0001437749-22-001938 | 10-K | XBRL Viewer | Bassett Furniture Industries INC

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

1.	Description of Business

Bassett Furniture Industries, Incorporated (together with its consolidated subsidiaries, “Bassett”, “we”, “our”, the “Company”) based in Bassett, Virginia, is a leading manufacturer, marketer and retailer of branded home furnishings. Bassett’s full range of furniture products and accessories, designed to provide quality, style and value, are sold through an exclusive nation-wide network of 97 retail stores known as Bassett Home Furnishings (referred to as “BHF”). Of the 97 stores, the Company owns and operates 63 stores (“Company-owned retail stores”) with the other 34 being independently owned (“licensee operated”). We also distribute our products through other multi-line furniture stores, many of which feature Bassett galleries or design centers.

We sourced approximately 24% of our wholesale products from various foreign countries, with the remaining volume produced at our five domestic manufacturing facilities.

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 2020. In addition to operating losses resulting from severely reduced sales volumes, we also recorded charges for goodwill impairment (Note 7) as well as for the impairment of certain other long-lived assets (Note 13). 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 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 and Omicron variants, 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 - Significant Accounting Policies

12 Months Ended

Nov. 27, 2021

Significant Accounting Policies [Text Block]

2. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Our fiscal year ends on the last Saturday in November, which periodically results in a 53-week year. Fiscal 2019 contained 53 weeks while fiscal 2021 and 2020 each contained 52 weeks. The Consolidated Financial Statements include the accounts of Bassett Furniture Industries, Incorporated and our majority-owned subsidiaries in which we have a controlling interest. All significant intercompany balances and transactions are eliminated in consolidation. Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated, and Zenith’s operating costs and expenses are reported as cost of logistical services in our consolidated statements of operations. The financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Unless otherwise indicated, references in the Consolidated Financial Statements to fiscal 2021, 2020 and 2019 are to Bassett's fiscal year ended November 27, 2021, November 28, 2020 and November 30, 2019, respectively. References to the “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP.

We analyzed our licensees under the requirements for variable interest entities (“VIEs”). All of these licensees operate as BHF stores and are furniture retailers. We sell furniture to these licensees, and in some cases have extended credit beyond normal terms, made lease guarantees, guaranteed loans, or loaned directly to the licensees. We have recorded reserves for potential exposures related to these licensees. See Note 14 for disclosure of leases and lease guarantees. Based on financial projections and best available information, all licensees have sufficient equity to carry out their principal operating activities without subordinated financial support. Furthermore, we believe that the power to direct the activities that most significantly impact the licensees’ operating performance continues to lie with the ownership of the licensee dealers. Our rights to assume control over or otherwise influence the licensees’ significant activities only exist pursuant to our license and security agreements and are in the nature of protective rights as contemplated under ASC Topic 810. We completed our assessment for other potential VIEs, and concluded that there were none. We will continue to reassess the status of potential VIEs including when facts and circumstances surrounding each potential VIE change.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, the valuation of our reporting units for the purpose of testing the carrying value of goodwill, and the valuation of our right of use assets. We also utilize estimates in determining the valuation of income tax reserves, lease guarantees, insurance reserves, and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates.

Revenue Recognition

ASC Topic 606, Revenue from Contracts with Customers, requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. For our wholesale and retail segments, revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer.

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

At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. We typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $51,492 and $39,762 as of November 27, 2021 and November 28, 2020, respectively. Substantially all of the customer deposits held at November 28, 2020 related to performance obligations satisfied during fiscal 2021 and have therefore been recognized in revenue for the year ended November 27, 2021. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. We also sell furniture protection plans to our retail customers on behalf of a third party which is responsible for the performance obligations under the plans. Revenue from the sale of these plans is recognized upon delivery of the goods net of amounts payable to the third party service provider.

For our logistical services segment, line-haul freight revenue is recognized as services are performed and are billed to the customer upon the completion of delivery to the destination. Because the customer receives the benefits of these services as the freight is in transit from point of origin to destination, we recognize revenue using a percentage of completion method based on our estimate of the amount of time freight has been in transit as of the reporting date compared with our estimate of the total required time for the deliveries. We recognize an asset for the amount of line-haul revenue earned but not yet billed which is included in other current assets. The balance of this asset was $1,240 and $783 at November 27, 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. All invoices for logistical services are due 30 days from invoice date.

Sales commissions are expensed as part of selling, general and administrative expenses at the time revenue is recognized because the amortization period would have been one year or less. Sales commissions at wholesale are accrued upon the shipment of goods. Sales commissions at retail are accrued at the time a sale is written (i.e. – when the customer’s order is placed) and are carried as prepaid commissions in other current assets until the goods are delivered and revenue is recognized. At November 27, 2021 and November 28, 2020, our balance of prepaid commissions included in other current assets was $6,221 and $4,279, respectively. We do not incur sales commissions in our logistical services segment.

For our accounting and reporting under ASC 606, we apply the following policy elections and practical expedients:

•

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

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

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

See Note 18 for disaggregated revenue information.

Cash Equivalents and Short-Term Investments

The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Our short-term investments consist of certificates of deposit that have original maturities of twelve months or less but greater than three months.

Accounts Receivable

Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for credit losses for estimated losses resulting from the inability of our customers to make required payments. The allowance for credit losses 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.

Concentrations of Credit Risk and Major Customers

Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At November 27, 2021 and November 28, 2020, our aggregate exposure from receivables and guarantees related to customers consisted of the following:

2021

2020

Accounts receivable, net of allowances (Note 4)
$ 28,168 $ 22,340

Contingent obligations under lease and loan guarantees, less amounts recognized (Note 14)
1,794 1,760

Other
86 376

Total credit risk exposure related to customers
$ 30,048 $ 24,476

At November 27, 2021 and November 28, 2020, approximately 22% and 24%, respectively, of the aggregate risk exposure, net of reserves, shown above was attributable to five customers. In fiscal 2021, 2020 and 2019, no customer accounted for more than 10% of total consolidated net sales. However, two customers accounted for approximately 23%, 29% and 44% of our consolidated revenue from logistical services during 2021, 2020 and 2019, respectively.

We have no foreign manufacturing or retail operations. We define export sales as sales to any country or territory other than the United States or its territories or possessions. Our export sales were approximately $488, $789, and $1,846 in fiscal 2021, 2020, and 2019, respectively. All of our export sales are invoiced and settled in U.S. dollars.

Inventories

Inventories (retail merchandise, finished goods, work in process and raw materials) accounted for under the first-in, first out (“FIFO”) method are stated at the lower of cost or net realizable value or, in the case of inventory accounted for under the last-in, first out (“LIFO”) method, at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the LIFO method because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories as well as Lane Venture and Bassett Outdoor product inventories are determined on a first-in, first-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented 53% and 53% of total inventory before reserves at November 27, 2021 and November 28, 2020, respectively. We estimate inventory reserves for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand and market conditions. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required.

Property and Equipment

Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company-owned retail operations, our logistical services operations, and corporate administration. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Machinery and equipment are generally depreciated over a period of 5 to 10 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter.

Goodwill

Goodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wood, Upholstery, Retail or Logistical Services. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired.

In accordance with ASC Topic 350, Intangibles – Goodwill & Other, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test described in ASC Topic 350 (as amended by Accounting Standards Update No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which we adopted for our annual evaluation of goodwill performed as of September 1, 2019). The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the quantitative evaluation process. Based on our qualitative assessment as described above for the annual test during fiscal 2019, we concluded that, given declines in our income from operations, primarily resulting from operating losses incurred in our retail reporting unit, as well as in our stock price since the previous analysis in fiscal 2018, it was necessary to perform the quantitative evaluation. As a result of this test, we recorded an impairment charge of $1,926 during the year ended November 30, 2019. In addition, we performed an interim test of goodwill as of May 30, 2020 due to the severe impact of the COVID-19 pandemic and resulting business interruption during the second fiscal quarter of 2020. This interim test resulted in an impairment charge of $1,971 for the year ended November 28, 2020. For the annual tests of goodwill performed as of the beginning of the fourth fiscal quarters of 2021 and 2020, we performed the qualitative assessment as described above and concluded that there was no additional impairment of our goodwill as of November 27, 2021 or November 28, 2020.

The quantitative evaluation compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, a goodwill impairment charge will be recognized in the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the total goodwill assigned to the reporting unit. The determination of the fair value of our reporting units is based on a combination of a market approach, that considers benchmark company market multiples, an income approach, that utilizes discounted cash flows for each reporting unit and other Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosure (see Note 4), and, in the case of our retail reporting unit, a cost approach that utilizes estimates of net asset value. The cash flows used to determine fair value are dependent on a number of significant management assumptions such as our expectations of future performance and the expected future economic environment, which are partly based upon our historical experience. Our estimates are subject to change given the inherent uncertainty in predicting future results. Additionally, the discount rate and the terminal growth rate are based on our judgment of the rates that would be utilized by a hypothetical market participant. As part of the goodwill impairment testing, we also consider our market capitalization in assessing the reasonableness of the combined fair values estimated for our reporting units. While we believe such assumptions and estimates are reasonable, the actual results may differ materially from the projected amounts. See Note 7 for additional information regarding the results of our annual goodwill impairment test performed as of September 1, 2019 and our interim test performed as of May 30, 2020.

Leases

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

We lease land and buildings that are used in the operation of our Company-owned retail stores as well as in the operation of certain of our licensee-owned stores, and we lease land and buildings at various locations throughout the continental United States for warehousing and distribution hubs used in our retail and logistical services segments. We also lease tractors and trailers used in our logistical services segment, and local delivery trucks used in our retail segment. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Our real estate lease terms range from one to 15 years and generally have renewal options of between five and 15 years. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet this criteria are included in the lease term at lease commencement.

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

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

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

Prior to fiscal 2020, our leases have been accounted for and reported in accordance with ASC Topic 840, Leases. Total lease payments over the non-cancellable term of a lease were recognized as rent expense on a straight-line basis over the lease term, with the excess of expense recognized over lease payments made carried as a deferred rent liability on the balance sheet. Any lease incentive payments received from lessors were recorded as a liability on the balance sheet and amortized as a reduction of rent expense over the term of the lease.

See Note 14 for additional information regarding our leases.

Other Intangible Assets

Intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized but are tested for impairment annually or between annual tests when an impairment indicator exists. The recoverability of indefinite-lived intangible assets is assessed by comparison of the carrying value of the asset to its estimated fair value. If we determine that the carrying value of the asset exceeds its estimated fair value, an impairment loss equal to the excess would be recorded.

Definite-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We estimate the useful lives of our intangible assets and ratably amortize the value over the estimated useful lives of those assets. If the estimates of the useful lives should change, we will amortize the remaining book value over the remaining useful lives or, if an asset is deemed to be impaired, a write-down of the value of the asset may be required at such time.

Impairment of Long Lived Assets

We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets may not be recoverable or that the remaining useful life may warrant revision. When such events or circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use and eventual disposition of the asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on discounted cash flows or appraised values depending on the nature of the assets. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future.

When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store. ROU assets under operating leases are written down to their estimated fair value. Our estimates of the fair value of the impaired ROU assets included estimates of discounted cash flows based upon current market rents and other inputs which we consider to be Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurement and Disclosure (see Note 3).

Income Taxes

We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note 12.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority or our tax advisors, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified.

We evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward or carryback periods, our experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. See Note 12.

New Store Pre-Opening Costs

Income from operations for fiscal 2021, 2020 and 2019 includes new store pre-opening costs of $0, $0 and $1,117, respectively. Such costs consist of expenses incurred at the new store location during the period prior to its opening and include, among other things, facility occupancy costs such as rent and utilities and local store personnel costs related to pre-opening activities including training. New store pre-opening costs do not include costs which are capitalized in accordance with our property and equipment capitalization policies, such as leasehold improvements and store fixtures and equipment. Such capitalized costs associated with new stores are depreciated commencing with the opening of the store. There are no pre-opening costs associated with stores acquired from licensees, as such locations were already in operation at the time of their acquisition.

Shipping and Handling Costs

Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $17,829, $14,779, and $18,402 for fiscal 2021, 2020 and 2019, respectively. Costs incurred to deliver retail merchandise to customers, including the cost of operating regional distribution warehouses, are also recorded in selling, general and administrative expense and totaled $22,494, $19,024, and $23,710 for fiscal 2021, 2020 and 2019, respectively.

Advertising

Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled $15,272, $12,671, and $20,674 in fiscal 2021, 2020, and 2019, respectively.

Insurance Reserves

We have self-funded insurance programs in place to cover workers’ compensation and health insurance. These insurance programs are subject to various stop-loss limitations. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which may not be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns.

Supplemental Cash Flow Information

Refer to the supplemental lease disclosures in Note 14 for cash flow impacts of leasing transactions during fiscal 2020. Otherwise, there were no material non-cash investing or financing activities during fiscal 2021 or 2020. During the fourth quarter of fiscal 2019, we purchased certain fixed assets and inventory with a total purchase price of $2,225, of which $375 was paid for with the issuance of 24,590 shares if our common stock.

Recent Accounting Pronouncements

Recently Adopted 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.

Recent Pronouncements Not Yet Adopted

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

Reclassifications

Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation with no effect on previously reported net income or Stockholders’ equity. The cost of logistical services, previously included in our statements of operations within selling, general and administrative expenses excluding new store pre-opening costs, is now presented separately.

Note 3 - Financial Instruments, Investments and Fair Value Measurements

12 Months Ended

Nov. 27, 2021

Fair Value Disclosures [Text Block]

3.	Financial Instruments, Investments and Fair Value Measurements

Financial Instruments

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

Investments

Our short-term investments of $17,715 at both November 27, 2021 and November 28, 2020 consisted of certificates of deposit (CDs) with original terms of six to twelve months, bearing interest at rates ranging from 0.01% to 0.85%. At November 27, 2021, the weighted average remaining time to maturity of the CDs was approximately three months and the weighted average yield of the CDs was approximately 0.04%. Each CD is placed with a federally insured financial institution and all deposits are within Federal deposit insurance limits. As the CDs mature, we expect to reinvest them in CDs of similar maturities of up to one year. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at November 27, 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 (Note 3) which involve a combination of Level 2 and Level 3 inputs, goodwill impairment testing (Note 8), which involves Level 3 inputs, and asset impairments (Note 14) which utilize Level 3 inputs.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 4 - Accounts Receivable

12 Months Ended

Nov. 27, 2021

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

4. Accounts Receivable

Accounts receivable consists of the following:

	November 27, 2021			November 28, 2020
Gross accounts receivable	$	28,964		$	23,551
Allowance for credit losses		(796	)		(1,211	)
Net accounts receivable	$	28,168		$	22,340

Activity in the allowance for credit losses was as follows:

	2021			2020

Balance, beginning of the year	$	1,211		$	815
Additions (recoveries) charged to expense		(156	)		492
Reductions to allowance, net		(259	)		(96	)
Balance, end of the year	$	796		$	1,211

We believe that the carrying value of our net accounts receivable approximates fair value. The inputs into these fair value estimates reflect our market assumptions and are not observable. Consequently, the inputs are considered to be Level 3 as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosures. See Note 4.

