0001437749-23-001642 | 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 91 retail stores known as Bassett Home Furnishings (referred to as “BHF”). Of the 91 stores, the Company owns and operates 58 stores (“Company-owned retail stores”) with the other 33 being independently owned (“licensee operated”). We also distribute our products through other multi-line furniture stores, many of which feature Bassett galleries or design centers. Products can also be purchased by the end consumer directly from our website.

We sourced approximately 22% 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 8) as well as for the impairment of certain other long-lived assets (Note 14). 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 were the continuing logistical challenges faced by the entire home furnishings industry that resulted from COVID-related labor shortages and supply chain disruptions which created significant delays in order fulfillment and increased backlogs. By the end of fiscal 2022, these issues have been substantially resolved.

Note 2 - Significant Accounting Policies

12 Months Ended

Nov. 26, 2022

Significant Accounting Policies [Text Block]

2.	Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

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. 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 2022, 2021 and 2020 are to Bassett's fiscal year ended November 26, 2022, November 27, 2021 and November 28, 2020, 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 15 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.

We were the primary beneficiary of one VIE by virtue of our control over the activities that most significantly impact the entity’s economic performance. This VIE was created to affect a Section 1031 like-kind exchange involving the purchase of real property in the state of Florida and the sale of real property in the state of Texas (see Note 14). Subsequent to the completion of the exchange transactions during the third quarter of fiscal 2022, the sole equity interest in the VIE was transferred to Bassett and the entity is now consolidated as a wholly owned subsidiary.

On January 31, 2022, we entered into a definitive agreement to sell substantially all of the assets of our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”) to J.B. Hunt Transport Services, Inc. (“J.B. Hunt”). The sale was completed on February 28, 2022. Accordingly, the operations of our logistical services segment as well as the gain realized upon disposal are presented in the accompanying condensed consolidated statements of income as discontinued operations, and the assets sold to and liabilities assumed by J.B. Hunt are presented in the accompanying condensed consolidated balance sheet as of November 27, 2021 as assets and liabilities of discontinued operations held for sale. See Note 18 for additional information. Costs incurred by Bassett for logistical services performed for Bassett by Zenith are included in selling, general and administrative expenses.

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 $35,963 and $51,492 as of November 26, 2022 and November 27, 2021, respectively. Substantially all of the customer deposits held at November 27, 2021 related to performance obligations were satisfied during fiscal 2022 and have therefore been recognized in revenue for the year ended November 26, 2022. 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.

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 26, 2022 and November 27, 2021, our balance of prepaid commissions included in other current assets was $3,768 and $6,221, respectively.

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 20 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 26, 2022 and November 27, 2021, our aggregate exposure from receivables and guarantees related to customers consisted of the following:

	2022		2021
Accounts receivable, net of allowances (Note 5)	$	17,838	$	20,567
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15)		1,828		1,794
Other		43		86
Total credit risk exposure related to customers	$	19,709	$	22,447

At November 26, 2022 and November 27, 2021, approximately 31% and 24%, respectively, of the aggregate risk exposure, net of reserves, shown above was attributable to five customers. In fiscal 2022, 2021 and 2020, no customer accounted for more than 10% of total consolidated net sales.

We have no foreign manufacturing operations. We define export sales from our wholesale segment as sales to any country or territory other than the United States or its territories or possessions. Our wholesale export sales were approximately $731, $488, and $789 in fiscal 2022, 2021, and 2020, 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, Bassett Outdoor and Noa Home product inventories are determined on a first-in, first-out (“FIFO”) basis. Inventories accounted for under the LIFO method represented 46% and 53% of total inventory before reserves at November 26, 2022 and November 27, 2021, 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. 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. 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 2022 and 2021, we performed the qualitative assessment as described above and concluded that there was no additional impairment of our goodwill as of November 26, 2022 or November 27, 2021.

The quantitative evaluation compares the carrying value of each reporting unit that has goodwill with the estimated fair value of the respective reporting unit. Should the carrying value of a reporting unit be in excess of the estimated fair value of that reporting unit, a goodwill impairment charge will be recognized in the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the total goodwill assigned to the reporting unit. The determination of the fair value of our reporting units is based on a combination of a market approach, that considers benchmark company market multiples, an income approach, that utilizes discounted cash flows for each reporting unit and other Level 3 inputs as specified in the fair value hierarchy in ASC Topic 820, Fair Value Measurements and Disclosure (see Note 4), and, in the case of our retail reporting unit, a cost approach that utilizes estimates of net asset value. The cash flows used to determine fair value are dependent on a number of significant management assumptions such as our expectations of future performance and the expected future economic environment, which are partly based upon our historical experience. Our estimates are subject to change given the inherent uncertainty in predicting future results. Additionally, the discount rate and the terminal growth rate are based on our judgment of the rates that would be utilized by a hypothetical market participant. As part of the goodwill impairment testing, we also consider our market capitalization in assessing the reasonableness of the combined fair values estimated for our reporting units. While we believe such assumptions and estimates are reasonable, the actual results may differ materially from the projected amounts. See Note 8 for additional information regarding the results of our interim goodwill impairment 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 warehouse space used in our retail segment. We also lease 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 15years. 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 4). Our adoption of this standard did not have a material impact on our consolidated statements of operations, comprehensive income or cash flows.

See Note 15 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 4).

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 13.

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 13.

Shipping and Handling Costs

Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $21,341, $17,829, and $14,779 for fiscal 2022, 2021 and 2020, respectively. Costs incurred to deliver retail merchandise to customers, including the cost of operating regional distribution warehouses, are also recorded in selling, general and administrative expense and totaled $23,812, $22,494, and $19,024 for fiscal 2022, 2021 and 2020, 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 $16,698, $15,228, and $12,619 in fiscal 2022, 2021, and 2020, 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 15 for cash flow impacts of leasing transactions during fiscal 2022, 2021 and 2020. Otherwise, there were no material non-cash investing or financing activities during fiscal 2022, 2021 or 2020.

Recent Accounting Pronouncements

Recently Adopted Pronouncements

Effective as of the beginning of fiscal 2022, we have adopted Accounting Standards Update No. 2019-12 – Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. 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 became effective for us as of the beginning of our 2022 fiscal year. We adopted ASU 2019-12 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 October 2021, the FASB issued Accounting Standards Update No. 2021-08– Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and to payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The amendments in ASU 2021-08 will become effective for us as of the beginning of our 2024 fiscal year. Early adoption is permitted, including adoption in any interim period. We do not expect that this guidance will have a material impact upon our financial position and results of operations.

