intangible assets						$	23,827

The carrying amounts of goodwill by reportable segment at both August 28, 2021 and November 28, 2020 are as follows:

	Original		Accumulated
	Recorded		Impairment			Carrying
	Value		Losses			Amount

Wholesale	$	9,188	$	(1,971	)	$	7,217
Retail		1,926		(1,926	)		-
Logistical services		4,929		-			4,929

Total goodwill	$	16,043	$	(3,897	)	$	12,146

Due to the impact of the COVID-19 pandemic, we performed an interim impairment assessment of our remaining goodwill as of May 30, 2020, the end of our second quarter of fiscal 2020. 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. Our annual goodwill impairment test, conducted as of the beginning of our fourth quarter of fiscal 2020, resulted in no additional impairment.

Amortization expense associated with intangible assets during the three and nine months ended August 28, 2021 and August 29, 2020 was as follows:

	Quarter Ended				Nine Months Ended
	August 28, 2021		August 29, 2020		August 28, 2021		August 29, 2020

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

Estimated future amortization expense for intangible assets that exist at August 28, 2021 is as follows:

Remainder of fiscal 2021	$	95
Fiscal 2022		279
Fiscal 2023		259
Fiscal 2024		259
Fiscal 2025		259
Fiscal 2026		259
Thereafter		649

Total	$	2,059

Note 7 - Bank Credit Facility

9 Months Ended

Aug. 28, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

7. Bank Credit Facility

Our bank credit facility provides for a line of credit of up to $25,000. At August 28, 2021, we had $3,931 outstanding under standby letters of credit against our line, leaving availability under our credit line of $21,069. In addition, we have outstanding standby letters of credit with another bank totaling $325. 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. We were in compliance with all covenants under the agreement as of August 28, 2021 and expect to remain in compliance through the end of fiscal 2021. The credit facility matures on January 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Note 8 - Post Employment Benefit Obligations

9 Months Ended

Aug. 28, 2021

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 $8,444 and $8,565 as of August 28, 2021 and November 28, 2020, 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 $1,547 and $1,506 as of August 28, 2021 and November 28, 2020, respectively.

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

	August 28, 2021		November 28, 2020
Accrued compensation and benefits	$	613	$	613
Post employment benefit obligations		9,378		9,458

Total pension liability	$	9,991	$	10,071

Components of net periodic pension costs for our defined benefit plans for the three and nine months ended August 28, 2021 and August 29, 2020 are as follows:

	Quarter Ended				Nine Months Ended
	August 28, 2021		August 29, 2020		August 28, 2021		August 29, 2020
Service cost	$	31	$	43	$	91	$	130
Interest cost		48		67		146		201
Amortization of prior service costs		31		31		94		94
Amortization of loss		15		2		45		6

Net periodic pension cost	$	125	$	143	$	376	$	431

The components of net periodic pension cost other than the service cost component are included in other loss, net in our condensed consolidated statements of 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 $1,652 and $1,677 as of August 28, 2021 and November 28, 2020, 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 $1,720 and $1,250 as of August 28, 2021 and November 28, 2020, 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 28, 2021		November 28, 2020
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		3,076		2,631

Total deferred compensation liability	$	3,372	$	2,927

We recognized expense under our deferred compensation arrangements during the three and nine months ended August 28, 2021 and August 29, 2020 as follows:

Quarter Ended

Nine Months Ended

August 28,

2021

August 29,

2020

August 28,

2021

August 29,

2020

Deferred compensation expense

190

451

483

Note 9 - Stock Compensation

9 Months Ended

Aug. 28, 2021

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

9. Stock Compensation

2021 Plan

On March 10, 2021, our shareholders approved the Bassett Furniture Industries, Incorporated 2021 Stock Incentive Plan (the “2021 Plan”). All present and future non-employee directors, key employees and outside consultants for the Company are eligible to receive incentive awards under the 2021 Plan. Our Organization, Compensation and Nominating Committee (the “OCN Committee”) selects eligible key employees and outside consultants to receive awards under the 2021 Plan in its discretion. Our Board of Directors or any committee designated by the Board of Directors selects eligible non-employee directors to receive awards under the 2021 Plan in its discretion. Five hundred thousand (500,000) shares of common stock are reserved for issuance under the 2021 Plan. Participants may receive the following types of incentive awards under the 2021 Plan: stock options, stock appreciation rights, payment shares, restricted stock, restricted stock units and performance shares. Stock options may be incentive stock options or non-qualified stock options. Stock appreciation rights may be granted in tandem with stock options or as a freestanding award. Non-employee directors and outside consultants are eligible to receive restricted stock and restricted stock units only. The full terms of the 2021 Plan have been filed as an exhibit to our Schedule 14A filed with the United States Securities and Exchange Commission on February 8, 2021.

During the nine months ended August 28, 2021, 7,105 restricted shares with an aggregate fair value of $175 were granted to our non-employee directors under the 2021 Plan. These shares will fully vest on the first anniversary of the grant.

2010 Plan

The Bassett Furniture Industries, Incorporated 2010 Stock Incentive Plan, which was approved on April 14, 2010 and amended and restated effective January 13, 2016 (the “2010 Plan”), expired in April of 2020 and no additional grants can be awarded under the plan. During the nine months ended August 28, 2021, 31,000 restricted shares previously granted under the 2010 Plan were vested and released, of which 10,850 shares were withheld to cover withholding taxes of $219. At August 28, 2021, there were 3,500 unvested restricted shares outstanding that were granted under the 2010 Plan and will vest during the fourth quarter of fiscal 2022.