Note 5 - Inventories

12 Months Ended

Nov. 27, 2021

Inventory Disclosure [Text Block]

5. Inventories

Inventories consist of the following:

	November 27, 2021			November 28, 2020
Wholesale finished goods	$	40,254		$	25,001
Work in process		482			516
Raw materials and supplies		21,653			14,836
Retail merchandise		30,914			27,946
Total inventories on first-in, first-out method		93,303			68,299
LIFO adjustment		(10,483	)		(8,891	)
Reserve for excess and obsolete inventory		(4,816	)		(4,522	)
	$	78,004		$	54,886

We source a significant amount of our wholesale product from other countries. During 2021, 2020 and 2019, purchases from our two largest vendors located in Vietnam and China were $34,658, $15,378 and $15,221 respectively.

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

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

Wholesale Segment

Retail Segment

Total

Balance at November 30, 2019
$ 2,054 $ 308 $ 2,362

Additions charged to expense
3,745 1,177 4,922

Write-offs
(2,378 ) (384 ) (2,762 )

Balance at November 28, 2020
3,421 1,101 4,522

Additions charged to expense
2,057 912 2,969

Write-offs
(1,795 ) (880 ) (2,675 )

Balance at November 27, 2021
$ 3,683 $ 1,133 $ 4,816

Note 6 - Property and Equipment

12 Months Ended

Nov. 27, 2021

Property, Plant and Equipment Disclosure [Text Block]

6. Property and Equipment

Property and equipment consist of the following:

	November 27, 2021			November 28, 2020
Land	$	9,478		$	9,478
Buildings and leasehold improvements		117,297			114,961
Machinery and equipment		130,534			118,112
Property and equipment at cost		257,309			242,551
Less accumulated depreciation		(163,243	)		(151,634	)
Property and equipment, net	$	94,066		$	90,917

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

	November 27, 2021		November 28, 2020
Wholesale	$	30,020	$	26,999
Retail - Company-owned stores		39,148		44,820
Logistical Services		24,898		19,098
Total property and equipment, net	$	94,066	$	90,917

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

	2021		2020		2019

Cost of goods sold (wholesale segment)	$	1,797	$	1,552	$	1,402
Selling, general and adminstrative expenses:
Wholesale segment		1,532		1,516		1,672
Retail segment		6,580		6,578		7,479
Logistical services segment		4,308		3,454		3,697
Total included in selling, general and adminstrative expenses		12,420		11,548		12,848
Total depreciation expense included in income from operations	$	14,217	$	13,100	$	14,250

Note 7 - Goodwill and Other Intangible Assets

12 Months Ended

Nov. 27, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

7. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	November 27, 2021

	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,550	$	(1,606	)	$	1,944
Technology - customized applications		834		(814	)		20
Total intangible assets subject to amortization	$	4,384	$	(2,420	)		1,964

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

Total goodwill and other intangible assets						$	23,448

	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

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 fiscal quarter. As a result of this test, we concluded that the carrying value of our wood reporting unit exceeded its fair value by an amount in excess of the goodwill previously allocated to the reporting unit. Therefore, we recognized a goodwill impairment charge of $1,971 for year ended November 28, 2020. Our subsequent annual goodwill impairment tests, conducted as of the beginning of our fourth fiscal quarters of 2020 and 2021, resulted in no additional impairments.

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

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

Wholesale

Retail

Logistics

Total

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

Goodwill impairment
(1,971 ) - - (1,971 )

Balance as of November 28, 2020
7,217 - 4,929 12,146

No changes in fiscal 2021
- - - -

Balance as of November 27, 2021
$ 7,217 $ - $ 4,929 $ 12,146

Accumulated impairment losses were $3,897, $3,897 and $1,926 at November 27, 2021, November 28, 2020 and November 30, 2019, respectively.

The weighted average useful lives of our finite-lived intangible assets and remaining amortization periods as of November 27, 2021 are as follows:

Useful Life

in Years

Remaining

Amortization

Period in

Years

Customer relationships
14 8

Technology - customized applications
7 0

Amortization expense associated with intangible assets during fiscal 2021, 2020 and 2019 was $379, $379 and $379, respectively and is included in selling, general and administrative expense in our consolidated statement of operations. All expense arising from the amortization of intangible assets is associated with our logistical services segment except for $57, $57 and $57 in fiscal 2021, 2020 and 2019, respectively, associated with our wholesale segment. Estimated future amortization expense for intangible assets that exist at November 27, 2021 is as follows:

Fiscal 2022
$ 279

Fiscal 2023
259

Fiscal 2024
259

Fiscal 2025
259

Fiscal 2026
259

Thereafter
649

Total
$ 1,964

Note 8 - Bank Credit Facility

12 Months Ended

Nov. 27, 2021

Debt Disclosure [Text Block]

8. Bank Credit Facility

Bank Credit Facility

Our bank credit facility provides for a line of credit of up to $25,000. At November 27, 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 November 27, 2021. The credit facility matures on January 31, 2022.

On January 27, 2022, we entered into a new credit facility with our bank which also provides for a credit line of up to $25,000. The line bears interest at the One-Month Term Secured Overnight Financing Rate (“One-Month Term SOFR”) plus 1.5% and is unsecured. Our bank will charge a fee of 0.25% on the daily unused balance of the line, payable quarterly. Under the terms of the new facility, we must maintain the following financial covenants, measured quarterly on a rolling twelve-month basis:

●

Consolidated fixed charge coverage ratio of not less than 1.4 times,

●

Consolidated lease-adjusted leverage ratio not to exceed 3.0 times, and

●

Minimum tangible net worth ratio of $140,000, which will change to $120,000 if we do not complete the sale of Zenith (see Note 20, Subsequent Event, regarding our entry into an agreement to sell substantially all of the assets of Zenith).

We were in compliance with these covenants at November 27, 2021 and expect to remain in compliance for the foreseeable future. The new credit facility will mature on January 27, 2025, at which time any amounts outstanding under the facility will be due.

Total interest paid, including the interest component of financing lease payments, during fiscal 2021, 2020 and 2019 was $322, $49 and $7, respectively.

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.

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Note 9 - Post-employment Benefit Obligations

12 Months Ended

Nov. 27, 2021

Postemployment Benefits Disclosure [Text Block]

9. Post-Employment Benefit Obligations

Management Savings Plan

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

The Plan is an account-based plan under which (i) participants may defer voluntarily the payment of current compensation to future years (“participant deferrals”) and (ii) the Company may make annual awards to participants payable in future years (“Company contributions”). The Plan permits each participant to defer up to 75% of base salary and up to 100% of any incentive compensation or other bonus, which amounts would be credited to a deferral account established for the participant. Such deferrals will be fully vested at the time of the deferral. Participant deferrals will be indexed to one or more deemed investment alternatives chosen by the participant from a range of alternatives made available under the Plan. Each participant’s account will be adjusted to reflect gains and losses based on the performance of the selected investment alternatives. A participant may receive distributions from the Plan: (1) upon separation from service, in either a lump sum or annual installment payments over up to a 15 year period, as elected by the participant, (2) upon death or disability, in a lump sum, or (3) on a date or dates specified by the participant (“scheduled distributions”) with such scheduled payments made in either a lump sum or substantially equal annual installments over a period of up to five years, as elected by the participant. Participant contributions commenced during the third quarter of fiscal 2017. Company contributions will vest in full (1) on the third anniversary of the date such amounts are credited to the participant’s account, (2) the date that the participant reaches age 63 or (3) upon death or disability. Company contributions are subject to the same rules described above regarding the crediting of gains or losses from deemed investments and the timing of distributions. Expense associated with deferred compensation under the Plan was $338, $264 and $196 for fiscal 2021, 2020 and 2019, respectively. Our liability for Company contributions and participant deferrals at November 27, 2021 and November 28, 2020 was $1,789 and $1,250, respectively, and is included in post-employment benefit obligations in our consolidated balance sheets.

On May 2, 2017, we made Long Term Cash Awards (“LTC Awards”) totaling $2,000 under the Plan to certain management employees in the amount of $400 each. The LTC Awards vest in full on the first anniversary of the date of the award if the participant has reached age 63 by that time, or, if later, on the date the participant reaches age 63, provided in either instance that the participant is still employed by the Company at that time. If not previously vested, the awards will also vest immediately upon the death or disability of the participant prior to the participant’s separation from service. The awards will be payable in 10 equal annual installments following the participant’s death, disability or separation from service. We are accounting for the LTC Awards as a defined benefit pension plan. During fiscal 2021, 2020 and 2019, we invested $647, $609 and $627 in life insurance policies covering all participants in the Plan. At November 27, 2021, these policies have a net death benefit of $14,998 for which the Company is the sole beneficiary. These policies are intended to provide a potential source of funds to meet the obligations arising from the deferred compensation and LTC Awards under the Plan, and serve as an economic hedge of the financial impact of changes in the liabilities. They are held in an irrevocable trust but are subject to claims of creditors in the event of the Company’s insolvency.

Supplemental Retirement Income Plan

We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. Upon retirement, the Supplemental Plan provides for lifetime monthly payments in an amount equal to 65% of the participant’s final average compensation as defined in the Supplemental Plan, which is reduced by certain social security benefits to be received and other benefits provided by us. The Supplemental Plan also provides a death benefit that is calculated as (a) prior to retirement death, which pays the beneficiary 50% of final average annual compensation for a period of 120 months, or (b) post-retirement death, which pays the beneficiary 200% of final average compensation in a single payment. We own life insurance policies on these executives with a current net death benefit of $2,054 at November 27, 2021 and we expect to substantially fund this death benefit through the proceeds received upon the death of the executive. Funding for the remaining cash flows is expected to be provided through operations. There are no benefits payable as a result of a termination of employment for any reason other than death or retirement, other than a change of control provision which provides for the immediate vesting and payment of the retirement benefit under the Supplemental Plan in the event of an employment termination resulting from a change of control.

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

`

2021

2020

Change in Benefit Obligation:

Projected benefit obligation at beginning of year
$ 10,071 $ 10,090

Service cost
120 172

Interest cost
196 268

Actuarial (gains) and losses
762 345

Benefits paid
(409 ) (804 )

Projected benefit obligation at end of year
$ 10,740 $ 10,071

Accumulated Benefit Obligation
$ 10,740 $ 10,034

Discount rate used to value the ending benefit obligations:
2.25 % 2.00 %

Amounts recognized in the consolidated balance sheet:

Current liabilities
$ 913 $ 613

Noncurrent liabilities
9,827 9,458

Total amounts recognized
$ 10,740 $ 10,071

Amounts recognized in accumulated other comprehensive income:

Prior service cost
$ 355 $ 480

Actuarial loss
2,093 1,394

Net amount recognized
$ 2,448 $ 1,874

Total recognized in net periodic benefit cost and accumulated

other comprehensive income:
$ 1,078 $ 785

2021

2020

2019

Components of Net Periodic Pension Cost:

Service cost
$ 121 $ 172 $ 190

Interest cost
196 268 441

Amortization of prior service cost
126 126 126

Amortization of other loss
59 8 183

Net periodic pension cost
$ 502 $ 574 $ 940

Assumptions used to determine net periodic pension cost:

Discount rate
2.00 % 2.75 % 4.00 %

Increase in future compensation levels
3.00 % 3.00 % 3.00 %

Estimated Future Benefit Payments (with mortality):

Fiscal 2022
$ 913

Fiscal 2023
870

Fiscal 2024
825

Fiscal 2025
857

Fiscal 2026
809

Fiscal 2027 through 2031
3,692

Of the $2,448 recognized in accumulated other comprehensive income at November 27, 2021, amounts expected to be recognized as components of net periodic pension cost during fiscal 2022 are as follows:

Prior service cost
$ 126

Other loss
51

Total expected to be amortized to net periodic pension cost in 2022
$ 177

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

Deferred Compensation Plan

We have an unfunded Deferred Compensation Plan that covers one current and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or benefits permitted. We recognized expense of $204, $176, and $204 in fiscal 2021, 2020, and 2019, respectively, associated with the plan. Our liability under this plan was $1,648 and $1,676 as of November 27, 2021 and November 28, 2020, respectively. The non-current portion of this obligation is included in post-employment benefit obligations in our consolidated balance sheets, with the current portion included in accrued compensation and benefits.

Defined Contribution Plan

We have a qualified defined contribution plan (Employee Savings/Retirement Plan) that covers substantially all employees who elect to participate and have fulfilled the necessary service requirements. Employee contributions to the Plan are matched at the rate of 25% of up to 8% of gross pay, regardless of years of service. During fiscal 2020, the Company’s matching contribution was temporarily suspended for approximately six months as part of the cash conservation measures put into place in response to the impact of the COVID-19 pandemic but was resumed during the fourth quarter. Expense for employer matching contributions was $1,103, $611 and $1,157 during fiscal 2021, 2020 and 2019, respectively.

Note 10 - Accumulated Other Comprehensive Loss

12 Months Ended

Nov. 27, 2021

Comprehensive Income (Loss) Note [Text Block]

10. Accumulated Other Comprehensive Loss

The activity in accumulated other comprehensive loss for the fiscal years ended November 27, 2021 and November 28, 2020, which is comprised solely of post-retirement benefit costs related to our SERP and LTC Awards, is as follows:

Balance at November 30, 2019	$	(1,236	)
Actuarial losses		(345	)
Net pension amortization reclassified from accumulated other comprehensive loss		133
Tax effects		54
Balance at November 28, 2020		(1,394	)
Actuarial losses		(762	)
Net pension amortization reclassified from accumulated other comprehensive loss		186
Tax effects		147
Balance at November 27, 2021	$	(1,823	)

Note 11 - Capital Stock and Stock Compensation

12 Months Ended

Nov. 27, 2021

Share-based Payment Arrangement [Text Block]

11. Capital Stock and Stock Compensation

We account for our stock-based employee and director compensation plans in accordance with ASC 718, Compensation – Stock Compensation. ASC 718 requires recognition of the cost of employee services received in exchange for an award of equity instruments in the financial statements over the period the employee is required to perform the services in exchange for the award (presumptively the vesting period) which we recognize on a straight-line basis. Compensation expense related to restricted stock and stock options included in selling, general and administrative expenses in our consolidated statements of operations for fiscal 2021, 2020 and 2019 was as follows:

	2021		2020		2019

Stock based compensation expense	$	158	$	420	$	958

Incentive Stock Compensation Plans

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.

2010 Plan

On April 14, 2010, our shareholders approved the Bassett Furniture Industries, Incorporated 2010 Stock Incentive Plan which was amended and restated effective January 13, 2016 (the “2010 Plan”). All non-employee directors, key employees and outside consultants for the Company were eligible to receive incentive awards under the 2010 Plan. The 2010 Plan expired in April of 2020 and no additional grants can be awarded under the plan.