In March 2022, the FASB issued Accounting Standards Update No. 2022-02 – Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, to address certain concerns identified in the Post-Implementation Review process for ASU Topic 326. The amendments in ASU 2022-02 eliminate the accounting guidance for troubled debt restructurings by creditors in ASC Subtopic 310-40, Receivables – Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, for public business entities, the amendments in ASU 2022-02 require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC Subtopic 326-20, Financial Instruments – Credit Losses – Measured at Amortized Cost. The amendments in ASU 2022-02 will become effective for us as of the beginning of our 2024 fiscal year. Early adoption is permitted. We expect that the adoption of this standard will primarily impact our disclosures but do not expect that this guidance will have a material impact upon our financial position and results of operations.

In June 2022, the FASB issued Accounting Standards Update No. 2022-03 – Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, to clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, the amendments in ASU 2022-03 require certain additional disclosures related to investments in equity securities subject to contractual sale restrictions. The amendments in ASU 2022-03 will become effective for us as of the beginning of our 2025 fiscal year. Early adoption is permitted. As of August 27, 2022 we do not hold any investments in equity securities, therefore we do not currently expect that this guidance will have a material impact upon our financial position and results of operations.

Note 3 - Business Combinations

12 Months Ended

Nov. 26, 2022

Business Combination Disclosure [Text Block]

3.	Business Combinations

On September 2, 2022, we acquired 100% of the capital stock of Noa Home Inc. (“Noa Home”), a mid-priced e-commerce furniture retailer headquartered in Montreal, Canada. Noa Home has operations in Canada, Australia, Singapore and the United Kingdom. The initial purchase price (denominated in Canadian dollars) of approximately C$7,700 included cash payments of C$2,000 paid to the co-founders of Noa Home and approximately C$5,700 for the repayment of existing debt owed by Noa Home. The Noa Home co-founders will also have the opportunity to receive additional cash payments totaling approximately C$1,330 per year for the following three fiscal years based on established increases in net revenues and achieving certain internal EBITDA goals.

Under the acquisition method of accounting, the fair value of the consideration transferred was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date with the remaining unallocated amount recorded as goodwill.

The allocation of the fair value of the acquired business has been based on a preliminary valuation. Our estimates and assumptions are subject to change as we obtain additional information for our estimates during the measurement period (up to one year from the acquisition date). The primary areas of the preliminary allocation of the fair value of consideration transferred that are not yet finalized relate to the fair values of certain tangible and intangible assets acquired and the residual goodwill. The preliminary allocation of the purchase price (translated into U.S. dollars as of the acquisition date) is as follows:

Fair value of consideration transferred in exchange for 100% of Noa Home:
Cash	$	5,878
Fair value of contingent consideration payable		1,375
Total fair value of consideration paid or payable	$	7,253

Allocation of the fair value of consideration transferred:
Identifiable assets acquired:
Cash	$	296
Inventory		1,585
Other current assets		317
Property & equipment		155
Intangible asset - trade name		1,929
Total identifiable assets acquired		4,282
Liabilities assumed:
Accounts payable		(1,227	)
Customer deposits		(1,059	)
Other current liabilities and accrued expenses		(458	)
Total liabilities assumed		(2,744	)
Net identifiable assets acquired		1,538
Goodwill		5,715
Total net assets acquired	$	7,253

Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to the tangible and intangible assets and liabilities recognized in connection with the acquisition and is deductible for tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill are the expected synergies arising from combining the Company’s manufacturing and distribution capabilities with Noa Home’s position in the international e-commerce market for home furnishings and accessories.

A portion of the fair value of the consideration transferred in the amount of $1,929 has been assigned to the identifiable intangible asset associated with the Noa Home trade name. This intangible asset is considered to have an indefinite life. The indefinite-lived intangible asset and goodwill are not amortized but will be tested for impairment annually or between annual tests if an indicator of impairment exists.

The fair values of consideration transferred and net assets acquired were determined using a combination of Level 2 and Level 3 inputs as specified in the fair value hierarchy in ASC 820, Fair Value Measurements and Disclosures. See Note 4.

Acquisition costs related to the Noa Home acquisition totaled $87 during the year ended November 26, 2022, and are included in selling, general and administrative expenses in the consolidated statements of income. The acquisition costs are primarily related to legal services.

The revenues and results of operations of Noa Home since September 2, 2022 were not material. The pro forma impact of the acquisition has not been presented because it was not material to our consolidated results of operations for the three fiscal years ended November 26, 2022.

Note 4 - Financial Instruments, Investments and Fair Value Measurements

12 Months Ended

Nov. 26, 2022

Fair Value Disclosures [Text Block]

4.	Financial Instruments, Investments and Fair Value Measurements

Financial Instruments

Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, 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 26, 2022 and November 27, 2021 consisted of certificates of deposit (CDs) with original terms of six to twelve months, bearing interest at rates ranging from 0.3% to 3.1%. At November 26, 2022, the weighted average remaining time to maturity of the CDs was approximately three months and the weighted average yield of the CDs was approximately 2.2%. 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 26, 2022 and November 27, 2021 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 the following: business acquisitions (Note 3) which involve a combination of Level 2 and Level 3 inputs to determine the fair value of contingent consideration and net assets acquired, including identified intangible assets; 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 5 - Accounts Receivable

12 Months Ended

Nov. 26, 2022

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

5.	Accounts Receivable

Accounts receivable consists of the following:

	November 26, 2022			November 27, 2021
Gross accounts receivable	$	19,099		$	21,134
Allowance for credit losses		(1,261	)		(567	)
Net accounts receivable	$	17,838		$	20,567

Activity in the allowance for credit losses was as follows:

	2022			2021

Balance, beginning of the year	$	567		$	905
Additions (recoveries) charged to expense		761			(161	)
Reductions to allowance, net		(67	)		(177	)
Balance, end of the year	$	1,261		$	567

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

Note 6 - Inventories

12 Months Ended

Nov. 26, 2022

Inventory Disclosure [Text Block]

6.	Inventories

Inventories consist of the following:

	November 26, 2022			November 27, 2021
Wholesale finished goods	$	46,607		$	40,254
Work in process		620			482
Raw materials and supplies		22,859			21,653
Retail merchandise		32,974			30,914
Total inventories on first-in, first-out method		103,060			93,303
LIFO adjustment		(12,416	)		(10,483	)
Reserve for excess and obsolete inventory		(5,167	)		(4,816	)
	$	85,477		$	78,004