During the nine months ended August 28, 2021, 5,250 stock options granted under the 2010 Plan were exercised resulting in proceeds to the Company of $42. At August 28, 2021, there were no additional stock options outstanding under the 2010 Plan.

Stock compensation expense for the three and nine months ended August 28, 2021 and August 29, 2020 was as follows:

Quarter Ended

Nine Months Ended

August 28,

2021

August 29,

2020

August 28,

2021

August 29,

2020

Stock compensation expense

120

110

335

Note 10 - Other Operating Losses

9 Months Ended

Aug. 28, 2021

Notes to Financial Statements

Other Gains and Losses [Text Block]

10. Other Operating 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 2020.

Litigation Expense

During the nine months ended August 29, 2020 we accrued $1,050 relating to estimated costs to resolve certain wage and hour violation claims that had been asserted against the Company.

Gain 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.

Note 11 - Commitments and Contingencies

9 Months Ended

Aug. 28, 2021

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

11. 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.

Note 12 - Lease Guarantees

9 Months Ended

Aug. 28, 2021

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

12. Lease Guarantees

We have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one to three years. We were contingently liable under licensee lease obligation guarantees in the amounts of $1,959 and $1,811 at August 28, 2021 and November 28, 2020, 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 28, 2021 and November 28, 2020 was not material.

Note 13 - Earnings (Loss) Per Share

9 Months Ended

Aug. 28, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

13. Earnings (Loss) Per Share

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

	Net Income			Weighted Average Shares		Net Income Per Share
For the quarter ended August 28, 2021:

Basic earnings per share	$	3,016			9,779,928	$	0.31
Add effect of dilutive securities:
Options and restricted shares		-			5,415		-
Diluted earnings per share	$	3,016			9,785,343	$	0.31

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 nine months ended August 28, 2021:

Basic earnings per share	$	13,001			9,864,691	$	1.32
Add effect of dilutive securities:
Options and restricted shares		-			9,329		-
Diluted earnings per share	$	13,001			9,874,020	$	1.32

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	)

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

For the three and nine months ended August 28, 2021 and August 29, 2020, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

	Quarter Ended				Nine Months Ended
	August 28, 2021		August 29, 2020		August 28, 2021		August 29, 2020

Stock options		-		-		-		5,250
Unvested shares		-		3,500		7,105		88,153

Total anti-dilutive securities		-		3,500		7,105		93,403

Note 14 - Segment Information

9 Months Ended

Aug. 28, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

14. 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 and the associated cost is included in logistical services revenue and cost of logistical services, respectively, in our condensed consolidated statements of operations.

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

The following table presents our segment information:

	Quarter Ended						Nine Months Ended
	August 28, 2021			August 29, 2020			August 28, 2021			August 29, 2020
Sales Revenue
Wholesale sales of furniture and accessories	$	73,073		$	55,443		$	219,371		$	153,588
Less: Sales to retail segment		(26,779	)		(23,246	)		(84,303	)		(68,466	)
Wholesale sales to external customers		46,294			32,197			135,068			85,122
Retail sales of furniture and accessories		58,576			48,144			181,454			147,161
Consolidated net sales of furniture and accessories		104,870			80,341			316,522			232,283

Logistical services revenue		21,200			17,848			63,525			54,422
Less: Services to wholesale segment		(7,164	)		(6,630	)		(23,409	)		(19,225	)
Logistical services to external customers		14,036			11,218			40,116			35,197
Total sales revenue	$	118,906		$	91,559		$	356,638		$	267,480

Income (Loss) from Operations
Wholesale	$	4,466		$	3,324		$	14,622		$	(1,344	)
Retail - Company-owned stores		917			(1,585	)		3,663			(12,004	)
Logistical services		(486	)		1,022			1,267			15
Inter-company elimination		(407	)		(14	)		(662	)		2,266
Asset impairment charges		-			-			-			(12,184	)
Goodwill impairment charge		-			-			-			(1,971	)
Litigation expense		-			-			-			(1,050	)
Consolidated	$	4,490		$	2,747		$	18,890		$	(26,272	)

Depreciation and Amortization
Wholesale	$	835		$	747		$	2,456		$	2,338
Retail - Company-owned stores		1,528			1,516			4,625			4,958
Logistical services		1,202			747			3,377			2,953
Consolidated	$	3,565		$	3,010		$	10,458		$	10,249

Capital Expenditures
Wholesale	$	2,078		$	286		$	4,244		$	979
Retail - Company-owned stores		54			92			191			695
Logistical services		1,526			45			2,706			540
Consolidated	$	3,658		$	423		$	7,141		$	2,214

	As of		As of
Identifiable Assets	August 28, 2021		November 28, 2020
Wholesale	$	189,763	$	176,243
Retail - Company-owned stores		165,289		169,105
Logistical services		60,981		57,201
Consolidated	$	416,033	$	402,549

See Note 15, Revenue Recognition, for disaggregated revenue information regarding sales of furniture and accessories by product type for the wholesale and retail segments.

- 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 15 - Revenue Recognition

9 Months Ended

Aug. 28, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

15. 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 $51,103 and $39,762 as of August 28, 2021 and November 28, 2020, respectively. Substantially all of the customer deposits held at November 28, 2020 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 28, 2021.

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 were $962 and $783 as of August 28, 2021 and November 28, 2020, respectively. 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.