The fair value of each option award was estimated on the date of grant using the Black-Scholes option pricing model. The risk free rate is based on the U.S. Treasury rate for the expected life at the time of grant, volatility is based on the average long-term implied volatilities of peer companies, the expected life is based on the estimated average of the life of options using the simplified method. Forfeitures are recognized as they occur. We utilized the simplified method to determine the expected life of our options due to insufficient exercise activity during recent years as a basis from which to estimate future exercise patterns.

Stock Options

There were no new grants of options made in 2021, 2020 or 2019.

Changes in the outstanding options under our plans during the year ended November 27, 2021 were as follows:

	Number of Shares			Weighted Average Exercise Price Per Share

Outstanding at November 28, 2020		5,250		$	8.02
Granted		-			-
Exercised		(5,250	)		8.02
Forfeited/Expired		-			-
Outstanding at November 27, 2021		-			-
Exercisable at November 27, 2021		-			-

Additional information regarding activity in our stock options during fiscal 2021, 2020 and 2019 is as follows:

2021

2020

2019

Total intrinsic value of options exercised
$ 93 $ - $ 34

Total cash received from the exercise of options
42 - 25

Excess tax benefits recognized in income tax expense upon the exercise of options
18 - 6

Restricted Shares

Changes in the outstanding non-vested restricted shares during the year ended November 27, 2021 were as follows:

Number of Shares

Weighted

Average Grant

Date Fair

Value Per

Share

Non-vested restricted shares outstanding at November 28, 2020
34,500 $ 33.58

Granted
7,105 24.63

Vested
(31,000 ) 35.75

Forfeited
- -

Non-vested restricted shares outstanding at November 27, 2021
10,605 $ 21.24

During fiscal 2021, 31,000 restricted shares were vested and released, all of which had been granted to employees. During fiscal 2021 and 2020, 10,850 shares and 14,010 shares, respectively, were withheld to cover withholding taxes of $219 and $228, respectively, arising from the vesting of restricted shares. During fiscal 2021, 2020 and 2019, excess tax (expense) benefits of $(133), $(114) and $0, respectively, were recognized within income tax expense upon the release of vested shares.

Additional information regarding our outstanding non-vested restricted shares at November 27, 2021 is as follows:

Remaining

Restricted

Share Value

Restriction

Grant

Shares

at Grant Date

Period

Date

Outstanding

Per Share

(Years)

October 9, 2019
3,500 $ 14.37 0.9

March 10, 2021
7,105 24.63 0.3

10,605

Unrecognized compensation cost related to these non-vested restricted shares at November 27, 2021 is $58, all of which is expected to be recognized within fiscal 2022.

Employee Stock Purchase Plan

In March of 2017 we adopted and implemented the 2017 Employee Stock Purchase Plan (“2017 ESPP”) that allows eligible employees to purchase a limited number of shares of our stock at 85% of market value. Under the 2017 ESPP we sold 22,547, 50,217 and 23,460 shares to employees during fiscal 2021, 2020 and 2019, respectively, which resulted in an immaterial amount of compensation expense. There are 132,534 shares remaining available for sale under the 2017 ESPP at November 27, 2021.

Note 12 - Income Taxes

12 Months Ended

Nov. 27, 2021

Income Tax Disclosure [Text Block]

12. Income Taxes

The components of the income tax provision are as follows:

	2021		2020			2019
Current:
Federal	$	4,437	$	(8,486	)	$	2,150
State		178		155			892

Deferred:
Federal		435		2,457			(2,191	)
State		1,148		(491	)		(663	)
Total	$	6,198	$	(6,365	)	$	188

On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. A major provision of the CARES Act allows net operating losses from the 2018, 2019 and 2020 tax years to be carried back up to five years. As a result, for the year ended November 28, 2020 we were able to recognize tax benefits substantially in excess of the current federal statutory rate of 21% due to the effects of carrying back our current net operating loss to tax years in which the federal statutory rate was 35%.

A reconciliation of the statutory federal income tax rate and the effective income tax rate, as a percentage of income before income taxes, is as follows:

	2021			2020			2019
Statutory federal income tax rate		21.0	%		21.0	%		21.0	%
CARES Act benefit		-			21.1			-
State income tax, net of federal benefit		4.2			1.7			(14.0	)
Impairment of non-deductible goodwill		-			(2.5	)		(23.2	)
Excess tax from stock-based compensation		0.4			(0.6	)		0.3
Other		-			(2.8	)		5.1
Effective income tax rate		25.6	%		37.9	%		(10.8	)%

Excess tax (expense) benefits in the amount of $(115), $(114), and $22 were recognized as a component of income tax expense during fiscal 2021, 2020 and 2019, respectively, resulting from the exercise of stock options and the release of restricted shares. The fiscal 2020 and 2019 adjustments for impairment of non-deductible goodwill reflect the fact that there was no tax basis related to the impaired goodwill.

The income tax effects of temporary differences and carryforwards, which give rise to significant portions of the deferred income tax assets and deferred income tax liabilities, are as follows:

November 27,

2021

November 28,

2020

Deferred income tax assets:

Trade accounts receivable
$ 199 $ 303

Inventories
3,121 3,086

Notes receivable
44 44

Post employment benefit obligations
3,562 3,260

State net operating loss carryforwards
153 1,321

Leases
5,055 5,850

Other
1,180 1,856

Gross deferred income tax assets
13,314 15,720

Valuation allowance
- -

Total deferred income tax assets
13,314 15,720

Deferred income tax liabilities:

Property and equipment
7,013 8,746

Intangible assets
1,712 1,404

Prepaid expenses and other
1,400 983

Total deferred income tax liabilities
10,125 11,133

Net deferred income tax assets
$ 3,189 $ 4,587

We have state net operating loss carryforwards available to offset future taxable state income of $3,010, which expire in varying amounts between 2030 and 2040. Realization is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards.

Income taxes paid, net of refunds received, during fiscal 2021, 2020 and 2019 were $3,092, $539, and $1,228, respectively.

We regularly evaluate, assess and adjust our accrued liabilities for unrecognized tax benefits in light of changing facts and circumstances, which could cause the effective tax rate to fluctuate from period to period. Our accrued liabilities for uncertain tax benefits at November 27, 2021 and November 28, 2020 were $324 and $68, respectfully. Our liabilities for uncertain tax positions prior to 2021 were not material.

Significant judgment is required in evaluating the Company's federal and state tax positions and in the determination of its tax provision. Despite our belief that the liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matter. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified. The Company also cannot predict when or if any other future tax payments related to these tax positions may occur.

We remain subject to examination for tax years 2018 through 2021 for all of our major tax jurisdictions.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Note 13 - Other Gains and Losses

12 Months Ended

Nov. 27, 2021

Other Gains and Losses [Text Block]

13. Other Gains and Losses

Gains on Dispositions of Retail Store Locations

Selling, general and administrative expenses for the year ended November 28, 2020 include gains totaling $1,313 resulting from the settlement of lease obligations due to the early termination of leases at our retail store locations in Torrance, California and Culver City, California.

Early Retirement Program

During the first quarter of fiscal 2019, we offered a voluntary early retirement package to certain eligible employees of the Company. These employees received pay equal to one-half their current salary plus benefits over a period of one year from the final day of each individual’s active employment. Accordingly, we recognized a charge of $835 during the year ended November 30, 2019. All compensation accrued under the package had been paid out prior to November 28, 2020.

Asset Impairment Charges and Lease Exit Costs

During fiscal 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. We also 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.

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

Litigation Expense

During fiscal 2020 and 2019 we accrued $1,050 and $700, respectively for the estimated costs to resolve certain wage and hour violation claims that had been asserted against the Company (see Note 15).

Gains from Company-Owned Life Insurance

Other loss, net for the fiscal 2020 and 2019 includes gains of $914 and $629, respectively, arising from death benefits from Company-owned life insurance.

Note 14 - Leases and Lease Guarantees

12 Months Ended

Nov. 27, 2021

Lessee, Operating and Finance Leases [Text Block]

14. Leases and Lease Guarantees

Leases

Fiscal 2021 and 2020

Effective as of the beginning of fiscal 2020, we adopted ASU 2016-02, Leases (Topic 842) and all related amendments. See “Leases” under Note 2 for a discussion of our accounting policies and elections under Topic 842 as well as the impact of the adoption upon our financial statements.

Supplemental balance sheet information related to our leases as of November 27, 2021 and November 28, 2020 is as follows:

	November 27, 2021		November 28, 2020
Operating leases:
Right of use assets	$	114,148	$	116,903
Lease liabilties, short-term		27,693		27,078
Lease liabilties, long-term		105,841		111,972

Finance leases:
Right of use assets (1)	$	7,538	$	2,623
Lease liabilties, short-term (2)		1,759		534
Lease liabilties, long-term (3)		5,801		1,862

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

Our right-of-use assets under operating leases by segment as of November 27, 2021 and November 28, 2020 are as follows:

November 27, 2021

November 28, 2020

Wholesale
$ 9,842 $ 10,232

Retail
86,114 90,487

Logistical services
18,192 16,184

Total right of use assets
$ 114,148 $ 116,903

The components of our lease cost for the years ended November 27, 2021 and November 28, 2020 are as follows:

2021

2020

Lease cost:

Operating lease cost
$ 32,168 $ 33,207

Financing lease cost:

Amortization of right-of-use assets
1,434 213

Interest on lease liabilities
304 49

Short-term lease cost
1,986 2,040

Variable lease cost (net of abatements received)
321 (605 )

Sublease income
(1,670 ) (1,557 )

Total lease cost
$ 34,543 $ 33,347

Supplemental lease disclosures as of November 27, 2021 and November 28, 2020 and for the fiscal years then ended are as follows:

Operating

Financing

For the year ended November 28, 2020:

Cash paid for amounts included in the measurements of lease liabilities
$ 35,310 $ 260

Lease liabilities arising from new right-of-use assets
10,804 2,623

For the year ended November 27, 2021:

Cash paid for amounts included in the measurements of lease liabilities
35,432 1,668

Lease liabilities arising from new right-of-use assets
24,518 6,511

As of November 28, 2020:

Weighted average remaining lease terms (years)
6.2 4.3

Weighted average discount rates
4.98 % 4.43 %

As of November 27, 2021:

Weighted average remaining lease terms (years)
6.0 4.8

Weighted average discount rates
5.04 % 4.72 %

Future payments under our leases and the present value of the obligations as of November 27, 2021 are as follows:

Operating

Leases

Financing Leases

Fiscal 2022
$ 33,493 $ 2,076

Fiscal 2023
30,579 1,949

Fiscal 2024
23,219 1,669

Fiscal 2025
19,106 1,171

Fiscal 2026
15,482 818

Thereafter
33,947 766

Total lease payments
155,826 8,449

Less: interest
22,292 889

Total lease obligations
$ 133,534 $ 7,560

As of November 27, 2021, we had a commitment to acquire twenty-three trucks under leases for use in our logistical services segment that are expected to commence at various times during fiscal 2022 and replace older units that will be coming off lease. Five of these leases are expected to have annual payments totaling approximately $267 per year over three years, and eighteen are expected to have annual payments totaling approximately $167 per year over five years. We also have a commitment to lease showroom space for use by our wholesale segment with payments averaging approximately $229 per year over eight years. This lease is expected to commence in the fourth quarter of fiscal 2022.

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

Fiscal 2022
$ 1,979

Fiscal 2023
1,662

Fiscal 2024
1,027

Fiscal 2025
599

Fiscal 2026
156

Thereafter
-

Total minimum future rental income
$ 5,423

We negotiated with a number of our landlords to obtain relief in the form of rent deferrals or abatements of rent as a result of the effects of COVID-19 on our business. At November 28, 2020, the unpaid rent was $990 which primarily represented rent deferred to fiscal 2021 and is included in other current liabilities and accrued expenses in our accompanying condensed consolidated balance sheet. The remaining balance of deferred rent at November 27, 2021 was not material. In accordance with FASB Staff Q&A - Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic ("FASB Staff Q&A") issued in April 2020, we have elected to account for any lease concessions resulting directly from COVID-19 as if the enforceable rights and obligations for the concessions existed in the respective contracts at lease inception and as such we will not account for any concession as a lease modification. Guidance from the FASB Staff Q&A provided methods to account for rent deferrals which include the option to treat the lease as if no changes to the lease contract were made or to treat deferred payments as variable lease payments. The FASB Staff Q&A allows entities to select the most practical approach and does not require the same approach be applied consistently to all leases. As a result, we account for the deferrals as if no changes to the lease contract were made and will continue to recognize lease expense, on a straight-line basis, during the deferral period. For any abatements received, we account for those as variable rent in the period in which the abatement is granted. For the year ended November 28, 2020, we were granted abatements against rent totaling $775.

Fiscal 2019

Prior to the adoption of Topic 842, we accounted for and reported our leases in accordance with Topic 840, Leases. In accordance with Topic 840 leases classified as operating leases were not included in our balance sheet as right of use assets or lease obligations as of November 30, 2019. During fiscal 2019 we had no leases which were classified as capital leases.

Lease expense was $41,809 for 2019. Real estate rental net loss (rental income less lease costs, depreciation, insurance, and taxes), related to licensee stores and other investment real estate, was $156 in 2019 and is reflected in other loss, net in the accompanying consolidated statements of operations.

Guarantees

As part of the strategy for our store program, we have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one to three years. We were contingently liable under licensee lease obligation guarantees in the amount of $1,845 and $1,811 at November 27, 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, liquidating the collateral, and pursuing payment under the personal guarantees of the independent dealer. The proceeds of the above options are estimated to cover the maximum amount of our future payments under the guarantee obligations, net of reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at November 27, 2021 and November 28, 2020, were not material.

Note 15 - Contingencies

12 Months Ended

Nov. 27, 2021

Legal Matters and Contingencies [Text Block]

15. Contingencies

We are involved in various claims and actions which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, it is our opinion that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations. We carried reserves for pending litigation claims in the amount of $100 and $1,050 as of November 27, 2021 and November 28, 2020, respectively, which are included in other current liabilities and accrued expenses in our accompanying balance sheets.

Note 16 - Earnings (Loss) Per Share

12 Months Ended

Nov. 27, 2021

Earnings Per Share [Text Block]

16. Earnings (Loss) Per Share

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

	2021		2020			2019
Numerator:
Net income (loss)	$	18,042	$	(10,421	)	$	(1,928	)

Denominator:
Denominator for basic income per share - weighted average shares		9,835,829		9,969,616			10,285,511
Effect of dilutive securities*		7,945		-			-
Denominator for diluted income per share — weighted average shares and assumed conversions		9,843,774		9,969,616			10,285,511

Basic income (loss) per share:
Net income (loss) per share — basic	$	1.83	$	(1.05	)	$	(0.19	)

Diluted income (loss) per share:
Net income (loss) per share — diluted	$	1.83	$	(1.05	)	$	(0.19	)

*Due to the net losses in 2020 and 2019, the potentially dilutive securities would have been anti-dilutive and are therefore excluded.