We source a significant amount of our wholesale product from other countries. During 2022, 2021 and 2020, purchases from our two largest vendors located in Vietnam and China were $33,253, $34,658 and $15,378 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 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
Additions charged to expense		2,577			1,071			3,648
Write-offs		(2,157	)		(1,140	)		(3,297	)
Balance at November 26, 2022	$	4,103		$	1,064		$	5,167

Note 7 - Property and Equipment

12 Months Ended

Nov. 26, 2022

Property, Plant and Equipment Disclosure [Text Block]

7.	Property and Equipment

Property and equipment consist of the following:

	November 26, 2022			November 27, 2021
Land	$	10,866		$	8,538
Buildings and leasehold improvements		116,418			107,975
Machinery and equipment		101,153			94,521
Property and equipment at cost		228,437			211,034
Less accumulated depreciation		(151,436	)		(141,866	)
Property and equipment, net	$	77,001		$	69,168

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

	November 26, 2022		November 27, 2021
Wholesale	$	36,502	$	30,020
Retail - Company-owned stores		40,499		39,148
Total property and equipment, net	$	77,001	$	69,168

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

	2022		2021		2020

Cost of goods sold (wholesale segment)	$	2,082	$	1,797	$	1,552
Selling, general and adminstrative expenses:
Wholesale segment		2,154		1,532		1,516
Retail segment		5,750		6,580		6,578
Total included in selling, general and adminstrative expenses		7,904		8,112		8,094
Total depreciation expense included in income from operations	$	9,986	$	9,909	$	9,646

Note 8 - Goodwill and Other Intangible Assets

12 Months Ended

Nov. 26, 2022

Goodwill and Intangible Assets Disclosure [Text Block]

8.	Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	November 26, 2022
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	512	$	(280	)	$	232


Intangibles not subject to amortization:
Trade names							8,723
Goodwill							12,772

Total goodwill and other intangible assets						$	21,727

	November 27, 2021
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	512	$	(223	)	$	289

Intangibles not subject to amortization:
Trade names							6,848
Goodwill							7,217

Total goodwill and other intangible assets						$	14,354

Due to the impact of the COVID-19 pandemic during our 2020 fiscal year, 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 the year ended November 28, 2020. Our subsequent annual goodwill impairment tests, conducted as of the beginning of our fourth fiscal quarters of 2020, 2021 and 2022, 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 4). Under the income approach, we determine fair value based on the present value of the most recent cash flow projections for each reporting unit as of the date of the analysis and calculate a terminal value utilizing a terminal growth rate. The significant assumptions under this approach include, among others: income projections, which are dependent on future sales, new product introductions, customer behavior, competitor pricing, operating expenses, the discount rate, and the terminal growth rate. The cash flows used to determine fair value are dependent on a number of significant management assumptions such as our expectations of future performance and the expected future economic environment, which are partly based upon our historical experience. Our estimates are subject to change given the inherent uncertainty in predicting future results. Additionally, the discount rate and the terminal growth rate are based on our judgment of the rates that would be utilized by a hypothetical market participant. As part of the goodwill impairment testing, we also consider our market capitalization in assessing the reasonableness of the combined fair values estimated for our reporting units.

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

	Wholesale		Retail			Total

Balance as of November 28, 2020	$	7,217	$	-		$	7,217
No changes in fiscal 2021		-		-			-

Balance as of November 27, 2021		7,217		-			7,217
Acquisition of Noa Home		-		5,715			5,715
Foreign currency translation adjustment		-		(161	)		(161	)
Balance as of November 26, 2022	$	7,217	$	5,554		$	12,771

Accumulated impairment losses were $3,897 at each of November 26, 2022, November 27, 2021 and November 28, 2020.

The weighted average useful lives of our finite-lived intangible assets and remaining amortization periods as of November 26, 2022 are as follows:

Useful Life

in Years

Remaining

Amortization

Period in

Years

Customer relationships

Our trade name intangible assets are associated with Noa Home and Lane Venture. Because it is our intention to maintain and grow those brands, they are considered to be indefinite-lived intangible assets. The amortization expense associated with finite-lived intangible assets during fiscal 2022, 2021 and 2020 was $57 each year 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 wholesale segment. Estimated future amortization expense for intangible assets that exist at November 26, 2022 is as follows:

Fiscal 2023	$	57
Fiscal 2024		57
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		4
Total	$	232

Note 9 - Bank Credit Facility

12 Months Ended

Nov. 26, 2022

Debt Disclosure [Text Block]

9.	Bank Credit Facility

Bank Credit Facility

Our bank credit facility provides for a line of credit of up to $25,000. At November 26, 2022, 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 had outstanding standby letters of credit with another bank totaling $250 at November 26, 2022. 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 charges a fee of 0.25% on the daily unused balance of the line, payable quarterly. Under the terms of the 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 of $140,000.

We were in compliance with these covenants at November 26, 2022 and expect to remain in compliance for the foreseeable future. The credit facility will mature on January 27, 2025, at which time any amounts outstanding under the facility will be due.

Total interest paid during fiscal 2022, 2021 and 2020 was not material.

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 10 - Post-employment Benefit Obligations

12 Months Ended

Nov. 26, 2022

Postemployment Benefits Disclosure [Text Block]

10.

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 (credits) associated with deferred compensation under the Plan was $(16), $338 and $264 for fiscal 2022, 2021 and 2020, respectively. Our liability for Company contributions and participant deferrals at November 26, 2022 and November 27, 2021 was $2,070 and $1,789, 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 2022, 2021 and 2020, we invested $853, $647 and $609 in life insurance policies covering all participants in the Plan. At November 26, 2022, 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 $1,587 at November 26, 2022 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:

`	2022			2021
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	10,740		$	10,071
Service cost		36			120
Interest cost		231			196
Actuarial (gains) and losses		(2,503	)		762
Benefits paid		(1,242	)		(409	)
Projected benefit obligation at end of year	$	7,262		$	10,740

Accumulated Benefit Obligation	$	7,262		$	10,740

Discount rate used to value the ending benefit obligations:		5.38	%		2.25	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	698		$	913
Noncurrent liabilities		6,564			9,827
Total amounts recognized	$	7,262		$	10,740
Amounts recognized in accumulated other comprehensive income:
Prior service cost	$	229		$	355
Actuarial (gain) loss		(543	)		2,093
Net amount recognized	$	(314	)	$	2,448

Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	(2,236	)	$	1,078

	2022			2021			2020

Components of Net Periodic Pension Cost:
Service cost	$	36		$	121		$	172
Interest cost		231			196			268
Amortization of prior service cost		126			126			126
Amortization of other loss		133			59			8

Net periodic pension cost	$	526		$	502		$	574


Assumptions used to determine net periodic pension cost:
Discount rate		2.25	%		2.00	%		2.75	%
Increase in future compensation levels		3.00	%		3.00	%		3.00	%

Estimated Future Benefit Payments (with mortality):
Fiscal 2023	$	698
Fiscal 2024		667
Fiscal 2025		715
Fiscal 2026		683
Fiscal 2027		691
Fiscal 2028 through 2032		3,135

Of the $314 net gain recognized in accumulated other comprehensive income at November 26, 2022, amounts expected to be recognized as components of net periodic pension cost during fiscal 2023 are as follows:

Prior service cost	$	126
Other loss		(1	)
Total expected to be amortized to net periodic pension cost in 2023	$	125

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 $154, $204, and $176 in fiscal 2022, 2021, and 2020, respectively, associated with the plan. Our liability under this plan was $1,616 and $1,648 as of November 26, 2022 and November 27, 2021, 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 $1,108, $1,040 and $548 during fiscal 2022, 2021 and 2020, respectively.