Sales commissions are expensed as part of selling, general and administrative expenses at the time revenue is recognized because the amortization period would have been one year or less. Sales commissions at wholesale are accrued upon the shipment of goods. Sales commissions at retail are accrued at the time a sale is written (i.e. – when the customer’s order is placed) and are carried as prepaid commissions in other current assets until the goods are delivered and revenue is recognized. At August 28, 2021 and November 28, 2020, our balance of prepaid commissions included in other current assets was $6,073 and $4,279, respectively. We do not incur sales commissions in our logistical services segment.

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.

Disaggregated revenue information for sales of furniture and accessories by product category for the three and nine months ended August 28, 2021 and August 29, 2020, excluding intercompany transactions between our segments, is as follows:

	Quarter Ended
	August 28, 2021						August 29, 2020
	Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	26,276	$	32,362	$	58,638	$	18,246	$	24,366	$	42,612
Bassett Leather		9,142		302		9,444		5,616		509		6,125
Bassett Custom Wood		5,745		7,674		13,419		4,623		4,542		9,165
Bassett Casegoods		5,131		10,394		15,525		3,712		11,428		15,140
Accessories, mattresses and other (1)		-		7,844		7,844		-		7,299		7,299
Consolidated net sales of furniture and accessories	$	46,294	$	58,576	$	104,870	$	32,197	$	48,144	$	80,341

	Nine Months Ended
	August 28, 2021						August 29, 2020
	Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	77,134	$	102,201	$	179,335	$	50,151	$	78,746	$	128,897
Bassett Leather		26,898		782		27,680		12,663		1,962		14,625
Bassett Custom Wood		17,921		20,756		38,677		12,877		12,710		25,587
Bassett Casegoods		13,115		32,175		45,290		9,431		31,379		40,810
Accessories, mattresses and other (1)		-		25,540		25,540		-		22,364		22,364
Consolidated net sales of furniture and accessories	$	135,068	$	181,454	$	316,522	$	85,122	$	147,161	$	232,283

(1)	Includes the sale of goods other than Bassett-branded products, such as accessories and bedding, and also includes the sale of furniture protection plans.

- 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 16 - Changes to Stockholders' Equity

9 Months Ended

Aug. 28, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

16. Changes to Stockholders’ Equity

The following changes in our stockholders’ equity occurred during the three and nine months ended August 28, 2021 and August 29, 2020:

	Quarter Ended						Nine Months Ended

	August 28, 2021			August 29, 2020			August 28, 2021			August 29, 2020
Common Stock:

Beginning of period	$	49,262		$	49,977		$	49,714		$	50,581
Issuance of common stock		23			80			143			198
Forfeited shares		-			-			-			(35	)
Purchase and retirement of common stock		(506	)		(174	)		(1,078	)		(861	)
End of period	$	48,779		$	49,883		$	48,779		$	49,883

Common Shares Issued and Outstanding:

Beginning of period		9,852,359			9,995,356			9,942,787			10,116,291
Issuance of common stock		4,587			16,064			28,623			39,572
Forfeited shares		-			-			-			(7,000	)
Purchase and retirement of common stock		(101,100	)		(34,907	)		(215,564	)		(172,350	)
End of period		9,755,846			9,976,513			9,755,846			9,976,513

Additional Paid-in Capital:

Beginning of period	$	-		$	-		$	-		$	195
Issuance of common stock		71			(21	)		165			19
Forfeited shares		-			-			-			35
Purchase and retirement of common stock		(119	)		(99	)		(275	)		(563	)
Stock based compensation		48			120			110			314
End of period	$	-		$	-		$	-		$	-

Retained Earnings:

Beginning of period	$	112,325		$	103,391		$	109,710		$	129,130
Cumulative effect of a change in accounting principal		-			-			-			(3,785	)
Net income (loss) for the period		3,016			2,178			13,001			(16,964	)
Purchase and retirement of common stock		(2,017	)		(27	)		(4,432	)		(332	)
Cash dividends declared		(1,366	)		(799	)		(6,321	)		(3,306	)
End of period	$	111,958		$	104,743		$	111,958		$	104,743

Accumulated Other Comprehensive Loss:

Beginning of period	$	(1,325	)	$	(1,187	)	$	(1,394	)	$	(1,236	)
Amortization of pension costs, net of tax		35			25			104			74
End of period	$	(1,290	)	$	(1,162	)	$	(1,290	)	$	(1,162	)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Note 17 - Recent Accounting Pronouncements

9 Months Ended

Aug. 28, 2021

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

17. Recent Accounting Pronouncements

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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Aug. 28, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	*Recently Adopted Accounting Pronouncements* Effective as of the beginning of fiscal 2021, we have adopted 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 previous GAAP. The new impairment model requires immediate recognition of estimated credit losses expected to occur for most financial assets and certain other instruments. We assessed the guidance under ASU 2016-13 as applied to our trade receivables and contract assets, and determined that there was no material impact to our financial condition or results of operations as a result of the adoption. Effective as of the beginning of fiscal 2021, we have adopted 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 (“ASU 2018-15”). ASU 2018-15 was issued 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. We adopted ASU 2018-15 on a prospective basis and the adoption did not have a material impact upon our financial condition or results of operations.
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 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 had a significant adverse impact upon many sectors of the economy, including non-essential retail commerce, beginning in our second fiscal quarter of 2020. In response to the restrictive measures imposed by governmental authorities and for the protection of our employees and customers, we temporarily closed our dedicated stores, our manufacturing locations and many of our warehouses for much of the second fiscal quarter of 2020. This extended period of suspended operations had a material adverse impact upon our results of operations during the second fiscal quarter of 2020 and resulted in a significant net loss for the nine months ended August 29, 2020. In addition to operating losses resulting from severely reduced sales volumes, we also recorded charges for goodwill impairment (Note 6) as well as for the impairment of certain other long-lived assets (Note 10). However, since restarting our manufacturing operations and reopening stores, we have seen a significant improvement in business conditions which allowed us to return to overall profitability for the third and fourth fiscal quarters of 2020 continuing through the first nine months of fiscal 2021. 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 the progress in mass vaccination programs in the U.S. has prompted state and local governments to substantially lift most remaining restrictions on commercial retail activity, the recent resurgence in COVID-19 cases due to the Delta variant, as well as any future variants of the coronavirus entering the U.S. could prompt a return to tighter restrictions in certain areas of the country. Furthermore, pandemic-related labor shortages and supply chain disruptions are ongoing and order cancellations could result if the present delays in order fulfillment continue. Therefore, uncertainty remains regarding the ongoing impact of the COVID-19 pandemic 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. 28, 2021