For fiscal 2021, 2020 and 2019, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

2021

2020

2019

Unvested restricted shares
- 90,153 45,036

Stock options
- 5,250 -

Note 17 - Segment Information

12 Months Ended

Nov. 27, 2021

Segment Reporting Disclosure [Text Block]

17. Segment Information

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

●

Wholesale. The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company-owned and licensee-owned stores retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations as well as all corporate selling, general and administrative expenses, including those corporate expenses related to both Company- and licensee-owned stores. Our wholesale segment also includes our holdings of short-term investments and retail real estate previously leased as licensee stores. The earnings and costs associated with these assets are included in other loss, net, in our consolidated statements of operations.

●

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

●

Logistical services. With our acquisition of Zenith in 2015, we created the logistical services operating segment which reflects the operations of Zenith. In addition to providing shipping and warehousing services for the Company, Zenith also provides similar services to other customers, primarily in the furniture industry. Revenue from the performance of these services to other customers is included in logistics revenue in our consolidated statement of operations. See Note 20, Subsequent Event, regarding our entry into an agreement to sell substantially all of the assets of Zenith.

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

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

2021

2020

2019

Sales Revenue

Wholesale sales of furniture and accessories
$ 295,329 $ 221,075 $ 261,105

Less: Sales to retail segment
(112,270 ) (95,347 ) (125,933 )

Wholesale sales to external customers
183,059 125,728 135,172

Retail sales of furniture and accessories
247,827 211,944 268,693

Consolidated net sales of furniture and accessories
430,886 337,672 403,865

Logistical services revenue
86,977 75,158 80,074

Less: Services to wholesale segment
(31,329 ) (26,967 ) (31,852 )

Logistical services to external customers
55,648 48,191 48,222

Total sales revenue
$ 486,534 $ 385,863 $ 452,087

Income (loss) from Operations

Wholesale
$ 17,490 $ 4,587 $ 11,456

Retail
7,044 (9,497 ) (7,009 )

Logistical services
1,743 1,245 1,855

Inter-company elimination
(278 ) 2,647 1,144

Asset impairment charges
- (12,184 ) (4,431 )

Goodwill impairment charge
- (1,971 ) (1,926 )

Early retirement program
- - (835 )

Litigation expense
- (1,050 ) (700 )

Lease exit costs
- - (149 )

Consolidated income from operations
$ 25,999 $ (16,223 ) $ (595 )

Depreciation and Amortization

Wholesale
$ 3,386 $ 3,125 $ 3,178

Retail
6,580 6,578 6,303

Logistical services
4,631 3,777 4,019

Consolidated
$ 14,597 $ 13,480 $ 13,500

Capital Expenditures

Wholesale
$ 5,943 $ 2,434 $ 5,650

Retail
299 695 8,473

Logistical services
4,508 2,900 3,627

Consolidated
$ 10,750 $ 6,029 $ 17,750

Identifiable Assets

Wholesale
$ 197,543 $ 176,243 $ 144,392

Retail
160,929 169,105 91,997

Logistical services
63,188 57,201 39,377

Consolidated
$ 421,660 $ 402,549 $ 275,766

See Note 18 for disaggregated revenue information regarding sales of furniture and accessories by product type for the wholesale and retail segments.

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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Note 18 - Revenue Recognition

12 Months Ended

Nov. 27, 2021

Revenue from Contract with Customer [Text Block]

18. Revenue Recognition

Disaggregated revenue information for sales of furniture and accessories by product category for fiscal years 2021, 2020 and 2019, excluding intercompany transactions between our segments, is as follows:

	2021						2020						2019
	Wholesale		Retail		Total		Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	105,445	$	139,527	$	244,972	$	71,840	$	112,888	$	184,728	$	78,856	$	142,865	$	221,721
Bassett Leather		36,157		226		36,383		20,487		2,326		22,813		17,083		3,782		20,865
Bassett Custom Wood		24,079		30,931		55,010		19,682		28,942		48,624		21,264		35,092		56,356
Bassett Casegoods		17,378		42,658		60,036		13,719		35,728		49,447		17,221		44,827		62,048
Accessories, mattresses and other (1) (2)		-		34,485		34,485		-		32,060		32,060		748		42,127		42,875
Consolidated Furniture and Accessories revenue	$	183,059	$	247,827	$	430,886	$	125,728	$	211,944	$	337,672	$	135,172	$	268,693	$	403,865

(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.

(2)

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

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Note 19 - Quarterly Results of Operations

12 Months Ended

Nov. 27, 2021

Quarterly Financial Information [Text Block]

19. Quarterly Results of Operations

	2021
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter

Sales revenue:
Furniture and accessories	$	101,655	$	109,997	$	104,870	$	114,364
Logistics		12,018		14,062		14,036		15,532
Total sales revenue		113,673		124,059		118,906		129,896
Cost of furniture and accessories sold		48,252		52,911		52,263		56,373
Income from operations		6,021		8,379		4,490		7,109
Net income		4,011		5,974		3,016		5,041
Basic earnings per share		0.40		0.60		0.31		0.52
Diluted earnings per share		0.40		0.60		0.31		0.52

	2020
	First Quarter		Second Quarter (1)			Third Quarter (2)		Fourth Quarter (3)

Sales revenue:
Furniture and accessories	$	98,942	$	53,000		$	80,341	$	105,389
Logistics		13,178		10,801			11,218		12,994
Total sales revenue		112,120		63,801			91,559		118,383
Cost of furniture and accessories sold		45,270		29,452			38,418		50,427
Income (loss) from operations		2,210		(31,229	)		2,747		10,049
Net income (loss)		1,210		(20,352	)		2,178		6,543
Basic earnings (loss) per share		0.12		(2.04	)		0.22		0.65
Diluted earnings (loss) per share		0.12		(2.04	)		0.22		0.65

All quarters shown above for fiscal 2021 and 2020 consisted of 13-week fiscal periods.

(1)

Loss from operations reflects the severe impact of the COVID-19 pandemic on our operations due to the temporary closure of substantially all of our operations during the quarter (see Note 1) and includes a goodwill impairment charge of $1,971 (see Note 7), asset impairment charges of $12,184 and a litigation expense accrual of $1,050 (see Note 13). Net loss includes the benefit of carrying back the loss to tax years with 35% federal statutory rate as provided for in the CARES Act (see Note 12).

(2)

Net income includes a non-taxable gain of $914 arising from the recognition of a death benefit from Company-owned life insurance (see Note 13).

(3)

Income from operations includes a gain of $1,161 arising from the settlement of a lease obligation (see Note 13).

Note 20 - Subsequent Event

12 Months Ended

Nov. 27, 2021

Subsequent Events [Text Block]

20. Subsequent Event

On January 31, 2022, we entered into a definitive agreement to sell substantially all of the assets of Zenith Freight Lines, LLC to J.B. Hunt Transport Services, Inc. for approximately $87,000 in cash. We expect the transaction to close by February 28, 2022 subject to customary closing conditions.

Schedule II - Analysis of Valuation and Qualifying Accounts

12 Months Ended

Nov. 27, 2021

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

Bassett Furniture Industries, Incorporated

Schedule II

Analysis of Valuation and Qualifying Accounts

For the Years Ended November 27, 2021, November 28, 2020 and November 30, 2019

(amounts in thousands)

	Balance Beginning of Period		Additions Charged to Cost and Expenses			Deductions (1)			Other			Balance End of Period
For the Year Ended November 30, 2019:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	754	$	61		$	-		$	-	(2)	$	815

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


For the Year Ended November 28, 2020:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	815	$	492		$	(96	)				$	1,211

Notes receivable valuation reserves	$	359	$	-		$	-		$	-		$	359


For the Year Ended November 27, 2021:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,211	$	(156	)	$	(259	)	$	-		$	796

Notes receivable valuation reserves	$	359	$	-		$	-		$	-		$	359

(1)	Deductions are for the purpose for which the reserve was created.
(2)	Represents reserves of acquired business at date of acquisition.

Significant Accounting Policies (Policies)

12 Months Ended

Nov. 27, 2021

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include allowances for doubtful accounts, calculation of inventory reserves, the valuation of our reporting units for the purpose of testing the carrying value of goodwill, and the valuation of our right of use assets. We also utilize estimates in determining the valuation of income tax reserves, lease guarantees, insurance reserves, and assumptions related to our post-employment benefit obligations. Actual results could differ from those estimates.

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

ASC Topic 606, Revenue from Contracts with Customers, requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. For our wholesale and retail segments, revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer.

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

At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. We typically collect a significant portion of the purchase price as a customer deposit upon order, with the balance typically collected upon delivery. These deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $51,492 and $39,762 as of November 27, 2021 and November 28, 2020, respectively. Substantially all of the customer deposits held at November 28, 2020 related to performance obligations satisfied during fiscal 2021 and have therefore been recognized in revenue for the year ended November 27, 2021. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. We also sell furniture protection plans to our retail customers on behalf of a third party which is responsible for the performance obligations under the plans. Revenue from the sale of these plans is recognized upon delivery of the goods net of amounts payable to the third party service provider.

For our logistical services segment, line-haul freight revenue is recognized as services are performed and are billed to the customer upon the completion of delivery to the destination. Because the customer receives the benefits of these services as the freight is in transit from point of origin to destination, we recognize revenue using a percentage of completion method based on our estimate of the amount of time freight has been in transit as of the reporting date compared with our estimate of the total required time for the deliveries. We recognize an asset for the amount of line-haul revenue earned but not yet billed which is included in other current assets. The balance of this asset was $1,240 and $783 at November 27, 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. All invoices for logistical services are due 30 days from invoice date.

Sales commissions are expensed as part of selling, general and administrative expenses at the time revenue is recognized because the amortization period would have been one year or less. Sales commissions at wholesale are accrued upon the shipment of goods. Sales commissions at retail are accrued at the time a sale is written (i.e. – when the customer’s order is placed) and are carried as prepaid commissions in other current assets until the goods are delivered and revenue is recognized. At November 27, 2021 and November 28, 2020, our balance of prepaid commissions included in other current assets was $6,221 and $4,279, respectively. We do not incur sales commissions in our logistical services segment.

For our accounting and reporting under ASC 606, we apply the following policy elections and practical expedients:

•

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

•

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

•

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

See Note 18 for disaggregated revenue information.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents and Short-Term Investments

The Company considers cash on hand, demand deposits in banks and all highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Our short-term investments consist of certificates of deposit that have original maturities of twelve months or less but greater than three months.

Accounts Receivable [Policy Text Block]

Accounts Receivable

Substantially all of our trade accounts receivable is due from customers located within the United States. We maintain an allowance for credit losses for estimated losses resulting from the inability of our customers to make required payments. The allowance for credit losses 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.

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

Concentrations of Credit Risk and Major Customers

Financial instruments that subject us to credit risk consist primarily of investments, accounts and notes receivable and financial guarantees. Investments are managed within established guidelines to mitigate risks. Accounts and notes receivable and financial guarantees subject us to credit risk partially due to the concentration of amounts due from and guaranteed on behalf of independent licensee customers. At November 27, 2021 and November 28, 2020, our aggregate exposure from receivables and guarantees related to customers consisted of the following:

	2021		2020
Accounts receivable, net of allowances (Note 4)	$	28,168	$	22,340
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 14)		1,794		1,760
Other		86		376
Total credit risk exposure related to customers	$	30,048	$	24,476

At November 27, 2021 and November 28, 2020, approximately 22% and 24%, respectively, of the aggregate risk exposure, net of reserves, shown above was attributable to five customers. In fiscal 2021, 2020 and 2019, no customer accounted for more than 10% of total consolidated net sales. However, two customers accounted for approximately 23%, 29% and 44% of our consolidated revenue from logistical services during 2021, 2020 and 2019, respectively.

We have no foreign manufacturing or retail operations. We define export sales as sales to any country or territory other than the United States or its territories or possessions. Our export sales were approximately $488, $789, and $1,846 in fiscal 2021, 2020, and 2019, respectively. All of our export sales are invoiced and settled in U.S. dollars.

Inventory, Policy [Policy Text Block]

Inventories

Inventories (retail merchandise, finished goods, work in process and raw materials) accounted for under the first-in, first out (“FIFO”) method are stated at the lower of cost or net realizable value or, in the case of inventory accounted for under the last-in, first out (“LIFO”) method, at the lower of cost or market. Cost is determined for domestic manufactured furniture inventories using the LIFO method because we believe this methodology provides better matching of revenue and expenses. The cost of imported inventories as well as Lane Venture and Bassett Outdoor product inventories are determined on a first-in, first-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented 53% and 53% of total inventory before reserves at November 27, 2021 and November 28, 2020, respectively. We estimate inventory reserves for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand and market conditions. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required.

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

Property and Equipment

Property and equipment is comprised of all land, buildings and leasehold improvements and machinery and equipment used in the manufacturing and warehousing of furniture, our Company-owned retail operations, our logistical services operations, and corporate administration. This property and equipment is stated at cost less accumulated depreciation. Depreciation is computed over the estimated useful lives of the respective assets utilizing the straight-line method. Buildings and improvements are generally depreciated over a period of 10 to 39 years. Machinery and equipment are generally depreciated over a period of 5 to 10 years. Leasehold improvements are amortized based on the underlying lease term, or the asset’s estimated useful life, whichever is shorter.

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

Goodwill

Goodwill represents the excess of the fair value of consideration given over the fair value of the tangible assets and liabilities and identifiable intangible assets of businesses acquired. The acquisition of assets and liabilities and the resulting goodwill is allocated to the respective reporting unit: Wood, Upholstery, Retail or Logistical Services. We review goodwill at the reporting unit level annually for impairment or more frequently if events or circumstances indicate that assets might be impaired.

In accordance with ASC Topic 350, Intangibles – Goodwill & Other, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test described in ASC Topic 350 (as amended by Accounting Standards Update No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which we adopted for our annual evaluation of goodwill performed as of September 1, 2019). The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary and our goodwill is considered to be unimpaired. However, if based on our qualitative assessment we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we will proceed with performing the quantitative evaluation process. Based on our qualitative assessment as described above for the annual test during fiscal 2019, we concluded that, given declines in our income from operations, primarily resulting from operating losses incurred in our retail reporting unit, as well as in our stock price since the previous analysis in fiscal 2018, it was necessary to perform the quantitative evaluation. As a result of this test, we recorded an impairment charge of $1,926 during the year ended November 30, 2019. In addition, we performed an interim test of goodwill as of May 30, 2020 due to the severe impact of the COVID-19 pandemic and resulting business interruption during the second fiscal quarter of 2020. This interim test resulted in an impairment charge of $1,971 for the year ended November 28, 2020. For the annual tests of goodwill performed as of the beginning of the fourth fiscal quarters of 2021 and 2020, we performed the qualitative assessment as described above and concluded that there was no additional impairment of our goodwill as of November 27, 2021 or November 28, 2020.