Note 11 - Accumulated Other Comprehensive Loss

12 Months Ended

Nov. 26, 2022

Comprehensive Income (Loss) Note [Text Block]

11.

Accumulated Other Comprehensive Income (Loss)

The activity in accumulated other comprehensive income (loss) for the fiscal years ended November 26, 2022 and November 27, 2021, which is comprised of post-retirement benefit costs related to our SERP and LTC Awards as well as cumulative translation adjustments arising from our investment in Noa Home, is as follows:

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	)
Actuarial gains		2,503
Net pension amortization reclassified from accumulated other comprehensive loss		256
Foreign currency translation adjustment		(272	)
Tax effects		(614	)
Balance at November 26, 2022	$	50

Note 12 - Capital Stock and Stock Compensation

12 Months Ended

Nov. 26, 2022

Share-Based Payment Arrangement [Text Block]

12.

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 2022, 2021 and 2020 was as follows:

	2022		2021		2020

Stock based compensation expense	$	538	$	158	$	420

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. All remaining unexpired options granted under the 2010 Plan were exercised during fiscal 2021.

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.

Grants of non-vested restricted shares are measured at fair value as if the shares were vested and issued on the grant date. Forfeitures are recognized as they occur. We recognize compensation cost for awards with service only conditions with a graded vesting schedule on a straight-line basis over the longest vesting period.

Stock Options

There were no new grants of options made in 2022, 2021 or 2020.

Additional information regarding activity in our stock options during fiscal 2022, 2021 and 2020 is as follows:

	2022		2021		2020

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

Restricted Shares

Changes in the outstanding non-vested restricted shares during the year ended November 26, 2022 were as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested restricted shares outstanding at November 27, 2021		10,605		$	21.24
Granted		67,099			16.27
Vested		(10,605	)		21.24
Non-vested restricted shares outstanding at November 26, 2022		67,099		$	16.27

During fiscal 2022, 10,605 restricted shares were vested and released, of which 3,500 shares had been granted to employees and 7,105 shares had been granted to directors. During fiscal 2022, 2021 and 2020, 1,225 shares, 10,850 shares and 14,010 shares, respectively, were withheld to cover withholding taxes of $19, $219 and $228, respectively, arising from the vesting of restricted shares. During fiscal 2022, 2021 and 2020, excess tax benefits (expense) of $1, $(133) and $(114), respectively, were recognized within income tax expense upon the release of vested shares.

Additional information regarding our outstanding non-vested restricted shares at November 26, 2022 is as follows:

Remaining

Restricted

Share Value

Restriction

Grant

Shares

at Grant Date

Period

Date

Outstanding

Per Share

(Years)

January 12, 2022

51,300

15.82

2.1

March 9, 2022

15,799

17.72

0.3

67,099

Unrecognized compensation cost related to these non-vested restricted shares at November 26, 2022 is $611, all of which is expected to be recognized in fiscal 2023 and 2024.

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 30,074, 22,547 and 50,217 shares to employees during fiscal 2022, 2021 and 2020, respectively, which resulted in an immaterial amount of compensation expense. There are 102,460 shares remaining available for sale under the 2017 ESPP at November 26, 2022.

Note 13 - Income Taxes

12 Months Ended

Nov. 26, 2022

Income Tax Disclosure [Text Block]

13.

Income Taxes

The components of the income tax provision from continuing operations are as follows:

	2022		2021		2020
Current:
Federal	$	5,659	$	4,507	$	(8,233	)
State		2,154		171		148

Deferred:
Federal		484		60		2,067
State		405		1,098		(518	)
Total	$	8,702	$	5,836	$	(6,536	)

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:

	2022			2021			2020
Statutory federal income tax rate		21.0	%		21.0	%		21.0	%
Adjustments to state net operating CARES Act benefit		-			-			19.2
State income tax, net of federal benefit		4.4			4.2			1.7
Impairment of non-deductible goodwill		-			-			(2.5	)
Excess tax from stock-based compensation		-			0.4			(0.6	)
Other		0.1			(0.1	)		(2.5	)
Effective income tax rate		25.5	%		25.5	%		36.3	%

Excess tax benefits (expense) in the amount of $1, $(115) and $(114) were recognized as a component of income tax expense during fiscal 2022, 2021 and 2020, respectively, resulting from the exercise of stock options and the release of restricted shares. The fiscal 2020 adjustment 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 26, 2022			November 27, 2021
Deferred income tax assets:
Trade accounts receivable	$	315		$	199
Inventories		3,782			3,121
Notes receivable		-			44
Post employment benefit obligations		2,734			3,562
State net operating loss carryforwards		9			153
Foreign net operating loss carryforwards		1,339			-
Operating lease liabilities		29,423			34,813
Other		1,713			1,180
Gross deferred income tax assets		39,315			43,072
Valuation allowance		(1,339	)		-
Total deferred income tax assets		37,976			43,072

Deferred income tax liabilities:
Property and equipment		5,532			7,013
Intangible assets		726			1,712
Operating lease assets		25,166			29,758
Prepaid expenses and other		1,024			1,400

Total deferred income tax liabilities		32,448			39,883

Net deferred income tax assets	$	5,528		$	3,189

We have state net operating loss carryforwards available to offset future taxable state income of $238, which expire in varying amounts between 2030 and 2040. Realization is dependent on generating sufficient taxable income prior to expiration of the loss carryforwards. We also have foreign net operating loss carryforwards attributable to Noa Home (see Note 3) of $5,357, substantially all of which related to pre-acquisition losses, resulting in a deferred tax asset of $1,339 upon which we have placed a full valuation allowance.