Notes Tables

Schedule Of Accounts Receivable [Table Text Block]

	August 28, 2021			November 28, 2020
Gross accounts receivable	$	27,874		$	23,551
Allowance for doubtful accounts		(1,105	)		(1,211	)
Accounts receivable, net	$	26,769		$	22,340

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


Balance at November 28, 2020	$	1,211
Reductions to allowance		(106	)
Balance at August 28, 2021	$	1,105

Note 5 - Inventories (Tables)

9 Months Ended

Aug. 28, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	August 28, 2021			November 28, 2020
Wholesale finished goods	$	34,826		$	25,001
Work in process		699			516
Raw materials and supplies		21,276			14,836
Retail merchandise		31,501			27,946
Total inventories on first-in, first-out method		88,302			68,299
LIFO adjustment		(10,031	)		(8,891	)
Reserve for excess and obsolete inventory		(4,444	)		(4,522	)
	$	73,827		$	54,886

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

	Wholesale Segment			Retail Segment			Total

Balance at November 28, 2020	$	3,421		$	1,101		$	4,522
Additions charged to expense		1,227			748			1,975
Write-offs		(1,369	)		(684	)		(2,053	)
Balance at August 28, 2021	$	3,279		$	1,165		$	4,444

Note 6 - Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Aug. 28, 2021

Notes Tables

Schedule of Intangible Assets and Goodwill [Table Text Block]

	August 28, 2021
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(1,541	)	$	2,009
Technology - customized applications		834		(784	)		50

Total intangible assets subject to amortization	$	4,384	$	(2,325	)		2,059

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

Total goodwill and other intangible assets						$	23,543

	November 28, 2020
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization
Customer relationships	$	3,550	$	(1,346	)	$	2,204
Technology - customized applications		834		(695	)		139

Total intangible assets subject to amortization	$	4,384	$	(2,041	)		2,343

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

Total goodwill and other intangible assets						$	23,827

Schedule of Goodwill [Table Text Block]

	Original		Accumulated
	Recorded		Impairment			Carrying
	Value		Losses			Amount

Wholesale	$	9,188	$	(1,971	)	$	7,217
Retail		1,926		(1,926	)		-
Logistical services		4,929		-			4,929

Total goodwill	$	16,043	$	(3,897	)	$	12,146

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

	Quarter Ended				Nine Months Ended
	August 28, 2021		August 29, 2020		August 28, 2021		August 29, 2020

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

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

Remainder of fiscal 2021	$	95
Fiscal 2022		279
Fiscal 2023		259
Fiscal 2024		259
Fiscal 2025		259
Fiscal 2026		259
Thereafter		649

Total	$	2,059

Note 8 - Post Employment Benefit Obligations (Tables)

9 Months Ended

Aug. 28, 2021

Notes Tables

Schedule of Pension Liability [Table Text Block]

	August 28, 2021		November 28, 2020
Accrued compensation and benefits	$	613	$	613
Post employment benefit obligations		9,378		9,458

Total pension liability	$	9,991	$	10,071

Schedule of Net Benefit Costs [Table Text Block]

	Quarter Ended				Nine Months Ended
	August 28, 2021		August 29, 2020		August 28, 2021		August 29, 2020
Service cost	$	31	$	43	$	91	$	130
Interest cost		48		67		146		201
Amortization of prior service costs		31		31		94		94
Amortization of loss		15		2		45		6

Net periodic pension cost	$	125	$	143	$	376	$	431

Schedule of Deferred Compensation Liability [Table Text Block]

	August 28, 2021		November 28, 2020
Accrued compensation and benefits	$	296	$	296
Post employment benefit obligations		3,076		2,631

Total deferred compensation liability	$	3,372	$	2,927

Recognized Deferred Compensation Expense [Table Text Block]

Quarter Ended

Nine Months Ended

August 28,

2021

August 29,

2020

August 28,

2021

August 29,

2020

Deferred compensation expense

190

451

483

Note 9 - Stock Compensation (Tables)

9 Months Ended

Aug. 28, 2021

Notes Tables

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

Quarter Ended

Nine Months Ended

August 28,

2021

August 29,

2020

August 28,

2021

August 29,

2020

Stock compensation expense

120

110

335

Note 13 - Earnings (Loss) Per Share (Tables)

9 Months Ended

Aug. 28, 2021

Notes Tables

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

	Net Income			Weighted Average Shares		Net Income Per Share
For the quarter ended August 28, 2021:

Basic earnings per share	$	3,016			9,779,928	$	0.31
Add effect of dilutive securities:
Options and restricted shares		-			5,415		-
Diluted earnings per share	$	3,016			9,785,343	$	0.31

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 nine months ended August 28, 2021:

Basic earnings per share	$	13,001			9,864,691	$	1.32
Add effect of dilutive securities:
Options and restricted shares		-			9,329		-
Diluted earnings per share	$	13,001			9,874,020	$	1.32

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	)

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

	Quarter Ended				Nine Months Ended
	August 28, 2021		August 29, 2020		August 28, 2021		August 29, 2020

Stock options		-		-		-		5,250
Unvested shares		-		3,500		7,105		88,153

Total anti-dilutive securities		-		3,500		7,105		93,403

Note 14 - Segment Information (Tables)

9 Months Ended

Aug. 28, 2021

Notes Tables

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

	Quarter Ended						Nine Months Ended
	August 28, 2021			August 29, 2020			August 28, 2021			August 29, 2020
Sales Revenue
Wholesale sales of furniture and accessories	$	73,073		$	55,443		$	219,371		$	153,588
Less: Sales to retail segment		(26,779	)		(23,246	)		(84,303	)		(68,466	)
Wholesale sales to external customers		46,294			32,197			135,068			85,122
Retail sales of furniture and accessories		58,576			48,144			181,454			147,161
Consolidated net sales of furniture and accessories		104,870			80,341			316,522			232,283

Logistical services revenue		21,200			17,848			63,525			54,422
Less: Services to wholesale segment		(7,164	)		(6,630	)		(23,409	)		(19,225	)
Logistical services to external customers		14,036			11,218			40,116			35,197
Total sales revenue	$	118,906		$	91,559		$	356,638		$	267,480

Income (Loss) from Operations
Wholesale	$	4,466		$	3,324		$	14,622		$	(1,344	)
Retail - Company-owned stores		917			(1,585	)		3,663			(12,004	)
Logistical services		(486	)		1,022			1,267			15
Inter-company elimination		(407	)		(14	)		(662	)		2,266
Asset impairment charges		-			-			-			(12,184	)
Goodwill impairment charge		-			-			-			(1,971	)
Litigation expense		-			-			-			(1,050	)
Consolidated	$	4,490		$	2,747		$	18,890		$	(26,272	)

Depreciation and Amortization
Wholesale	$	835		$	747		$	2,456		$	2,338
Retail - Company-owned stores		1,528			1,516			4,625			4,958
Logistical services		1,202			747			3,377			2,953
Consolidated	$	3,565		$	3,010		$	10,458		$	10,249

Capital Expenditures
Wholesale	$	2,078		$	286		$	4,244		$	979
Retail - Company-owned stores		54			92			191			695
Logistical services		1,526			45			2,706			540
Consolidated	$	3,658		$	423		$	7,141		$	2,214

	As of		As of
Identifiable Assets	August 28, 2021		November 28, 2020
Wholesale	$	189,763	$	176,243
Retail - Company-owned stores		165,289		169,105
Logistical services		60,981		57,201
Consolidated	$	416,033	$	402,549

Note 15 - Revenue Recognition (Tables)

9 Months Ended

Aug. 28, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Quarter Ended
	August 28, 2021						August 29, 2020
	Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	26,276	$	32,362	$	58,638	$	18,246	$	24,366	$	42,612
Bassett Leather		9,142		302		9,444		5,616		509		6,125
Bassett Custom Wood		5,745		7,674		13,419		4,623		4,542		9,165
Bassett Casegoods		5,131		10,394		15,525		3,712		11,428		15,140
Accessories, mattresses and other (1)		-		7,844		7,844		-		7,299		7,299
Consolidated net sales of furniture and accessories	$	46,294	$	58,576	$	104,870	$	32,197	$	48,144	$	80,341

	Nine Months Ended
	August 28, 2021						August 29, 2020
	Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	77,134	$	102,201	$	179,335	$	50,151	$	78,746	$	128,897
Bassett Leather		26,898		782		27,680		12,663		1,962		14,625
Bassett Custom Wood		17,921		20,756		38,677		12,877		12,710		25,587
Bassett Casegoods		13,115		32,175		45,290		9,431		31,379		40,810
Accessories, mattresses and other (1)		-		25,540		25,540		-		22,364		22,364
Consolidated net sales of furniture and accessories	$	135,068	$	181,454	$	316,522	$	85,122	$	147,161	$	232,283

Note 16 - Changes to Stockholders' Equity (Tables)

9 Months Ended

Aug. 28, 2021

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	Quarter Ended						Nine Months Ended

	August 28, 2021			August 29, 2020			August 28, 2021			August 29, 2020
Common Stock:

Beginning of period	$	49,262		$	49,977		$	49,714		$	50,581
Issuance of common stock		23			80			143			198
Forfeited shares		-			-			-			(35	)
Purchase and retirement of common stock		(506	)		(174	)		(1,078	)		(861	)
End of period	$	48,779		$	49,883		$	48,779		$	49,883

Common Shares Issued and Outstanding:

Beginning of period		9,852,359			9,995,356			9,942,787			10,116,291
Issuance of common stock		4,587			16,064			28,623			39,572
Forfeited shares		-			-			-			(7,000	)
Purchase and retirement of common stock		(101,100	)		(34,907	)		(215,564	)		(172,350	)
End of period		9,755,846			9,976,513			9,755,846			9,976,513

Additional Paid-in Capital:

Beginning of period	$	-		$	-		$	-		$	195
Issuance of common stock		71			(21	)		165			19
Forfeited shares		-			-			-			35
Purchase and retirement of common stock		(119	)		(99	)		(275	)		(563	)
Stock based compensation		48			120			110			314
End of period	$	-		$	-		$	-		$	-

Retained Earnings:

Beginning of period	$	112,325		$	103,391		$	109,710		$	129,130
Cumulative effect of a change in accounting principal		-			-			-			(3,785	)
Net income (loss) for the period		3,016			2,178			13,001			(16,964	)
Purchase and retirement of common stock		(2,017	)		(27	)		(4,432	)		(332	)
Cash dividends declared		(1,366	)		(799	)		(6,321	)		(3,306	)
End of period	$	111,958		$	104,743		$	111,958		$	104,743

Accumulated Other Comprehensive Loss:

Beginning of period	$	(1,325	)	$	(1,187	)	$	(1,394	)	$	(1,236	)
Amortization of pension costs, net of tax		35			25			104			74
End of period	$	(1,290	)	$	(1,162	)	$	(1,290	)	$	(1,162	)

Note 2 - Interim Financial Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Aug. 28, 2021	Aug. 29, 2020	Nov. 24, 2018
Effective Income Tax Rate Reconciliation, Percent, Total	27.20%	36.80%	27.30%	(36.50%)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%		35.00%
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount			$ 117

Note 3 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($)	9 Months Ended
	Aug. 28, 2021	Nov. 28, 2020
Short-term Investments, Total	$ 17,715,000	$ 17,715,000
Certificates of Deposit, Average Term (Month)	8 months
Minimum [Member]
Interest Rate of Certificates of Deposit	0.01%
Maximum [Member]
Interest Rate of Certificates of Deposit	0.85%
Weighted Average [Member]
Certificates of Deposit, Average Term (Month)	5 months
Interest Rate of Certificates of Deposit	0.05%
Certificates of Deposit [Member]
Short-term Investments, Total	$ 17,715,000	$ 17,715

Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Aug. 28, 2021	Nov. 28, 2020
Gross accounts receivable	$ 27,874	$ 23,551
Allowance for doubtful accounts	(1,105)	(1,211)
Accounts receivable, net	$ 26,769	$ 22,340

Note 4 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	9 Months Ended
	Aug. 28, 2021 USD ($)
Balance	$ 1,211
Reductions to allowance	(106)
Balance	$ 1,105

Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Aug. 28, 2021	Nov. 28, 2020
Wholesale finished goods	$ 34,826	$ 25,001
Work in process	699	516
Raw materials and supplies	21,276	14,836
Retail merchandise	31,501	27,946
Total inventories on first-in, first-out method	88,302	68,299
LIFO adjustment	(10,031)	(8,891)
Reserve for excess and obsolete inventory	(4,444)	(4,522)
Inventory, Net, Total	$ 73,827	$ 54,886

Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020
Balance	$ 4,522
Additions charged to expense	1,975	$ 3,814
Write-offs	(2,053)
Balance	4,444
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	3,421
Additions charged to expense	1,227
Write-offs	(1,369)
Balance	3,279
Operating Segments [Member] \| Retail Segment [Member]
Balance	1,101
Additions charged to expense	748
Write-offs	(684)
Balance	$ 1,165

Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Aug. 28, 2021	Aug. 29, 2020
Goodwill, Impairment Loss	$ (0)	$ (0)	$ 0	$ 1,971

Note 6 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 28, 2021	Nov. 28, 2020
Intangibles subject to amortization, Gross Carrying Amount	$ 4,384	$ 4,384
Intangibles subject to amortization, Accumulated Amortization	(2,325)	(2,041)
Intangibles subject to amortization, Intangible Assets, Net	2,059	2,343
Trade names	9,338	9,338
Goodwill	12,146	12,146
Total goodwill and other intangible assets	23,543	23,827
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,550	3,550
Intangibles subject to amortization, Accumulated Amortization	(1,541)	(1,346)
Intangibles subject to amortization, Intangible Assets, Net	2,009	2,204
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(784)	(695)
Intangibles subject to amortization, Intangible Assets, Net	$ 50	$ 139

Note 6 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	Aug. 28, 2021	Nov. 28, 2020
Original recorded value	$ 16,043
Goodwill Impairment	(3,897)
Goodwill, gross amount	12,146	$ 12,146
Wholesale Segment [Member]
Original recorded value	9,188
Goodwill Impairment	(1,971)
Goodwill, gross amount	7,217
Retail Segment [Member]
Original recorded value	1,926
Goodwill Impairment	(1,926)
Goodwill, gross amount	0
Logistical Services [Member]
Original recorded value	4,929
Goodwill Impairment	0
Goodwill, gross amount	$ 4,929

Note 6 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Aug. 28, 2021	Aug. 29, 2020
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. 28, 2021	Nov. 28, 2020
Remainder of fiscal 2021	$ 95
Fiscal 2022	279
Fiscal 2023	259
Fiscal 2024	259
Fiscal 2025	259
Fiscal 2026	259
Thereafter	649
Total	$ 2,059	$ 2,343

Note 7 - Bank Credit Facility (Details Textual) $ in Thousands	9 Months Ended
	Aug. 28, 2021 USD ($)
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000
Letters of Credit Outstanding, Amount	3,931
Line of Credit Facility, Remaining Borrowing Capacity	$ 21,069
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

Note 8 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2017	Aug. 28, 2021	Nov. 28, 2020
Liability, Other Postretirement Defined Benefit Plan		$ 8,444	$ 8,565
Unfunded Deferred Compensation Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		1,652	1,677
Deferred Compensation, Management Savings Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		1,720	1,250
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		$ 1,547	$ 1,506

Note 8 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Aug. 28, 2021	Nov. 28, 2020
Combined pension liability	$ 9,991	$ 10,071
Accrued Compensation and Benefits [Member]
Combined pension liability	613	613
Post Employment Benefit Obligations [Member]
Combined pension liability	$ 9,378	$ 9,458