The quantitative evaluation compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, a goodwill impairment charge will be recognized in the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the total goodwill assigned to the reporting unit. The determination of the fair value of our reporting units is based on a combination of a market approach, that considers benchmark company market multiples, an income approach, that utilizes discounted cash flows for each reporting unit and other Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosure (see Note 4), and, in the case of our retail reporting unit, a cost approach that utilizes estimates of net asset value. The cash flows used to determine fair value are dependent on a number of significant management assumptions such as our expectations of future performance and the expected future economic environment, which are partly based upon our historical experience. Our estimates are subject to change given the inherent uncertainty in predicting future results. Additionally, the discount rate and the terminal growth rate are based on our judgment of the rates that would be utilized by a hypothetical market participant. As part of the goodwill impairment testing, we also consider our market capitalization in assessing the reasonableness of the combined fair values estimated for our reporting units. While we believe such assumptions and estimates are reasonable, the actual results may differ materially from the projected amounts. See Note 7 for additional information regarding the results of our annual goodwill impairment test performed as of September 1, 2019 and our interim test performed as of May 30, 2020.

Lessee, Leases [Policy Text Block]

Leases

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

We lease land and buildings that are used in the operation of our Company-owned retail stores as well as in the operation of certain of our licensee-owned stores, and we lease land and buildings at various locations throughout the continental United States for warehousing and distribution hubs used in our retail and logistical services segments. We also lease tractors and trailers used in our logistical services segment, and local delivery trucks used in our retail segment. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Our real estate lease terms range from one to 15 years and generally have renewal options of between five and 15 years. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet this criteria are included in the lease term at lease commencement.

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

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

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

Prior to fiscal 2020, our leases have been accounted for and reported in accordance with ASC Topic 840, Leases. Total lease payments over the non-cancellable term of a lease were recognized as rent expense on a straight-line basis over the lease term, with the excess of expense recognized over lease payments made carried as a deferred rent liability on the balance sheet. Any lease incentive payments received from lessors were recorded as a liability on the balance sheet and amortized as a reduction of rent expense over the term of the lease.

See Note 14 for additional information regarding our leases.

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

Other Intangible Assets

Intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized but are tested for impairment annually or between annual tests when an impairment indicator exists. The recoverability of indefinite-lived intangible assets is assessed by comparison of the carrying value of the asset to its estimated fair value. If we determine that the carrying value of the asset exceeds its estimated fair value, an impairment loss equal to the excess would be recorded.

Definite-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We estimate the useful lives of our intangible assets and ratably amortize the value over the estimated useful lives of those assets. If the estimates of the useful lives should change, we will amortize the remaining book value over the remaining useful lives or, if an asset is deemed to be impaired, a write-down of the value of the asset may be required at such time.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long Lived Assets

We periodically evaluate whether events or circumstances have occurred that indicate long-lived assets may not be recoverable or that the remaining useful life may warrant revision. When such events or circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use and eventual disposition of the asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Fair value is determined based on discounted cash flows or appraised values depending on the nature of the assets. The long-term nature of these assets requires the estimation of cash inflows and outflows several years into the future.

When analyzing our real estate properties for potential impairment, we consider such qualitative factors as our experience in leasing and selling real estate properties as well as specific site and local market characteristics. Upon the closure of a Bassett Home Furnishings store, we generally write off all tenant improvements which are only suitable for use in such a store. ROU assets under operating leases are written down to their estimated fair value. Our estimates of the fair value of the impaired ROU assets included estimates of discounted cash flows based upon current market rents and other inputs which we consider to be Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurement and Disclosure (see Note 3).

Income Tax, Policy [Policy Text Block]

Income Taxes

We account for income taxes under the liability method which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note 12.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Despite our belief that our liability for unrecognized tax benefits is adequate, it is often difficult to predict the final outcome or the timing of the resolution of any particular tax matters. We may adjust these liabilities as relevant circumstances evolve, such as guidance from the relevant tax authority or our tax advisors, or resolution of issues in the courts. These adjustments are recognized as a component of income tax expense in the period in which they are identified.

We evaluate our deferred income tax assets to determine if valuation allowances are required or should be adjusted. A valuation allowance is established against our deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward or carryback periods, our experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified. See Note 12.

New Store Pre Opening Costs [Policy Text Block]

New Store Pre-Opening Costs

Income from operations for fiscal 2021, 2020 and 2019 includes new store pre-opening costs of $0, $0 and $1,117, respectively. Such costs consist of expenses incurred at the new store location during the period prior to its opening and include, among other things, facility occupancy costs such as rent and utilities and local store personnel costs related to pre-opening activities including training. New store pre-opening costs do not include costs which are capitalized in accordance with our property and equipment capitalization policies, such as leasehold improvements and store fixtures and equipment. Such capitalized costs associated with new stores are depreciated commencing with the opening of the store. There are no pre-opening costs associated with stores acquired from licensees, as such locations were already in operation at the time of their acquisition.

Shipping and Handling Costs [Policy Text Block]

Shipping and Handling Costs

Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $17,829, $14,779, and $18,402 for fiscal 2021, 2020 and 2019, respectively. Costs incurred to deliver retail merchandise to customers, including the cost of operating regional distribution warehouses, are also recorded in selling, general and administrative expense and totaled $22,494, $19,024, and $23,710 for fiscal 2021, 2020 and 2019, respectively.

Advertising Cost [Policy Text Block]

Advertising

Costs incurred for producing and distributing advertising and advertising materials are expensed when incurred and are included in selling, general and administrative expenses. Advertising costs totaled $15,272, $12,671, and $20,674 in fiscal 2021, 2020, and 2019, respectively.

Liability Reserve Estimate, Policy [Policy Text Block]

Insurance Reserves

We have self-funded insurance programs in place to cover workers’ compensation and health insurance. These insurance programs are subject to various stop-loss limitations. We accrue estimated losses using historical loss experience. Although we believe that the insurance reserves are adequate, the reserve estimates are based on historical experience, which may not be indicative of current and future losses. We adjust insurance reserves, as needed, in the event that future loss experience differs from historical loss patterns.

Supplemental Cash Flow Information [Policy Text Block]

Supplemental Cash Flow Information

Refer to the supplemental lease disclosures in Note 14 for cash flow impacts of leasing transactions during fiscal 2020. Otherwise, there were no material non-cash investing or financing activities during fiscal 2021 or 2020. During the fourth quarter of fiscal 2019, we purchased certain fixed assets and inventory with a total purchase price of $2,225, of which $375 was paid for with the issuance of 24,590 shares if our common stock.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Recently Adopted 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.

Recent Pronouncements Not Yet Adopted

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

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassifications

Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation with no effect on previously reported net income or Stockholders’ equity. The cost of logistical services, previously included in our statements of operations within selling, general and administrative expenses excluding new store pre-opening costs, is now presented separately.

Note 2 - Significant Accounting Policies (Tables)

12 Months Ended

Nov. 27, 2021

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

	2021		2020
Accounts receivable, net of allowances (Note 4)	$	28,168	$	22,340
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 14)		1,794		1,760
Other		86		376
Total credit risk exposure related to customers	$	30,048	$	24,476

Note 4 - Accounts Receivable (Tables)

12 Months Ended

Nov. 27, 2021

Schedule Of Accounts Receivable [Table Text Block]

	November 27, 2021			November 28, 2020
Gross accounts receivable	$	28,964		$	23,551
Allowance for credit losses		(796	)		(1,211	)
Net accounts receivable	$	28,168		$	22,340

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

	2021			2020

Balance, beginning of the year	$	1,211		$	815
Additions (recoveries) charged to expense		(156	)		492
Reductions to allowance, net		(259	)		(96	)
Balance, end of the year	$	796		$	1,211

Note 5 - Inventories (Tables)

12 Months Ended

Nov. 27, 2021

Schedule of Inventory, Current [Table Text Block]

	November 27, 2021			November 28, 2020
Wholesale finished goods	$	40,254		$	25,001
Work in process		482			516
Raw materials and supplies		21,653			14,836
Retail merchandise		30,914			27,946
Total inventories on first-in, first-out method		93,303			68,299
LIFO adjustment		(10,483	)		(8,891	)
Reserve for excess and obsolete inventory		(4,816	)		(4,522	)
	$	78,004		$	54,886

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

	Wholesale Segment			Retail Segment			Total
Balance at November 30, 2019	$	2,054		$	308		$	2,362
Additions charged to expense		3,745			1,177			4,922
Write-offs		(2,378	)		(384	)		(2,762	)
Balance at November 28, 2020		3,421			1,101			4,522
Additions charged to expense		2,057			912			2,969
Write-offs		(1,795	)		(880	)		(2,675	)
Balance at November 27, 2021	$	3,683		$	1,133		$	4,816

Note 6 - Property and Equipment (Tables)

12 Months Ended

Nov. 27, 2021

Property, Plant and Equipment [Table Text Block]

	November 27, 2021			November 28, 2020
Land	$	9,478		$	9,478
Buildings and leasehold improvements		117,297			114,961
Machinery and equipment		130,534			118,112
Property and equipment at cost		257,309			242,551
Less accumulated depreciation		(163,243	)		(151,634	)
Property and equipment, net	$	94,066		$	90,917

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

	November 27, 2021		November 28, 2020
Wholesale	$	30,020	$	26,999
Retail - Company-owned stores		39,148		44,820
Logistical Services		24,898		19,098
Total property and equipment, net	$	94,066	$	90,917

Schedule of Depreciation [Table Text Block]

	2021		2020		2019

Cost of goods sold (wholesale segment)	$	1,797	$	1,552	$	1,402
Selling, general and adminstrative expenses:
Wholesale segment		1,532		1,516		1,672
Retail segment		6,580		6,578		7,479
Logistical services segment		4,308		3,454		3,697
Total included in selling, general and adminstrative expenses		12,420		11,548		12,848
Total depreciation expense included in income from operations	$	14,217	$	13,100	$	14,250

Note 7 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Nov. 27, 2021

Schedule of Intangible Assets and Goodwill [Table Text Block]

	November 27, 2021

	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	3,550	$	(1,606	)	$	1,944
Technology - customized applications		834		(814	)		20
Total intangible assets subject to amortization	$	4,384	$	(2,420	)		1,964

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

Total goodwill and other intangible assets						$	23,448

	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]

	Wholesale			Retail		Logistics		Total

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

Balance as of November 28, 2020		7,217			-		4,929		12,146
No changes in fiscal 2021		-			-		-		-

Balance as of November 27, 2021	$	7,217		$	-	$	4,929	$	12,146

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

	Useful Life in Years		Remaining Amortization Period in Years

Customer relationships		14		8
Technology - customized applications		7		0

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

Fiscal 2022	$	279
Fiscal 2023		259
Fiscal 2024		259
Fiscal 2025		259
Fiscal 2026		259
Thereafter		649

Total	$	1,964

Note 9 - Post-employment Benefit Obligations (Tables)

12 Months Ended

Nov. 27, 2021

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

`	2021			2020
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	10,071		$	10,090
Service cost		120			172
Interest cost		196			268
Actuarial (gains) and losses		762			345
Benefits paid		(409	)		(804	)
Projected benefit obligation at end of year	$	10,740		$	10,071

Accumulated Benefit Obligation	$	10,740		$	10,034

Discount rate used to value the ending benefit obligations:		2.25	%		2.00	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	913		$	613
Noncurrent liabilities		9,827			9,458
Total amounts recognized	$	10,740		$	10,071
Amounts recognized in accumulated other comprehensive income:
Prior service cost	$	355		$	480
Actuarial loss		2,093			1,394
Net amount recognized	$	2,448		$	1,874

Total recognized in net periodic benefit cost and accumulated
other comprehensive income:	$	1,078		$	785

Schedule of Net Benefit Costs [Table Text Block]

	2021		2020		2019

Components of Net Periodic Pension Cost:
Service cost	$	121	$	172	$	190
Interest cost		196		268		441
Amortization of prior service cost		126		126		126
Amortization of other loss		59		8		183

Net periodic pension cost	$	502	$	574	$	940

Defined Benefit Plan, Assumptions [Table Text Block]

Assumptions used to determine net periodic pension cost:
Discount rate	2.00	%	2.75	%	4.00	%
Increase in future compensation levels	3.00	%	3.00	%	3.00	%

Schedule of Expected Benefit Payments [Table Text Block]

Estimated Future Benefit Payments (with mortality):
Fiscal 2022	$	913
Fiscal 2023		870
Fiscal 2024		825
Fiscal 2025		857
Fiscal 2026		809
Fiscal 2027 through 2031		3,692

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

Prior service cost	$	126
Other loss		51

Total expected to be amortized to net periodic pension cost in 2022	$	177

Note 10 - Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Nov. 27, 2021

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

Balance at November 30, 2019	$	(1,236	)
Actuarial losses		(345	)
Net pension amortization reclassified from accumulated other comprehensive loss		133
Tax effects		54
Balance at November 28, 2020		(1,394	)
Actuarial losses		(762	)
Net pension amortization reclassified from accumulated other comprehensive loss		186
Tax effects		147
Balance at November 27, 2021	$	(1,823	)

Note 11 - Capital Stock and Stock Compensation (Tables)

12 Months Ended

Nov. 27, 2021

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

	2021		2020		2019

Stock based compensation expense	$	158	$	420	$	958

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

	Number of Shares			Weighted Average Exercise Price Per Share

Outstanding at November 28, 2020		5,250		$	8.02
Granted		-			-
Exercised		(5,250	)		8.02
Forfeited/Expired		-			-
Outstanding at November 27, 2021		-			-
Exercisable at November 27, 2021		-			-

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

	2021		2020		2019

Total intrinsic value of options exercised	$	93	$	-	$	34
Total cash received from the exercise of options		42		-		25
Excess tax benefits recognized in income tax expense upon the exercise of options		18		-		6

Schedule of Nonvested Share Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested restricted shares outstanding at November 28, 2020		34,500		$	33.58
Granted		7,105			24.63
Vested		(31,000	)		35.75
Forfeited		-			-
Non-vested restricted shares outstanding at November 27, 2021		10,605		$	21.24

Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]

Remaining

Restricted

Share Value

Restriction

Grant

Shares

at Grant Date

Period

Date

Outstanding

Per Share

(Years)

October 9, 2019

3,500

14.37

0.9

March 10, 2021

7,105

24.63

0.3

10,605

Note 12 - Income Taxes (Tables)

12 Months Ended

Nov. 27, 2021

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

	2021		2020			2019
Current:
Federal	$	4,437	$	(8,486	)	$	2,150
State		178		155			892

Deferred:
Federal		435		2,457			(2,191	)
State		1,148		(491	)		(663	)
Total	$	6,198	$	(6,365	)	$	188

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

	2021			2020			2019
Statutory federal income tax rate		21.0	%		21.0	%		21.0	%
CARES Act benefit		-			21.1			-
State income tax, net of federal benefit		4.2			1.7			(14.0	)
Impairment of non-deductible goodwill		-			(2.5	)		(23.2	)
Excess tax from stock-based compensation		0.4			(0.6	)		0.3
Other		-			(2.8	)		5.1
Effective income tax rate		25.6	%		37.9	%		(10.8	)%