Income taxes paid, net of refunds received, during fiscal 2022, 2021 and 2020 were $20,176, $3,092, and $539, 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 liabilities for uncertain tax positions are 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 2019 through 2022 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 14 - Other Gains and Losses

12 Months Ended

Nov. 26, 2022

Other Gains and Losses [Text Block]

14.

Other Gains and Losses

Gains on Dispositions of Retail Store Locations

During the third quarter of fiscal 2022, we sold one of our Company-owned store locations in Houston, Texas for $8,217 net of closing costs, resulting in a gain of $4,595 during the year ended November 26, 2022. This store will be relocated to a new leased store in the Houston market that we expect to open during the third quarter of fiscal 2023 (see Note 15).

This sale, together with our purchase of real property in Tampa, Florida for $7,668 in cash during the second quarter of fiscal 2022 will be treated as an exchange of like-kind property under Section 1031 of the Internal Revenue Code of 1986, as amended, for the purpose of deferring approximately $4,300 of the taxable gain arising from the sale of the Houston property. A VIE was established during the second quarter of fiscal 2022 for purposes of acquiring the Tampa, Florida property, of which the Company was the primary beneficiary by virtue of our control over the activities that most significantly impact the entity's economic performance. Subsequent to the completion of the exchange transactions during the third quarter of fiscal 2022, the sole equity interest in the VIE was transferred to Bassett and the entity is now consolidated as a wholly owned subsidiary We plan to remodel the Tampa property and open as a Company-owned store in the third quarter of fiscal 2023.

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.

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. Also in fiscal 2020 we incurred $1,070 of non-cash impairment charges in our wholesale segment, primarily due to the closing of our custom upholstery manufacturing facility in Grand Prairie, Texas, in May.

Litigation Expense

During fiscal 2020 we accrued $1,050 for the estimated costs to resolve certain wage and hour violation claims that had been asserted against the Company.

Gains from Company-Owned Life Insurance

Other loss, net for the fiscal 2022 and 2020 includes gains of $1,441 and $914, respectively, arising from death benefits from Company-owned life insurance.

Note 15 - Leases and Lease Guarantees

12 Months Ended

Nov. 26, 2022

Lessee, Operating and Finance Leases [Text Block]

15.

Leases and Lease Guarantees

Leases

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 26, 2022 and November 27, 2021 is as follows:

	November 26, 2022		November 27, 2021
Operating leases:
Right of use assets	$	99,472	$	95,955
Lease liabilties, short-term		18,819		20,235
Lease liabilties, long-term		97,477		94,845

Finance leases:
Right of use assets (1)	$	623	$	832
Lease liabilties, short-term (2)		282		254
Lease liabilties, long-term (3)		360		588

(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 26, 2022 and November 27, 2021 are as follows:

	November 26, 2022		November 27, 2021
Wholesale	$	8,183	$	9,842
Retail		91,289		86,113
Total right of use assets	$	99,472	$	95,955

The components of our lease cost for 2022, 2021 and 2020 were as follows:

	2022			2021			2020
Lease cost:
Operating lease cost	$	24,399		$	24,367		$	24,946
Financing lease cost:
Amortization of right-of-use assets		279			95			-
Interest on lease liabilities		35			15			-
Short-term lease cost		674			387			545
Variable lease cost (net of abatements received)		447			277			(605	)
Sublease income		(1,444	)		(1,292	)		(1,557	)
Total lease cost	$	24,390		$	23,849		$	23,329

Supplemental lease disclosures as of November 26, 2022, 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	$	27,011		$	-
Lease liabilities arising from new right-of-use assets		8,541			-

For the year ended November 27, 2021:
Cash paid for amounts included in the measurements of lease liabilities		26,842			103
Lease liabilities arising from new right-of-use assets		15,678			927

For the year ended November 26, 2022:
Cash paid for amounts included in the measurements of lease liabilities		26,913			302
Lease liabilities arising from new right-of-use assets		23,171			73

As of November 28, 2020:
Weighted average remaining lease terms (years)		6.4			-
Weighted average discount rates		5.00	%		-

As of November 27, 2021:
Weighted average remaining lease terms (years)		6.3			3.2
Weighted average discount rates		5.07	%		4.63	%

As of November 26, 2022:
Weighted average remaining lease terms (years)		6.2			2.3
Weighted average discount rates		5.53	%		4.68	%

Future payments under our leases and the present value of the obligations as of November 26, 2022 are as follows:

	Operating Leases		Financing Leases

Fiscal 2023	$	24,670	$	319
Fiscal 2024		24,458		256
Fiscal 2025		23,172		94
Fiscal 2026		20,506		5
Fiscal 2027		16,222		2
Thereafter		28,839		-
Total lease payments		137,867		676
Less: interest		21,571		34
Total lease obligations	$	116,296	$	642

As of November 26, 2022, we had a commitment to lease 9,597 square feet of retail space located at Post Oak Plaza in Houston, Texas. This space will be used for the relocation of a former retail store in the Houston market that was sold in 2022 (see Note 14). The initial term of the lease is ten years and calls for average monthly rents of $36. The lease has three successive five-year renewal options. We expect to occupy the premises during the first quarter of fiscal 2023 and open the store in the third quarter. We also have commitments to lease 61,182 square feet of retail warehouse space near Dallas, Texas and Columbus, Ohio. These leases each have a five-year terms with combined average monthly rents of $41. We expect to occupy these spaces during the first quarter of 2023.

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. In addition, we sublease space in certain closed store locations that are still under lease. Minimum future lease payments due to us under these subleases are as follows:

Fiscal 2023	$	1,289
Fiscal 2024		879
Fiscal 2025		599
Fiscal 2026		156
Fiscal 2027		-
Thereafter		-
Total minimum future rental income	$	2,923

During fiscal 2020, 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. The remaining balance of deferred rent at November 26, 2022 and 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 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 accounted 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 accounted 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.

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 five years. We were contingently liable under licensee lease obligation guarantees in the amount of $1,880 and $1,845 at November 26, 2022 and November 27, 2021, 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 26, 2022 and November 27, 2021, were not material.

Note 16 - Contingencies

12 Months Ended

Nov. 26, 2022

Legal Matters and Contingencies [Text Block]

16.

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.

Note 17 - Earnings (Loss) Per Share

12 Months Ended

Nov. 26, 2022

Earnings Per Share [Text Block]

17.