Note 8 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Aug. 28, 2021	Aug. 29, 2020
Service cost	$ 31	$ 43	$ 91	$ 130
Interest cost	48	67	146	201
Amortization of prior service costs	31	31	94	94
Amortization of loss	15	2	45	6
Net periodic pension cost	$ 125	$ 143	$ 376	$ 431

Note 8 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	Aug. 28, 2021	Nov. 28, 2020
Liability for all deferred compensation arrangements	$ 3,372	$ 2,927
Accrued Compensation and Benefits [Member]
Liability for all deferred compensation arrangements	296	296
Post Employment Benefit Obligations [Member]
Liability for all deferred compensation arrangements	$ 3,076	$ 2,631

Note 8 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Aug. 28, 2021	Aug. 29, 2020
Deferred compensation expense	$ 96	$ 190	$ 451	$ 483

Note 9 - Stock Compensation (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Mar. 10, 2021
Payment, Tax Withholding, Share-based Payment Arrangement	$ 219	$ 214
Proceeds from Stock Options Exercised	$ 42	$ 0
Plan 2021 [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)			500,000
Plan 2021 [Member] \| Restricted Stock [Member] \| Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	7,105
Share-based Compensation Arrangement By Share-based Payment, Award, Equity Instruments, Other Than Options, Grants, Fair Value	$ 175
Plan 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)	5,250
Proceeds from Stock Options Exercised	$ 42
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)	0
Plan 2010 [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	31,000
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)	10,850
Payment, Tax Withholding, Share-based Payment Arrangement	$ 219
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)	3,500

Note 9 - Stock Compensation - Compensation Expense Related to Restricted Stock and Stock Options Included in Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Aug. 28, 2021	Aug. 29, 2020
Stock compensation expense	$ 48	$ 120	$ 110	$ 335

Note 10 - Other Operating Losses (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Aug. 29, 2020	Aug. 29, 2020
Gain (Loss) from Company Owned Life Insurance	$ 914	$ 914
Wage and Hour Violation Claims [Member]
Loss Contingency Accrual, Provision		1,050
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 12 - Lease Guarantees (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 28, 2021	Nov. 28, 2020
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,959	$ 1,811
Minimum [Member]
Lease Guarantees Term (Year)	1 year
Maximum [Member]
Lease Guarantees Term (Year)	3 years

Note 13 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Aug. 28, 2021	Aug. 29, 2020
Basic earnings (losses) per share	$ 3,016	$ 2,178	$ 13,001	$ (16,964)
Basic earnings (loss) per share, weighted average shares (in shares)	9,779,928	9,955,382	9,864,691	9,979,861
Basic earnings (loss) per share (in dollars per share)	$ 0.31	$ 0.22	$ 1.32	$ (1.70)
Options and restricted shares, net income	$ 0	$ 0
Options and restricted shares, weighted average shares (in shares)	5,415	16,263	9,329
Diluted earnings (loss) per share	$ 3,016	$ 2,178	$ 13,001	$ (16,964)
Diluted income (loss) per share, weighted average shares (in shares)	9,785,343	9,971,645	9,874,020	9,979,861
Diluted earnings (loss) per share (in dollars per share)	$ 0.31	$ 0.22	$ 1.32	$ (1.70)
Diluted earnings (loss) per share	$ 3,016	$ 2,178	$ 13,001	$ (16,964)
Diluted income (loss) per share (in shares)	9,785,343	9,971,645	9,874,020	9,979,861

- Definition

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

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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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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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-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 60B
-Subparagraph (c)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Note 13 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Aug. 28, 2021	Aug. 29, 2020
Antidilutive securities (in shares)	0	3,500	7,105	93,403
Share-based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	0	0	0	5,250
Unvested Shares [Member]
Antidilutive securities (in shares)	0	3,500	7,105	88,153

Note 14 - Segment Information (Details Textual)	9 Months Ended
Note 14 - Segment Information (Details Textual)	Aug. 28, 2021
Number of Reportable Segments	3

Note 14 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Aug. 28, 2021	Aug. 29, 2020	Nov. 28, 2020
Sales revenues	$ 118,906	$ 91,559	$ 356,638	$ 267,480
Income (loss) from Operations	4,490	2,747	18,890	(26,272)
Asset impairment charges	0	0	0	(12,184)
Goodwill impairment charge	0	0	0	(1,971)
Litigation expense	0	0	0	(1,050)
Depreciation and amortization	3,565	3,010	10,458	10,249
Capital expenditures	3,658	423	7,141	2,214
Identifiable Assets	416,033		416,033		$ 402,549
Wholesale Segment [Member]
Sales revenues	46,294	32,197	135,068	85,122
Logistical Services [Member]
Sales revenues	14,036	11,218	40,116	35,197
Furniture and Accessories [Member]
Sales revenues	104,870	80,341	316,522	232,283
Operating Segments [Member] \| Wholesale Segment [Member]
Sales revenues	73,073	55,443	219,371	153,588
Income (loss) from Operations	4,466	3,324	14,622	(1,344)
Depreciation and amortization	835	747	2,456	2,338
Capital expenditures	2,078	286	4,244	979
Identifiable Assets	189,763		189,763		176,243
Operating Segments [Member] \| Retail Segment [Member]
Sales revenues	58,576	48,144	181,454	147,161
Income (loss) from Operations	917	(1,585)	3,663	(12,004)
Depreciation and amortization	1,528	1,516	4,625	4,958
Capital expenditures	54	92	191	695
Identifiable Assets	165,289		165,289		169,105
Operating Segments [Member] \| Logistical Services [Member]
Sales revenues	21,200	17,848	63,525	54,422
Income (loss) from Operations	(486)	1,022	1,267	15
Depreciation and amortization	1,202	747	3,377	2,953
Capital expenditures	1,526	45	2,706	540
Identifiable Assets	60,981		60,981		$ 57,201
Intersegment Eliminations [Member]
Income (loss) from Operations	(407)	(14)	(662)	2,266
Intersegment Eliminations [Member] \| Wholesale Segment [Member]
Sales revenues	(26,779)	(23,246)	(84,303)	(68,466)
Intersegment Eliminations [Member] \| Logistical Services [Member]
Sales revenues	$ (7,164)	$ (6,630)	$ (23,409)	$ (19,225)