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

	November 27, 2021		November 28, 2020
Deferred income tax assets:
Trade accounts receivable	$	199	$	303
Inventories		3,121		3,086
Notes receivable		44		44
Post employment benefit obligations		3,562		3,260
State net operating loss carryforwards		153		1,321
Leases		5,055		5,850
Other		1,180		1,856
Gross deferred income tax assets		13,314		15,720
Valuation allowance		-		-
Total deferred income tax assets		13,314		15,720

Deferred income tax liabilities:
Property and equipment		7,013		8,746
Intangible assets		1,712		1,404
Prepaid expenses and other		1,400		983

Total deferred income tax liabilities		10,125		11,133

Net deferred income tax assets	$	3,189	$	4,587

Note 14 - Leases and Lease Guarantees (Tables)

12 Months Ended

Nov. 27, 2021

Lessee, Supplemental Balance Sheet Information [Table Text Block]

	November 27, 2021		November 28, 2020
Operating leases:
Right of use assets	$	114,148	$	116,903
Lease liabilties, short-term		27,693		27,078
Lease liabilties, long-term		105,841		111,972

Finance leases:
Right of use assets (1)	$	7,538	$	2,623
Lease liabilties, short-term (2)		1,759		534
Lease liabilties, long-term (3)		5,801		1,862

	November 27, 2021		November 28, 2020
Wholesale	$	9,842	$	10,232
Retail		86,114		90,487
Logistical services		18,192		16,184
Total right of use assets	$	114,148	$	116,903

Lease, Cost [Table Text Block]

	2021			2020
Lease cost:
Operating lease cost	$	32,168		$	33,207
Financing lease cost:
Amortization of right-of-use assets		1,434			213
Interest on lease liabilities		304			49
Short-term lease cost		1,986			2,040
Variable lease cost (net of abatements received)		321			(605	)
Sublease income		(1,670	)		(1,557	)

Total lease cost	$	34,543		$	33,347

Supplemental Lease Disclosures [Table Text Block]

	Operating			Financing

For the year ended November 28, 2020:
Cash paid for amounts included in the measurements of lease liabilities	$	35,310		$	260
Lease liabilities arising from new right-of-use assets		10,804			2,623

For the year ended November 27, 2021:
Cash paid for amounts included in the measurements of lease liabilities		35,432			1,668
Lease liabilities arising from new right-of-use assets		24,518			6,511

As of November 28, 2020:
Weighted average remaining lease terms (years)		6.2			4.3
Weighted average discount rates		4.98	%		4.43	%

As of November 27, 2021:
Weighted average remaining lease terms (years)		6.0			4.8
Weighted average discount rates		5.04	%		4.72	%

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

	Operating Leases		Financing Leases

Fiscal 2022	$	33,493	$	2,076
Fiscal 2023		30,579		1,949
Fiscal 2024		23,219		1,669
Fiscal 2025		19,106		1,171
Fiscal 2026		15,482		818
Thereafter		33,947		766
Total lease payments		155,826		8,449
Less: interest		22,292		889
Total lease obligations	$	133,534	$	7,560

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

Fiscal 2022	$	1,979
Fiscal 2023		1,662
Fiscal 2024		1,027
Fiscal 2025		599
Fiscal 2026		156
Thereafter		-
Total minimum future rental income	$	5,423

Note 16 - Earnings (Loss) Per Share (Tables)

12 Months Ended

Nov. 27, 2021

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

	2021		2020			2019
Numerator:
Net income (loss)	$	18,042	$	(10,421	)	$	(1,928	)

Denominator:
Denominator for basic income per share - weighted average shares		9,835,829		9,969,616			10,285,511
Effect of dilutive securities*		7,945		-			-
Denominator for diluted income per share — weighted average shares and assumed conversions		9,843,774		9,969,616			10,285,511

Basic income (loss) per share:
Net income (loss) per share — basic	$	1.83	$	(1.05	)	$	(0.19	)

Diluted income (loss) per share:
Net income (loss) per share — diluted	$	1.83	$	(1.05	)	$	(0.19	)

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

	2021		2020		2019
Unvested restricted shares		-		90,153		45,036
Stock options		-		5,250		-

Note 17 - Segment Information (Tables)

12 Months Ended

Nov. 27, 2021

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

	2021			2020			2019
Sales Revenue
Wholesale sales of furniture and accessories	$	295,329		$	221,075		$	261,105
Less: Sales to retail segment		(112,270	)		(95,347	)		(125,933	)
Wholesale sales to external customers		183,059			125,728			135,172
Retail sales of furniture and accessories		247,827			211,944			268,693
Consolidated net sales of furniture and accessories		430,886			337,672			403,865

Logistical services revenue		86,977			75,158			80,074
Less: Services to wholesale segment		(31,329	)		(26,967	)		(31,852	)
Logistical services to external customers		55,648			48,191			48,222
Total sales revenue	$	486,534		$	385,863		$	452,087

Income (loss) from Operations
Wholesale	$	17,490		$	4,587		$	11,456
Retail		7,044			(9,497	)		(7,009	)
Logistical services		1,743			1,245			1,855
Inter-company elimination		(278	)		2,647			1,144
Asset impairment charges		-			(12,184	)		(4,431	)
Goodwill impairment charge		-			(1,971	)		(1,926	)
Early retirement program		-			-			(835	)
Litigation expense		-			(1,050	)		(700	)
Lease exit costs		-			-			(149	)
Consolidated income from operations	$	25,999		$	(16,223	)	$	(595	)

Depreciation and Amortization
Wholesale	$	3,386		$	3,125		$	3,178
Retail		6,580			6,578			6,303
Logistical services		4,631			3,777			4,019
Consolidated	$	14,597		$	13,480		$	13,500

Capital Expenditures
Wholesale	$	5,943		$	2,434		$	5,650
Retail		299			695			8,473
Logistical services		4,508			2,900			3,627
Consolidated	$	10,750		$	6,029		$	17,750

Identifiable Assets
Wholesale	$	197,543		$	176,243		$	144,392
Retail		160,929			169,105			91,997
Logistical services		63,188			57,201			39,377
Consolidated	$	421,660		$	402,549		$	275,766

Note 18 - Revenue Recognition (Tables)

12 Months Ended

Nov. 27, 2021

Disaggregation of Revenue [Table Text Block]

	2021						2020						2019
	Wholesale		Retail		Total		Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	105,445	$	139,527	$	244,972	$	71,840	$	112,888	$	184,728	$	78,856	$	142,865	$	221,721
Bassett Leather		36,157		226		36,383		20,487		2,326		22,813		17,083		3,782		20,865
Bassett Custom Wood		24,079		30,931		55,010		19,682		28,942		48,624		21,264		35,092		56,356
Bassett Casegoods		17,378		42,658		60,036		13,719		35,728		49,447		17,221		44,827		62,048
Accessories, mattresses and other (1) (2)		-		34,485		34,485		-		32,060		32,060		748		42,127		42,875
Consolidated Furniture and Accessories revenue	$	183,059	$	247,827	$	430,886	$	125,728	$	211,944	$	337,672	$	135,172	$	268,693	$	403,865

Note 19 - Quarterly Results of Operations (Tables)

12 Months Ended

Nov. 27, 2021

Quarterly Financial Information [Table Text Block]

	2021
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter

Sales revenue:
Furniture and accessories	$	101,655	$	109,997	$	104,870	$	114,364
Logistics		12,018		14,062		14,036		15,532
Total sales revenue		113,673		124,059		118,906		129,896
Cost of furniture and accessories sold		48,252		52,911		52,263		56,373
Income from operations		6,021		8,379		4,490		7,109
Net income		4,011		5,974		3,016		5,041
Basic earnings per share		0.40		0.60		0.31		0.52
Diluted earnings per share		0.40		0.60		0.31		0.52

	2020
	First Quarter		Second Quarter (1)			Third Quarter (2)		Fourth Quarter (3)

Sales revenue:
Furniture and accessories	$	98,942	$	53,000		$	80,341	$	105,389
Logistics		13,178		10,801			11,218		12,994
Total sales revenue		112,120		63,801			91,559		118,383
Cost of furniture and accessories sold		45,270		29,452			38,418		50,427
Income (loss) from operations		2,210		(31,229	)		2,747		10,049
Net income (loss)		1,210		(20,352	)		2,178		6,543
Basic earnings (loss) per share		0.12		(2.04	)		0.22		0.65
Diluted earnings (loss) per share		0.12		(2.04	)		0.22		0.65

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

12 Months Ended

Nov. 27, 2021

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

	Balance Beginning of Period		Additions Charged to Cost and Expenses			Deductions (1)			Other			Balance End of Period
For the Year Ended November 30, 2019:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	754	$	61		$	-		$	-	(2)	$	815

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


For the Year Ended November 28, 2020:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	815	$	492		$	(96	)				$	1,211

Notes receivable valuation reserves	$	359	$	-		$	-		$	-		$	359


For the Year Ended November 27, 2021:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,211	$	(156	)	$	(259	)	$	-		$	796

Notes receivable valuation reserves	$	359	$	-		$	-		$	-		$	359

Note 1 - Description of Business (Details Textual)	Nov. 27, 2021
Number of Stores	97
Percent Of Wholesale Products Sourced From Other Countries	24.00%
Number Of Domestic Manufacturing Facilities	5
Company-owned Retail Stores [Member]
Number of Stores	63
Licensee Operated Retail Stores [Member]
Number of Stores	34

Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended		12 Months Ended
	May 30, 2020 USD ($)	Nov. 30, 2019 USD ($) shares	Nov. 27, 2021 USD ($)	Nov. 28, 2020 USD ($)	Nov. 30, 2019 USD ($)	Dec. 01, 2019 USD ($)
Contract with Customer, Liability, Total			$ 51,492	$ 39,762
Contract with Customer, Asset, after Allowance for Credit Loss, Total			$ 1,240	$ 783
Percent Of Aggregate Risk Exposure Net Of Reserves Attributable To Major Customers			22.00%	24.00%
Percentage of LIFO Inventory			53.00%	53.00%
Goodwill, Impairment Loss	$ 1,971		$ 0	$ 1,971	$ 1,926
Retained Earnings (Accumulated Deficit), Ending Balance			115,631	109,710
Pre-Opening Costs			0	0	1,117
Advertising Expense			15,272	12,671	20,674
Payments to Acquire Fixed Assets and Inventory		$ 2,225
Stock Issued During Period, Value, Purchase of Fixed Assets and Inventory		$ 375
Stock Issued During Period, Shares, Purchase of Fixed Assets and Inventory (in shares) \| shares		24,590
Deliver Wholesale Merchandise to Customers [Member]
Selling, General and Administrative Expense, Delivery Costs		$ 18,402	17,829	14,779	18,402
Deliver Retail Merchandise to Customers [Member]
Selling, General and Administrative Expense, Delivery Costs		$ 23,710	22,494	19,024	23,710
Accounting Standards Update 2016-02 [Member]
Lease, Right-of-Use Asset, Net						$ 146,585
Lease, Liability, Net						151,672
Deferred Income Tax Liabilities, Net, Total						1,302
Retained Earnings (Accumulated Deficit), Ending Balance						$ 3,785
Non-US [Member]
Revenues, Total			$ 488	$ 789	$ 1,846
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Number of Major Customers			0	0	0
Sales Commissions [Member] \| Other Current Assets [Member]
Capitalized Contract Cost, Net, Total			$ 6,221	$ 4,279
Logistical Services [Member]
Invoice Payment Term (Day)			30 days
Goodwill, Impairment Loss				$ (0)
Logistical Services [Member] \| Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Number of Major Customers			2	2	2
Concentration Risk, Percentage			23.00%	29.00%	44.00%
Minimum [Member]
Payment Terms For Wholesale Customers (Day)			30 days
Minimum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)			10 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)			5 years
Minimum [Member] \| Real Estate Lease [Member]
Lessee, Operating Lease, Term of Contract (Year)			1 year
Lessee, Operating Lease, Renewal Term (Year)			5 years
Maximum [Member]
Payment Terms For Wholesale Customers (Day)			60 days
Maximum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)			39 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)			10 years
Maximum [Member] \| Real Estate Lease [Member]
Lessee, Operating Lease, Term of Contract (Year)			15 years
Lessee, Operating Lease, Renewal Term (Year)			15 years

Note 2 - Significant Accounting Policies - Aggregate Exposure from Receivables and Guarantees Related to Customers (Details) - USD ($) $ in Thousands	Nov. 27, 2021	Nov. 28, 2020
Accounts receivable, net of allowances (Note 4)	$ 28,168	$ 22,340
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 14)	1,794	1,760
Other	86	376
Total credit risk exposure related to customers	$ 30,048	$ 24,476

Note 3 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020
Short-term Investments, Total	$ 17,715	$ 17,715
Minimum [Member]
Certificates of Deposit, Average Term (Month)	6 months
Interest Rate of Certificates of Deposit	0.01%
Maximum [Member]
Certificates of Deposit, Average Term (Month)	12 months
Interest Rate of Certificates of Deposit	0.85%
Weighted Average [Member]
Certificates of Deposit, Average Term (Month)	3 months
Interest Rate of Certificates of Deposit	0.04%
Certificates of Deposit [Member]
Short-term Investments, Total	$ 17,715	$ 17,715

Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Nov. 27, 2021	Nov. 28, 2020
Gross accounts receivable	$ 28,964	$ 23,551
Allowance for credit losses	(796)	(1,211)
Net accounts receivable	$ 28,168	$ 22,340

Note 4 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Balance	$ 1,211	$ 815
Additions (recoveries) charged to expense	(156)	492	$ 61
Reductions to allowance, net	(259)	(96)
Balance	$ 796	$ 1,211	$ 815

Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Purchases From Major Vendors	$ 34,658	$ 15,378	$ 15,221

Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Wholesale finished goods	$ 40,254	$ 25,001
Work in process	482	516
Raw materials and supplies	21,653	14,836
Retail merchandise	30,914	27,946
Total inventories on first-in, first-out method	93,303	68,299
LIFO adjustment	(10,483)	(8,891)
Reserve for excess and obsolete inventory	(4,816)	(4,522)	$ (2,362)
Inventory, Net, Total	$ 78,004	$ 54,886

Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Balance	$ 4,522	$ 2,362
Additions charged to expense	2,969	4,922	$ 2,254
Write-offs	(2,675)	(2,762)
Balance	4,816	4,522	2,362
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	3,421	2,054
Additions charged to expense	2,057	3,745
Write-offs	(1,795)	(2,378)
Balance	3,683	3,421	2,054
Operating Segments [Member] \| Retail Segment [Member]
Balance	1,101	308
Additions charged to expense	912	1,177
Write-offs	(880)	(384)
Balance	$ 1,133	$ 1,101	$ 308

Note 6 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 27, 2021	Nov. 28, 2020
Land	$ 9,478	$ 9,478
Buildings and leasehold improvements	117,297	114,961
Machinery and equipment	130,534	118,112
Property and equipment at cost	257,309	242,551
Less accumulated depreciation	(163,243)	(151,634)
Property and equipment, net	$ 94,066	$ 90,917