Earnings (Loss) Per Share

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

	2022		2021		2020
Earnings per share - continuing operations:
Numerator:
Net income (loss) from continuing operations	$	25,360	$	16,921	$	(11,477	)

Denominator:
Denominator for basic income per share - weighted average shares		9,394,873		9,835,829		9,969,616
Effect of dilutive securities*		8,107		7,945		-
Denominator for diluted income per share — weighted average shares and assumed conversions		9,402,980		9,843,774		9,969,616

Basic income (loss) per share - continuing operations:	$	2.70	$	1.72	$	(1.15	)

Diluted income (loss) per share - continuing operations	$	2.70	$	1.72	$	(1.15	)

Earnings per share - discontinued operations:
Numerator:
Net income from discontinued operations	$	39,985	$	1,121	$	1,056

Denominator:
Denominator for basic income per share - weighted average shares		9,394,873		9,835,829		9,969,616
Effect of dilutive securities*		8,107		7,945		-
Denominator for diluted income per share — weighted average shares and assumed conversions		9,402,980		9,843,774		9,969,616

Basic income per share - discontinued operations	$	4.26	$	0.11	$	0.11

Diluted income per share - discontinued operations	$	4.26	$	0.11	$	0.11

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

For fiscal 2022, 2021 and 2020, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

	2022		2021		2020
Unvested restricted shares		-		-		90,153
Stock options		-		-		5,250

Note 18 - Discontinued Operations

12 Months Ended

Nov. 26, 2022

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

18. Discontinued Operations

On January 31, 2022, we entered into a definitive agreement to sell substantially all of the assets of Zenith to J.B. Hunt. The sale was completed on February 28, 2022, at which time we received the following net proceeds:

Sales price prior to post-closing working capital adjustment	$	86,939
Less:
Amount held in escrow for contingencies related to representations and warranties (1)		1,000
Seller expenses paid at closing		418
Working capital adjustment paid to buyer		987

Net proceeds from the sale (2)	$	84,534

(1)

To be held in escrow until the first anniversary of the sale, at which time any amount not distributed or reserved for specified claims will be released to the Company. This amount is included in other current assets in the accompanying condensed consolidated balance sheet at November 26, 2022.

(2)

Included in cash flows from investing activities in the accompanying condensed consolidated statement of cash flows for the year ended November 26, 2022.

The sales price was subject to customary post-closing working capital adjustments which were paid during the second half of fiscal 2022 and resulted in a pre-tax gain from the sale of Zenith of $52,534.

The operations of our logistical services segment, which consisted entirely of the operations of Zenith, are presented in the accompanying consolidated statements of operations as discontinued operations, and the assets sold to and liabilities assumed by J.B. Hunt are presented in the accompanying consolidated balance sheet as assets and liabilities of discontinued operations held for sale as of November 27, 2021.

The following table summarizes the major classes of assets and liabilities of the discontinued operations held for sale as reported in the condensed consolidated balance sheet as of November 27, 2021:

	November 27, 2021
Carrying amounts of major classes of assets included as part of discontinued operations:
Accounts receivable, net	$	7,601
Other current assets		3,463
Property and equipment, net		24,898
Goodwill and other intangible assets		9,094
Right of use assets under operating leases		18,193
Other		572

	$	63,821

Balance sheet classification:
Current assets of discontinued operations held for sale	$	11,064
Long-term assets of discontinued operations held for sale		52,757

Total assets of discontinued operations held for sale	$	63,821

Carrying amounts of major classes of liabilities included as part of discontinued operations:
Accounts payable	$	4,336
Accrued compensation and benefits		3,295
Current portion operating lease obligations		7,458
Other current liabilites and accrued expenses		1,006
Long-term portion of operating lease obligations		10,996
Other long-term liabilities		5,214

	$	32,305

Balance sheet classification:
Current liabilities of discontinued operations held for sale	$	16,095
Long-term liabilities of discontinued operations held for sale		16,210

Total liabilities of discontinued operations held for sale	$	32,305

Following the sale of Zenith, certain of Zenith’s liabilities primarily representing reserves and accrued liabilities for pre-disposal workers’ compensation, health insurance and auto liability claims were retained by Bassett. The remaining balance of these reserves and accruals total $639 at November 26, 2022 and are included in other current liabilities and accrued expenses in the accompanying condensed consolidated balance sheet.

The following table summarizes the major classes of line items constituting income of the discontinued operations, as reported in the consolidated statements of operations for fiscal 2022, 2021 and 2020:

	2022			2021			2020
Major line items constituting pretax income of discontinued operations:
Logistical services revenue	$	16,776		$	55,648		$	48,191
Cost of logistical services		15,001			53,905			46,910
Other loss, net		(63	)		(260	)		(54	)

Income from operations of logistical services		1,712			1,483			1,227
Gain on disposal		52,534			-			-
Pretax income of discontinued operations		54,246			1,483			1,227
Income tax expense		14,261			362			171

Income from discontinued operations, net of tax	$	39,985		$	1,121		$	1,056

The amounts for revenue and costs of logistical services shown above represent the results of Zenith’s business transactions with third parties. Zenith also charged Bassett for logistical services provided to our wholesale segment in the amount of $9,121 during 2022 prior to disposal, and $31,329 and $26,967, for all of 2021 and 2020, respectively. We have entered into a service agreement with J.B. Hunt for the continuation of these services for a period of seven years following the sale of Zenith. Subsequent to the sale, we incurred $27,604 of expense during 2022 for the performance of logistical services, of which $26,065 had been paid in cash as of November 26, 2022.

Included in other loss, net, is interest arising from finance leases assumed by J.B. Hunt as part of the transaction. Such interest amounted to $78, $289 and $49, for 2022, 2021 and 2020, respectively.

The following table summarizes the cash flows generated by discontinued operations during 2022, 2021 and 2020:

	2022 (1)			2021			2020
Cash provided by operating activities	$	1,681		$	4,082		$	5,536
Cash used in investing activities		(81	)		(4,508	)		(2,900	)
Cash used in financing activities		(371	)		(1,259	)		(121	)

Net cash provided by (used in) discontinued operations	$	1,229		$	(1,685	)	$	2,515

(1)

Excludes net proceeds from the sale of Zenith.

Note 19 - Segment Information

12 Months Ended

Nov. 26, 2022

Segment Reporting Disclosure [Text Block]

19. Segment Information

We have strategically aligned our business into two 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. The retail segment also includes the operations and net assets of Noa Home since the acquisition on September 2, 2022.

Inter-company sales elimination represents the elimination of wholesale sales to our Company-owned stores. 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.

Our former logistical services segment which represented the operations of Zenith is now presented as a discontinued operation in the accompanying condensed consolidated balances sheets and statements of income (see Note 18).