Note 15 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Aug. 28, 2021	Nov. 28, 2020
Contract with Customer, Liability, Total	$ 51,103	$ 39,762
Maximum [Member]
Contract with Customer, Timing of Payment (Year)	1 year
Sales Commissions [Member] \| Other Current Assets [Member]
Capitalized Contract Cost, Net, Total	$ 6,073	4,279
Shipping and Handling [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 962	$ 783

Note 15 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Aug. 28, 2021

Aug. 29, 2020

Aug. 28, 2021

Aug. 29, 2020

Sales revenues

$ 118,906

$ 91,559

$ 356,638

$ 267,480

Bassett Custom Upholstery [Member]

Sales revenues

58,638

42,612

179,335

128,897

Bassett Leather [Member]

Sales revenues

9,444

6,125

27,680

14,625

Bassett Custom Wood [Member]

Sales revenues

13,419

9,165

38,677

25,587

Bassett Casegoods [Member]

Sales revenues

15,525

15,140

45,290

40,810

Accessories, Mattresses and Other [Member]

Sales revenues

^[1]

7,844

7,299

25,540

22,364

Furniture and Accessories [Member]

Sales revenues

104,870

80,341

316,522

232,283

Wholesale Segment [Member]

Sales revenues

46,294

32,197

135,068

85,122

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

Sales revenues

26,276

18,246

77,134

50,151

Wholesale Segment [Member] | Bassett Leather [Member]

Sales revenues

9,142

5,616

26,898

12,663

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

Sales revenues

5,745

4,623

17,921

12,877

Wholesale Segment [Member] | Bassett Casegoods [Member]

Sales revenues

5,131

3,712

13,115

9,431

Wholesale Segment [Member] | Accessories, Mattresses and Other [Member]

Sales revenues

^[1]

Wholesale Segment [Member] | Furniture and Accessories [Member]

Sales revenues

46,294

32,197

135,068

85,122

Retail Segment [Member] | Bassett Custom Upholstery [Member]

Sales revenues

32,362

24,366

102,201

78,746

Retail Segment [Member] | Bassett Leather [Member]

Sales revenues

302

509

782

1,962

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

Sales revenues

7,674

4,542

20,756

12,710

Retail Segment [Member] | Bassett Casegoods [Member]

Sales revenues

10,394

11,428

32,175

31,379

Retail Segment [Member] | Accessories, Mattresses and Other [Member]

Sales revenues

^[1]

7,844

7,299

25,540

22,364

Retail Segment [Member] | Furniture and Accessories [Member]

Sales revenues

$ 58,576

$ 48,144

$ 181,454

$ 147,161

[1]	Includes the sale of goods other than Bassett-branded products, such as accessories and bedding, and also includes the sale of furniture protection plans.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 16 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 28, 2021	Aug. 29, 2020	Aug. 28, 2021	Aug. 29, 2020
Balance			$ 158,030
Net income (loss) for the period	$ 3,016	$ 2,178	13,001	$ (16,964)
Balance	159,447		159,447
Common Stock [Member]
Balance	49,262	49,977	49,714	50,581
Issuance of common stock	23	80	143	198
Forfeited shares	0	0	0	(35)
Purchase and retirement of common stock	$ (506)	$ (174)	$ (1,078)	$ (861)
Balance, shares (in shares)	9,852,359	9,995,356	9,942,787	10,116,291
Issuance of common stock, shares (in shares)	4,587	16,064	28,623	39,572
Forfeited shares (in shares)	0	0	0	(7,000)
Purchase and retirement of common stock, shares (in shares)	(101,100)	(34,907)	(215,564)	(172,350)
Balance, shares (in shares)	9,755,846	9,976,513	9,755,846	9,976,513
Balance	$ 48,779	$ 49,883	$ 48,779	$ 49,883
Paid in Capital [Member]
Balance	0	0	0	195
Issuance of common stock	71	(21)	165	19
Forfeited shares	0	0	0	35
Purchase and retirement of common stock	(119)	(99)	(275)	(563)
Stock based compensation	48	120	110	314
Balance	0	0	0	0
Retained Earnings [Member]
Balance	112,325	103,391	109,710	129,130
Purchase and retirement of common stock	(2,017)	(27)	(4,432)	(332)
Cumulative effect of a change in accounting principal	0	0	0	(3,785)
Net income (loss) for the period	3,016	2,178	13,001	(16,964)
Cash dividends declared	(1,366)	(799)	(6,321)	(3,306)
Balance	111,958	104,743	111,958	104,743
AOCI Attributable to Parent [Member]
Balance	(1,325)	(1,187)	(1,394)	(1,236)
Amortization of pension costs, net of tax	35	25	104	74
Balance	$ (1,290)	$ (1,162)	$ (1,290)	$ (1,162)