Note 6 - Property and Equipment - Summary of Reportable Segment Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 27, 2021	Nov. 28, 2020
Property and equipment, net	$ 94,066	$ 90,917
Wholesale Segment [Member]
Property and equipment, net	30,020	26,999
Retail Segment [Member]
Property and equipment, net	39,148	44,820
Logistical Services [Member]
Property and equipment, net	$ 24,898	$ 19,098

Note 6 - Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Depreciation expense	$ 14,217	$ 13,100	$ 14,250
Cost of Sales [Member]
Depreciation expense	1,797	1,552	1,402
Selling, General and Administrative Expenses [Member]
Depreciation expense	12,420	11,548	12,848
Selling, General and Administrative Expenses [Member] \| Wholesale Segment [Member]
Depreciation expense	1,532	1,516	1,672
Selling, General and Administrative Expenses [Member] \| Retail Segment [Member]
Depreciation expense	6,580	6,578	7,479
Selling, General and Administrative Expenses [Member] \| Logistical Services [Member]
Depreciation expense	$ 4,308	$ 3,454	$ 3,697

Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	May 30, 2020	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Goodwill, Impairment Loss	$ 1,971	$ 0	$ 1,971	$ 1,926
Goodwill, Impaired, Accumulated Impairment Loss		3,897	3,897	1,926
Amortization of Intangible Assets, Total		379	379	379
Wholesale Segment [Member]
Goodwill, Impairment Loss			1,971
Amortization of Intangible Assets, Total		$ 57	$ 57	$ 57

Note 7 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 27, 2021	Nov. 28, 2020
Intangibles subject to amortization, Gross Carrying Amount	$ 4,384	$ 4,384
Intangibles subject to amortization, Accumulated Amortization	(2,420)	(2,041)
Intangibles subject to amortization, Intangible Assets, Net	1,964	2,343
Trade names	9,338	9,338
Goodwill	12,146	12,146
Total goodwill and other intangible assets	23,448	23,827
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,550	3,550
Intangibles subject to amortization, Accumulated Amortization	(1,606)	(1,346)
Intangibles subject to amortization, Intangible Assets, Net	1,944	2,204
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(814)	(695)
Intangibles subject to amortization, Intangible Assets, Net	$ 20	$ 139

Note 7 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	May 30, 2020	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Balance		$ 12,146	$ 14,117
Goodwill impairment	$ (1,971)	0	(1,971)	$ (1,926)
Balance		12,146	12,146	14,117
Wholesale Segment [Member]
Balance		7,217	9,188
Goodwill impairment			(1,971)
Balance		7,217	7,217	9,188
Retail Segment [Member]
Balance		0	0
Goodwill impairment			0
Balance		0	0	0
Logistical Services [Member]
Balance		4,929	4,929
Goodwill impairment			0
Balance		$ 4,929	$ 4,929	$ 4,929

Note 7 - Goodwill and Other Intangible Assets - Useful Lives and Remaining Amortization Period of Goodwill and Other Intangible Assets (Details)	12 Months Ended
	Nov. 27, 2021
Customer Relationships [Member]
Useful life (Year)	14 years
Remaining Amortization Period (Year)	8 years
Technology-Based Intangible Assets [Member]
Useful life (Year)	7 years
Remaining Amortization Period (Year)	0 years

Note 7 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 27, 2021	Nov. 28, 2020
Fiscal 2022	$ 279
Fiscal 2023	259
Fiscal 2024	259
Fiscal 2025	259
Fiscal 2026	259
Thereafter	649
Total	$ 1,964	$ 2,343

Note 8 - Bank Credit Facility (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Jan. 27, 2022	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019	Feb. 28, 2022
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total		$ 322	$ 49	$ 7
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] \| Forecast [Member]
Debt Instrument, Covenant, Tangible Net Worth					$ 120,000
Bank One [Member] \| Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 25,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Debt Instrument, Covenant, Fixed Charge Coverage Ratio	1.4
Debt Instrument, Covenant, Lease-adjusted Leverage Ratio	3.0
Debt Instrument, Covenant, Tangible Net Worth	$ 140,000
Bank One [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.90%
Bank One [Member] \| One-Month Term Secured Overnight Financing Rate [Member] \| Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Bank Two [Member]
Letters of Credit Outstanding, Amount		$ 325

Note 9 - Post-employment Benefit Obligations (Details Textual) $ in Thousands			12 Months Ended
	May 02, 2017 USD ($)	May 01, 2017	Nov. 27, 2021 USD ($)	Nov. 28, 2020 USD ($)	Nov. 30, 2019 USD ($)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax, Total			$ 2,448	$ 1,874
Postemployment Benefits Liability, Noncurrent			$ 12,968	12,089
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			25.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent			8.00%
Defined Contribution Plan, Cost			$ 1,103	611	$ 1,157
Unfunded Deferred Compensation Plan [Member]
Pension Cost (Reversal of Cost)			204	176	204
Postemployment Benefits Liability, Noncurrent			1,648	1,676
Management Savings Plan [member]
Defined Benefit Plan, Fixed Future Benefit Award	$ 2,000
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants	$ 400
Defined Benefit Plan, Benefit Obligation, Number of Annual Installments	10
Payment to Acquire Life Insurance Policy, Operating Activities			647	609	627
Current Net Death Benefit			14,998
Supplemental Employee Retirement Plan [Member]
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Base Salary		75.00%
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Discretionary, Annual Incentive or Other Bonus		100.00%
Deferred Compensation Arrangement with Individual, Deferred Compensation, Annual installment Payments, Maximum Number of Years (Year)		15 years
Deferred Compensation Arrangement with Individual, Deferred Compensation, Scheduled Distributions, Maximum Number of Years (Year)		5 years
Deferred Compensation Arrangement with Individual, Compensation Expense			338	264	$ 196
Current Net Death Benefit			$ 2,054
Percent Of Final Average Compensation Provided By Supplemental Retirement Income Plan			65.00%
Death Benefit Percent Of Final Average Annual Compensation For Period of 120 Months			50.00%
Death Benefit Payment Term (Month)			120 months
Death Benefit Percent Of Final Average Annual Compensation Single Payment			200.00%
Supplemental Employee Retirement Plan [Member] \| Non-current Portion of Post Employment Benefits Liability [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability			$ 1,789	$ 1,250

Note 9 - Post-employment Benefit Obligations - Plan Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Projected benefit obligation	$ 10,071	$ 10,090
Service cost	121	172	$ 190
Interest cost	196	268	441
Actuarial (gains) and losses	762	345
Benefits paid	(409)	(804)
Projected benefit obligation	10,740	10,071	$ 10,090
Accumulated Benefit Obligation	$ 10,740	$ 10,034
Discount rate used to value the ending benefit obligations:	2.25%	2.00%
Current liabilities	$ 913	$ 613
Noncurrent liabilities	9,827	9,458
Total amounts recognized	10,740	10,071
Prior service cost	355	480
Actuarial loss	2,093	1,394
Net amount recognized	2,448	1,874
other comprehensive income:	$ 1,078	$ 785

Note 9 - Post-employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Service cost	$ 121	$ 172	$ 190
Interest cost	196	268	441
Amortization of prior service cost	126	126	126
Amortization of other loss	59	8	183
Net periodic pension cost	$ 502	$ 574	$ 940

Note 9 - Post-employment Benefit Obligations - Assumptions Used in Calculating Net Periodic Pension Cost (Details) - Pension Plan [Member]	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Discount rate	2.00%	2.75%	4.00%
Increase in future compensation levels	3.00%	3.00%	3.00%

Note 9 - Post-employment Benefit Obligations - Estimated Future Benefit Payments (Details) $ in Thousands	Nov. 27, 2021 USD ($)
Fiscal 2022	$ 913
Fiscal 2023	870
Fiscal 2024	825
Fiscal 2025	857
Fiscal 2026	809
Fiscal 2027 through 2031	$ 3,692

Note 9 - Post-employment Benefit Obligations - Amounts Expected to be Recognized in Next Fiscal Year (Details) $ in Thousands	Nov. 27, 2021 USD ($)
Prior service cost	$ 126
Other loss	51
Total expected to be amortized to net periodic pension cost in 2022	$ 177

Note 10 - Accumulated Other Comprehensive Loss - Activity in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020
Balance	$ 158,030	$ 178,670
Actuarial losses	(762)
Net pension amortization reclassified from accumulated other comprehensive loss	186	133
Balance	162,732	158,030
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(1,394)	(1,236)
Actuarial losses		(345)
Tax effects	147	54
Balance	$ (1,823)	$ (1,394)

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Note 11 - Capital Stock and Stock Compensation (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Mar. 01, 2017	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019	Mar. 10, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		0	0	0
Payment, Tax Withholding, Share-based Payment Arrangement		$ 219	$ 228	$ (0)
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount		(115)	$ (114)	$ 22
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 58
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)		22,547	50,217	23,460
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)		31,000
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount		$ (133)	$ (114)	$ 0
Restricted Stock [Member] \| Employees [Member]
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)			14,010
Payment, Tax Withholding, Share-based Payment Arrangement			$ 228
Plan 2021 [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)					500,000
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
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		132,534

Note 11 - Capital Stock and Stock Compensation - Compensation Expense Related to Restricted Stock and Stock Options Included in Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Selling, General and Administrative Expenses [Member]
Stock based compensation expense	$ 158	$ 420	$ 958

Note 11 - Capital Stock and Stock Compensation - Changes in Outstanding Options (Details)	12 Months Ended
	Nov. 27, 2021 $ / shares shares
Outstanding, Shares (in shares) \| shares	5,250
Outstanding, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 8.02
Exercised, Shares (in shares) \| shares	(5,250)
Exercised, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 8.02
Forfeited/Expired, Shares (in shares) \| shares	0
Forfeited/Expired, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 0
Outstanding, Shares (in shares) \| shares	0
Outstanding, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 0
Exercisable, Shares (in shares) \| shares	0
Exercisable, weighted average exercise price per share (in dollars per share) \| $ / shares	$ 0

Note 11 - Capital Stock and Stock Compensation - Additional Information Regarding Activity in Stock Options (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Total intrinsic value of options exercised	$ 93	$ 0	$ 34
Total cash received from the exercise of options	42	0	25
Excess tax benefits recognized in income tax expense upon the exercise of options	(115)	(114)	22
Share-based Payment Arrangement, Option [Member]
Excess tax benefits recognized in income tax expense upon the exercise of options	$ 18	$ 0	$ 6

Note 11 - Capital Stock and Stock Compensation - Changes in Non-vested Options (Details) - Restricted Stock [Member]	12 Months Ended
	Nov. 27, 2021 $ / shares shares
Non-vested restricted shares, outstanding, balance (in shares) \| shares	34,500
Non-vested restricted shares, outstanding, balance (in dollars per share) \| $ / shares	$ 33.58
Granted (in shares) \| shares	7,105
Granted (in dollars per share) \| $ / shares	$ 24.63
Vested (in shares) \| shares	(31,000)
Vested (in dollars per share) \| $ / shares	$ 35.75
Forfeited (in shares) \| shares	0
Forfeited (in dollars per share) \| $ / shares	$ 0
Non-vested restricted shares, outstanding, balance (in shares) \| shares	10,605
Non-vested restricted shares, outstanding, balance (in dollars per share) \| $ / shares	$ 21.24

Note 11 - Capital Stock and Stock Compensation - Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020
Restricted Shares Outstanding (in shares)	10,605	34,500
Granted (in dollars per share)	$ 24.63
October 9, 2019 [Member]
Restricted Shares Outstanding (in shares)	3,500
Granted (in dollars per share)	$ 14.37
Remaining Restriction Period (Year)	10 months 24 days
March 10, 2021 [Member]
Restricted Shares Outstanding (in shares)	7,105
Granted (in dollars per share)	$ 24.63
Remaining Restriction Period (Year)	3 months 18 days

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount	$ (115)	$ (114)	$ 22
Income Taxes Paid, Net, Total	3,092	539	$ 1,228
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 324	$ 68
Open Tax Year	2018 2019 2021 2021
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	$ 3,010
State and Local Jurisdiction [Member] \| Earliest Tax Year [Member]
Operating Loss Carryforwards, Expiration Year	2030
State and Local Jurisdiction [Member] \| Latest Tax Year [Member]
Operating Loss Carryforwards, Expiration Year	2040

Note 12 - Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Federal	$ 4,437	$ (8,486)	$ 2,150
State	178	155	892
Federal	435	2,457	(2,191)
State	1,148	(491)	(663)
Total	$ 6,198	$ (6,365)	$ 188

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 12 - Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details)	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Statutory federal income tax rate	21.00%	21.00%	21.00%
CARES Act benefit	0.00%	21.10%	0.00%
State income tax, net of federal benefit	4.20%	1.70%	(14.00%)
Impairment of non-deductible goodwill	0.00%	(2.50%)	(23.20%)
Excess tax from stock-based compensation	0.40%	(0.60%)	0.30%
Other	0.00%	(2.80%)	5.10%
Effective income tax rate	25.60%	37.90%	(10.80%)

Note 12 - Income Taxes - Income Tax Effects of Temporary Differences and Carryforwards (Details) - USD ($) $ in Thousands	Nov. 27, 2021	Nov. 28, 2020
Trade accounts receivable	$ 199	$ 303
Inventories	3,121	3,086
Notes receivable	44	44
Post employment benefit obligations	3,562	3,260
State net operating loss carryforwards	153	1,321
Leases	5,055	5,850
Other	1,180	1,856
Gross deferred income tax assets	13,314	15,720
Valuation allowance	0	0
Total deferred income tax assets	13,314	15,720
Property and equipment	7,013	8,746
Intangible assets	1,712	1,404
Prepaid expenses and other	1,400	983
Total deferred income tax liabilities	10,125	11,133
Net deferred income tax assets	$ 3,189	$ 4,587

Note 13 - Other Gains and Losses (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Aug. 29, 2020	May 30, 2020	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Gain (Loss) on Disposition of Property Plant Equipment, Total			$ 367	$ 81	$ (515)
Early Retirement Program, Benefits Payment Period (Year)					1 year
Early Retirement Program Expense			0	0	$ 835
Asset Impairment Charges, Total		$ 12,184
Gain (Loss) on Contract Termination			(0)	(0)	(149)
Legal Fees		$ 1,050	$ 0	1,050	700
Gain (Loss) from Company Owned Life Insurance	$ 914			914	629
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
Leasehold Improvements [Member]
Asset Impairment Charges, Total					4,431
Gain (Loss) on Contract Termination					$ (149)
Land and Building occupied by Spring, Texas Retail Store [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Total				$ 1,313

Note 14 - Leases and Lease Guarantees (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Past Due Rents Subject to Negotiation with Lessors		$ 990
Rent Abatement		775
Operating Leases, Rent Expense, Total			$ 41,809
Real Estate Rental Income (Loss), Net of Expense		156
Loss Contingency, Estimate of Possible Loss	$ 1,794	1,760
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	1,845	$ 1,811
Acquire Five Tractors Under Leases [Member]
Lessee, Operating Lease, Lease Not yet Commenced, Annual Payments	$ 267
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year)	3 years
Acquire Eighteen Tractors Under Leases [Member]
Lessee, Operating Lease, Lease Not yet Commenced, Annual Payments	$ 167
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year)	5 years
Showroom Space Lease [Member]
Lessee, Operating Lease, Lease Not yet Commenced, Annual Payments	$ 229
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year)	8 years