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

	2022			2021			2020
Sales Revenue
Wholesale sales of furniture and accessories	$	324,569		$	295,329		$	221,075
Less: Sales to retail segment		(125,889	)		(112,270	)		(95,347	)
Wholesale sales to external customers		198,680			183,059			125,728
Retail sales of furniture and accessories		286,921			247,827			211,944
Consolidated net sales of furniture and accessories	$	485,601		$	430,886		$	337,672


Income (loss) from Operations
Wholesale	$	9,286		$	17,490		$	4,587
Retail		21,508			7,044			(9,497	)
Inter-company elimination		(524	)		(277	)		2,610
Asset impairment charges		-			-			(12,184	)
Goodwill impairment charge		-			-			(1,971	)
Litigation expense		-			-			(1,050	)
Gain on sale of real estate		4,595			-			-
Consolidated income from operations	$	34,865		$	24,257		$	(17,505	)

Depreciation and Amortization
Wholesale	$	4,293		$	3,386		$	3,125
Retail		5,750			6,580			6,578
Discontinued operations		1,266			4,631			3,777
Consolidated	$	11,309		$	14,597		$	13,480

Capital Expenditures
Wholesale	$	10,748		$	5,943		$	2,434
Retail		10,548			299			695
Consolidated	$	21,296		$	6,242		$	3,129

Identifiable Assets
Wholesale	$	215,748		$	196,910		$	180,235
Retail		190,525			160,929			169,105
Discontinued operations		-			63,821			53,209
Consolidated	$	406,273		$	421,660		$	402,549

See Note 20 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 20 - Revenue Recognition

12 Months Ended

Nov. 26, 2022

Revenue from Contract with Customer [Text Block]

20. Revenue Recognition

Disaggregated revenue information for sales of furniture and accessories by product category for fiscal years 2022, 2021 and 2020, excluding intercompany transactions between our segments, is as follows:

	2022						2021						2020
	Wholesale		Retail (2)		Total		Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	124,565	$	163,755	$	288,320	$	105,445	$	139,527	$	244,972	$	71,840	$	112,888	$	184,728
Bassett Leather		35,953		1,707		37,660		36,157		226		36,383		20,487		2,326		22,813
Bassett Custom Wood		22,534		43,208		65,742		24,079		30,931		55,010		19,682		28,942		48,624
Bassett Casegoods		15,628		40,146		55,774		17,378		42,658		60,036		13,719		35,728		49,447
Accessories, mattresses and other (1)		-		38,105		38,105		-		34,485		34,485		-		32,060		32,060
Consolidated Furniture and Accessories revenue	$	198,680	$	286,921	$	485,601	$	183,059	$	247,827	$	430,886	$	125,728	$	211,944	$	337,672

(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 fourth quarter of fiscal 2022, our retail segment includes the sales of Noa Home, which was acquired on September 2, 2022 (see Note 3).

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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Schedule II - Analysis of Valuation and Qualifying Accounts

12 Months Ended

Nov. 26, 2022

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 26, 2022, November 27, 2021 and November 28, 2020

(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 28, 2020:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	725	$	329		$	(149	)	$	-	$	905

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	$	905	$	(161	)	$	(177	)	$	-	$	567

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


For the Year Ended November 26, 2022:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	567	$	761		$	(67	)	$	-	$	1,261

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

Income tax valuation allowance	$	-	$	1,339		$	-		$	-	$	1,339

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

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Nov. 26, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Principles of ConsolidationThe 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. 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 2022, 2021 and 2020 are to Bassett's fiscal year ended November 26, 2022, November 27, 2021 and November 28, 2020, 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 15 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.We were the primary beneficiary of one VIE by virtue of our control over the activities that most significantly impact the entity’s economic performance. This VIE was created to affect a Section 1031 like-kind exchange involving the purchase of real property in the state of Florida and the sale of real property in the state of Texas (see Note 14). Subsequent to the completion of the exchange transactions during the third quarter of fiscal 2022, the sole equity interest in the VIE was transferred to Bassett and the entity is now consolidated as a wholly owned subsidiary.On January 31, 2022, we entered into a definitive agreement to sell substantially all of the assets of our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”) to J.B. Hunt Transport Services, Inc. (“J.B. Hunt”). The sale was completed on February 28, 2022. Accordingly, the operations of our logistical services segment as well as the gain realized upon disposal are presented in the accompanying condensed consolidated statements of income as discontinued operations, and the assets sold to and liabilities assumed by J.B. Hunt are presented in the accompanying condensed consolidated balance sheet as of November 27, 2021 as assets and liabilities of discontinued operations held for sale. See Note 18 for additional information. Costs incurred by Bassett for logistical services performed for Bassett by Zenith are included in selling, general and administrative expenses.On September 2, 2022, we acquired 100% of the capital stock of Noa Home Inc. (“Noa Home”), a mid-priced e-commerce furniture retailer headquartered in Montreal, Canada. Noa Home has operations in Canada, Australia, Singapore and the United Kingdom. Since acquisition, Noa Home has been consolidated as a wholly-owned subsidiary. See Note 3 for additional information.
Use of Estimates, Policy [Policy Text Block]	Use of EstimatesThe 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 RecognitionASC 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 $35,963 and $51,492 as of November 26, 2022 and November 27, 2021, respectively. Substantially all of the customer deposits held at November 27, 2021 related to performance obligations were satisfied during fiscal 2022 and have therefore been recognized in revenue for the year ended November 26, 2022. 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.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 26, 2022 and November 27, 2021, our balance of prepaid commissions included in other current assets was $3,768 and $6,221, respectively.For our accounting and reporting under ASC 606, we apply the following policy elections and practical expedients:See Note 20 for disaggregated revenue information.

Disclosure of accounting policy for revenue from contract with customer.