Note 14 - Leases and Lease Guarantees - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands

Nov. 27, 2021

Nov. 28, 2020

Lease liabilties, short-term

$ 114,148

$ 116,903

27,693

27,078

Lease liabilties, long-term

105,841

111,972

Property & Equipment, Net [Member]

Right of use assets (1)

^[1]

7,538

2,623

Other Current Liabilities and Accrued Expenses [Member]

Lease liabilties, short-term (2)

^[2]

1,759

534

Other Long-term Liabilities and Accrued Expenses [Member]

Lease liabilties, long-term (3)

^[3]

5,801

1,862

Wholesale Segment [Member]

9,842

10,232

Retail Segment [Member]

Logistical Services [Member]

86,114

90,487

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

$ 18,192

$ 16,184

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

Note 14 - Leases and Lease Guarantees - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020
Operating lease cost	$ 32,168	$ 33,207
Amortization of right-of-use assets	1,434	213
Interest on lease liabilities	304	49
Short-term lease cost	1,986	2,040
Variable lease cost (net of abatements received)	321	(605)
Sublease income	(1,670)	(1,557)
Total lease cost	$ 34,543	$ 33,347

Note 14 - Leases and Lease Guarantees - Supplemental Lease Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020
Cash paid for amounts included in the measurements of lease liabilities, operating	$ 35,432	$ 35,310
Cash paid for amounts included in the measurements of lease liabilities, financing	1,668	260
Lease liabilities arising from new right-of-use assets, operating	24,518	10,804
Lease liabilities arising from new right-of-use assets, financing	$ 6,511	$ 2,623
Weighted average remaining lease terms (years), operating (Year)	6 years	6 years 2 months 12 days
Weighted average remaining lease terms (years), financing (Year)	4 years 9 months 18 days	4 years 3 months 18 days
Weighted average discount rates, operating	5.04%	4.98%
Weighted average discount rates, financing	4.72%	4.43%

Note 14 - Leases and Lease Guarantees - Lease Maturities (Details) $ in Thousands	Nov. 27, 2021 USD ($)
Fiscal 2022, operating lease	$ 33,493
Fiscal 2022, finance lease	2,076
Fiscal 2023, operating lease	30,579
Fiscal 2023, finance lease	1,949
Fiscal 2024, operating lease	23,219
Fiscal 2024, finance lease	1,669
Fiscal 2025, operating lease	19,106
Fiscal 2025, finance lease	1,171
Fiscal 2026, operating lease	15,482
Fiscal 2026, finance lease	818
Thereafter, operating lease	33,947
Thereafter, finance lease	766
Total lease payments, operating lease	155,826
Total lease payments, finance lease	8,449
Less: interest, operating lease	22,292
Less: interest, finance lease	889
Total operating lease obligations	133,534
Other Liabilities and Accrued Expenses [Member]
Total finance lease obligations	$ 7,560

Note 14 - Leases and Lease Guarantees - Minimum Future Rental Income (Details) $ in Thousands	Nov. 27, 2021 USD ($)
Fiscal 2022	$ 1,979
Fiscal 2023	1,662
Fiscal 2024	1,027
Fiscal 2025	599
Fiscal 2026	156
Thereafter	0
Total minimum future rental income	$ 5,423

Note 15 - Contingencies (Details Textual) - USD ($) $ in Thousands	Nov. 27, 2021	Nov. 28, 2020
Loss Contingency Accrual, Ending Balance	$ 100	$ 1,050

Note 16 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Nov. 27, 2021

Aug. 28, 2021

May 29, 2021

Feb. 27, 2021

Nov. 28, 2020

^[1]

Aug. 29, 2020

^[2]

May 30, 2020

^[3]

Feb. 29, 2020

Nov. 27, 2021

Nov. 28, 2020

Nov. 30, 2019

Net income (loss)

$ 5,041

$ 3,016

$ 5,974

$ 4,011

$ 6,543

$ 2,178

$ (20,352)

$ 1,210

$ 18,042

$ (10,421)

$ (1,928)

9,835,829

9,969,616

10,285,511

Effect of dilutive securities* (in shares)

^[4]

7,945

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

9,843,774

9,969,616

10,285,511

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

$ 0.52

$ 0.31

$ 0.60

$ 0.40

$ 0.65

$ 0.22

$ (2.04)

$ 0.12

$ 1.83

$ (1.05)

$ (0.19)

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

$ 0.52

$ 0.31

$ 0.60

$ 0.40

$ 0.65

$ 0.22

$ (2.04)

$ 0.12

$ 1.83

$ (1.05)

$ (0.19)

[1]	Income from operations includes a gain of $1,161 arising from the settlement of a lease obligation (see Note 13).
[2]	Net income includes a non-taxable gain of $914 arising from the recognition of a death benefit from Company-owned life insurance (see Note 13).
[3]	Loss from operations reflects the severe impact of the COVID-19 pandemic on our operations due to the temporary closure of substantially all of our operations during the quarter (see Note 1) and includes a goodwill impairment charge of $1,971 (see Note 7), asset impairment charges of $12,184 and a litigation expense accrual of $1,050 (see Note 13). Net loss includes the benefit of carrying back the loss to tax years with 35% federal statutory rate as provided for in the CARES Act (see Note 12).
[4]	Due to the net losses in 2020 and 2019, the potentially dilutive securities would have been anti-dilutive and are therefore excluded.

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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Note 16 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares	12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Restricted Stock [Member]
Antidilutive securities (in shares)	0	90,153	45,036
Share-based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	0	5,250	0

Note 17 - Segment Information (Details Textual)	12 Months Ended
Note 17 - Segment Information (Details Textual)	Nov. 27, 2021
Number of Reportable Segments	3

Note 17 - Segment Information - Segment Information by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Nov. 27, 2021

Aug. 28, 2021

May 29, 2021

Feb. 27, 2021

Nov. 28, 2020

Aug. 29, 2020

^[2]

May 30, 2020

Feb. 29, 2020

Nov. 27, 2021

Nov. 28, 2020

Nov. 30, 2019

$ 129,896

$ 118,906

$ 124,059

$ 113,673

$ 118,383

^[1]

$ 91,559

$ 63,801

^[3]

$ 112,120

$ 486,534

$ 385,863

$ 452,087

7,109

$ 4,490

$ 8,379

$ 6,021

10,049

^[1]

$ 2,747

(31,229)

^[3]

$ 2,210

25,999

(16,223)

(595)

Asset impairment charges

(12,184)

(4,431)

(1,971)

(1,926)

Early retirement program

(835)

Litigation expense

$ (1,050)

(1,050)

(700)

Lease exit costs

(0)

(149)

14,597

13,480

13,500

10,750

6,029

17,750

Wholesale Segment [Member]

421,660

402,549

421,660

402,549

275,766

183,059

125,728

135,172

(1,971)

Retail Segment [Member]

Furniture and Accessories [Member]

Logistical Services [Member]

430,886

337,672

403,865

55,648

48,191

48,222

Operating Segments [Member] | Wholesale Segment [Member]

295,329

221,075

261,105

17,490

4,587

11,456

3,386

3,125

3,178

5,943

2,434

5,650

Operating Segments [Member] | Retail Segment [Member]

197,543

176,243

197,543

176,243

144,392

Operating Segments [Member] | Logistical Services [Member]

247,827

211,944

268,693

86,977

75,158

80,074

1,743

1,245

1,855

4,631

3,777

4,019

4,508

2,900

3,627

Operating Segments [Member] | Retail Segments [Member]

63,188

57,201

63,188

57,201

39,377

7,044

(9,497)

(7,009)

6,580

6,578

6,303

299

695

8,473

Intersegment Eliminations [Member]

$ 160,929

$ 169,105

160,929

169,105

91,997

Intersegment Eliminations [Member] | Wholesale Segment [Member]

(278)

2,647

1,144

Intersegment Eliminations [Member] | Logistical Services [Member]

(112,270)

(95,347)

(125,933)

$ (31,329)

$ (26,967)

$ (31,852)

[1]	Income from operations includes a gain of $1,161 arising from the settlement of a lease obligation (see Note 13).
[2]	Net income includes a non-taxable gain of $914 arising from the recognition of a death benefit from Company-owned life insurance (see Note 13).
[3]	Loss from operations reflects the severe impact of the COVID-19 pandemic on our operations due to the temporary closure of substantially all of our operations during the quarter (see Note 1) and includes a goodwill impairment charge of $1,971 (see Note 7), asset impairment charges of $12,184 and a litigation expense accrual of $1,050 (see Note 13). Net loss includes the benefit of carrying back the loss to tax years with 35% federal statutory rate as provided for in the CARES Act (see Note 12).

Note 18 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Nov. 27, 2021

Aug. 28, 2021

May 29, 2021

Feb. 27, 2021

Nov. 28, 2020

^[1]

Aug. 29, 2020

^[2]

May 30, 2020

^[3]

Feb. 29, 2020

Nov. 27, 2021

Nov. 28, 2020

Nov. 30, 2019

Bassett Custom Upholstery [Member]

$ 129,896

$ 118,906

$ 124,059

$ 113,673

$ 118,383

$ 91,559

$ 63,801

$ 112,120

$ 486,534

$ 385,863

$ 452,087

244,972

184,728

221,721

Bassett Leather [Member]

Bassett Custom Wood [Member]

36,383

22,813

20,865

Bassett Casegoods [Member]

55,010

48,624

56,356

Accessories, Mattresses and Other [Member]

60,036

49,447

62,048

Furniture and Accessories [Member]

^[4],[5]

34,485

32,060

42,875

Wholesale Segment [Member]

$ 114,364

$ 104,870

$ 109,997

$ 101,655

$ 105,389

$ 80,341

$ 53,000

$ 98,942

430,886

337,672

403,865

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

183,059

125,728

135,172

Wholesale Segment [Member] | Bassett Leather [Member]

105,445

71,840

78,856

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

36,157

20,487

17,083

Wholesale Segment [Member] | Bassett Casegoods [Member]

24,079

19,682

21,264

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

17,378

13,719

17,221

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

^[4],[5]

748

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

183,059

125,728

135,172

Retail Segment [Member] | Bassett Leather [Member]

139,527

112,888

142,865

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

226

2,326

3,782

Retail Segment [Member] | Bassett Casegoods [Member]

30,931

28,942

35,092

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

42,658

35,728

44,827

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

^[4],[5]

34,485

32,060

42,127

$ 247,827

$ 211,944

$ 268,693

[1]	Income from operations includes a gain of $1,161 arising from the settlement of a lease obligation (see Note 13).
[2]	Net income includes a non-taxable gain of $914 arising from the recognition of a death benefit from Company-owned life insurance (see Note 13).
[3]	Loss from operations reflects the severe impact of the COVID-19 pandemic on our operations due to the temporary closure of substantially all of our operations during the quarter (see Note 1) and includes a goodwill impairment charge of $1,971 (see Note 7), asset impairment charges of $12,184 and a litigation expense accrual of $1,050 (see Note 13). Net loss includes the benefit of carrying back the loss to tax years with 35% federal statutory rate as provided for in the CARES Act (see Note 12).
[4]	Beginning with the third quarter of fiscal 2019, our wholesale segment no longer purchases accessory items for resale to third party customers such as licensees or independent furniture dealers. These customers now source their accessory items from the accessory vendors.
[5]	Includes the sale of goods other than Bassett-branded products, such as accessories and bedding, and also includes the sale of furniture protection plans.

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

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Note 19 - Quarterly Results of Operations (Details Textual) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Nov. 28, 2020	Aug. 29, 2020	May 30, 2020	Nov. 27, 2021	Nov. 28, 2020	Nov. 30, 2019
Goodwill, Impairment Loss			$ 1,971	$ 0	$ 1,971	$ 1,926
Asset Impairment Charges, Total			12,184
Legal Fees			$ 1,050	0	1,050	700
Gain (Loss) from Company Owned Life Insurance		$ 914			914	629
Gain (Loss) on Termination of Lease	$ 1,161			$ 37	$ 1,313	$ (0)

Note 19 - Quarterly Results of Operations - Quarterly Results of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Nov. 27, 2021

Aug. 28, 2021

May 29, 2021

Feb. 27, 2021

Nov. 28, 2020

^[1]

Aug. 29, 2020

^[2]

May 30, 2020

^[3]

Feb. 29, 2020

Nov. 27, 2021

Nov. 28, 2020

Nov. 30, 2019

Basic earnings per share (in dollars per share)

$ 129,896

$ 118,906

$ 124,059

$ 113,673

$ 118,383

$ 91,559

$ 63,801

$ 112,120

$ 486,534

$ 385,863

$ 452,087

Income from operations

7,109

4,490

8,379

6,021

10,049

2,747

(31,229)

2,210

25,999

(16,223)

(595)

Net income (loss)

$ 5,041

$ 3,016

$ 5,974

$ 4,011

$ 6,543

$ 2,178

$ (20,352)

$ 1,210

$ 18,042

$ (10,421)

$ (1,928)

$ 0.52

$ 0.31

$ 0.60

$ 0.40

$ 0.65

$ 0.22

$ (2.04)

$ 0.12

$ 1.83

$ (1.05)

$ (0.19)

Diluted earnings per share (in dollars per share)

$ 0.52

$ 0.31

$ 0.60

$ 0.40

$ 0.65

$ 0.22

$ (2.04)

$ 0.12

$ 1.83

$ (1.05)

$ (0.19)

Furniture and Accessories [Member]

Cost of goods and service sold

$ 114,364

$ 104,870

$ 109,997

$ 101,655

$ 105,389

$ 80,341

$ 53,000

$ 98,942

$ 430,886

$ 337,672

$ 403,865

56,373

52,263

52,911

48,252

50,427

38,418

29,452

45,270

209,799

163,567

179,244

Logistical Services [Member]

Cost of goods and service sold

$ 15,532

$ 14,036

$ 14,062

$ 12,018

$ 12,994

$ 11,218

$ 10,801

$ 13,178

55,648

48,191

48,222

$ 53,905

$ 46,946

$ 46,367

[1]	Income from operations includes a gain of $1,161 arising from the settlement of a lease obligation (see Note 13).
[2]	Net income includes a non-taxable gain of $914 arising from the recognition of a death benefit from Company-owned life insurance (see Note 13).
[3]	Loss from operations reflects the severe impact of the COVID-19 pandemic on our operations due to the temporary closure of substantially all of our operations during the quarter (see Note 1) and includes a goodwill impairment charge of $1,971 (see Note 7), asset impairment charges of $12,184 and a litigation expense accrual of $1,050 (see Note 13). Net loss includes the benefit of carrying back the loss to tax years with 35% federal statutory rate as provided for in the CARES Act (see Note 12).