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Note 2 - Significant Accounting Policies (Tables)

12 Months Ended

Nov. 26, 2022

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

	2022		2021
Accounts receivable, net of allowances (Note 5)	$	17,838	$	20,567
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15)		1,828		1,794
Other		43		86
Total credit risk exposure related to customers	$	19,709	$	22,447

Note 3 - Business Combinations (Tables)

12 Months Ended

Nov. 26, 2022

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Fair value of consideration transferred in exchange for 100% of Noa Home:
Cash	$	5,878
Fair value of contingent consideration payable		1,375
Total fair value of consideration paid or payable	$	7,253

Allocation of the fair value of consideration transferred:
Identifiable assets acquired:
Cash	$	296
Inventory		1,585
Other current assets		317
Property & equipment		155
Intangible asset - trade name		1,929
Total identifiable assets acquired		4,282
Liabilities assumed:
Accounts payable		(1,227	)
Customer deposits		(1,059	)
Other current liabilities and accrued expenses		(458	)
Total liabilities assumed		(2,744	)
Net identifiable assets acquired		1,538
Goodwill		5,715
Total net assets acquired	$	7,253

Note 5 - Accounts Receivable (Tables)

12 Months Ended

Nov. 26, 2022

Schedule Of Accounts Receivable [Table Text Block]

	November 26, 2022			November 27, 2021
Gross accounts receivable	$	19,099		$	21,134
Allowance for credit losses		(1,261	)		(567	)
Net accounts receivable	$	17,838		$	20,567

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

	2022			2021

Balance, beginning of the year	$	567		$	905
Additions (recoveries) charged to expense		761			(161	)
Reductions to allowance, net		(67	)		(177	)
Balance, end of the year	$	1,261		$	567

Note 6 - Inventories (Tables)

12 Months Ended

Nov. 26, 2022

Schedule of Inventory, Current [Table Text Block]

	November 26, 2022			November 27, 2021
Wholesale finished goods	$	46,607		$	40,254
Work in process		620			482
Raw materials and supplies		22,859			21,653
Retail merchandise		32,974			30,914
Total inventories on first-in, first-out method		103,060			93,303
LIFO adjustment		(12,416	)		(10,483	)
Reserve for excess and obsolete inventory		(5,167	)		(4,816	)
	$	85,477		$	78,004

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

	Wholesale Segment			Retail Segment			Total
Balance at November 28, 2020	$	3,421		$	1,101		$	4,522
Additions charged to expense		2,057			912			2,969
Write-offs		(1,795	)		(880	)		(2,675	)
Balance at November 27, 2021		3,683			1,133			4,816
Additions charged to expense		2,577			1,071			3,648
Write-offs		(2,157	)		(1,140	)		(3,297	)
Balance at November 26, 2022	$	4,103		$	1,064		$	5,167

Note 7 - Property and Equipment (Tables)

12 Months Ended

Nov. 26, 2022

Property, Plant and Equipment [Table Text Block]

	November 26, 2022			November 27, 2021
Land	$	10,866		$	8,538
Buildings and leasehold improvements		116,418			107,975
Machinery and equipment		101,153			94,521
Property and equipment at cost		228,437			211,034
Less accumulated depreciation		(151,436	)		(141,866	)
Property and equipment, net	$	77,001		$	69,168

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

	November 26, 2022		November 27, 2021
Wholesale	$	36,502	$	30,020
Retail - Company-owned stores		40,499		39,148
Total property and equipment, net	$	77,001	$	69,168

Schedule of Depreciation [Table Text Block]

	2022		2021		2020

Cost of goods sold (wholesale segment)	$	2,082	$	1,797	$	1,552
Selling, general and adminstrative expenses:
Wholesale segment		2,154		1,532		1,516
Retail segment		5,750		6,580		6,578
Total included in selling, general and adminstrative expenses		7,904		8,112		8,094
Total depreciation expense included in income from operations	$	9,986	$	9,909	$	9,646

Note 8 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Nov. 26, 2022

Schedule of Intangible Assets and Goodwill [Table Text Block]

	November 26, 2022
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	512	$	(280	)	$	232


Intangibles not subject to amortization:
Trade names							8,723
Goodwill							12,772

Total goodwill and other intangible assets						$	21,727

Schedule of Goodwill [Table Text Block]

	Wholesale		Retail			Total

Balance as of November 28, 2020	$	7,217	$	-		$	7,217
No changes in fiscal 2021		-		-			-

Balance as of November 27, 2021		7,217		-			7,217
Acquisition of Noa Home		-		5,715			5,715
Foreign currency translation adjustment		-		(161	)		(161	)
Balance as of November 26, 2022	$	7,217	$	5,554		$	12,771

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

Useful Life

in Years

Remaining

Amortization

Period in

Years

Customer relationships

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

Fiscal 2023	$	57
Fiscal 2024		57
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		4
Total	$	232

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Note 10 - Post-employment Benefit Obligations (Tables)

12 Months Ended

Nov. 26, 2022

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

`	2022			2021
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	10,740		$	10,071
Service cost		36			120
Interest cost		231			196
Actuarial (gains) and losses		(2,503	)		762
Benefits paid		(1,242	)		(409	)
Projected benefit obligation at end of year	$	7,262		$	10,740

Accumulated Benefit Obligation	$	7,262		$	10,740

Discount rate used to value the ending benefit obligations:		5.38	%		2.25	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	698		$	913
Noncurrent liabilities		6,564			9,827
Total amounts recognized	$	7,262		$	10,740
Amounts recognized in accumulated other comprehensive income:
Prior service cost	$	229		$	355
Actuarial (gain) loss		(543	)		2,093
Net amount recognized	$	(314	)	$	2,448

Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	(2,236	)	$	1,078

Schedule of Net Benefit Costs [Table Text Block]

	2022			2021			2020

Components of Net Periodic Pension Cost:
Service cost	$	36		$	121		$	172
Interest cost		231			196			268
Amortization of prior service cost		126			126			126
Amortization of other loss		133			59			8

Net periodic pension cost	$	526		$	502		$	574


Assumptions used to determine net periodic pension cost:
Discount rate		2.25	%		2.00	%		2.75	%
Increase in future compensation levels		3.00	%		3.00	%		3.00	%

Defined Benefit Plan, Assumptions [Table Text Block]

Estimated Future Benefit Payments (with mortality):
Fiscal 2023	$	698
Fiscal 2024		667
Fiscal 2025		715
Fiscal 2026		683
Fiscal 2027		691
Fiscal 2028 through 2032		3,135

Schedule of Expected Benefit Payments [Table Text Block]

Prior service cost	$	126
Other loss		(1	)
Total expected to be amortized to net periodic pension cost in 2023	$	125

Note 11 - Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Nov. 26, 2022

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

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	)
Actuarial gains		2,503
Net pension amortization reclassified from accumulated other comprehensive loss		256
Foreign currency translation adjustment		(272	)
Tax effects		(614	)
Balance at November 26, 2022	$	50

Note 12 - Capital Stock and Stock Compensation (Tables)

12 Months Ended

Nov. 26, 2022

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

	2022		2021		2020

Stock based compensation expense	$	538	$	158	$	420

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

	2022		2021		2020

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

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

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested restricted shares outstanding at November 27, 2021		10,605		$	21.24
Granted		67,099			16.27
Vested		(10,605	)		21.24
Non-vested restricted shares outstanding at November 26, 2022		67,099		$	16.27

Schedule of Nonvested Share Activity [Table Text Block]

Remaining

Restricted

Share Value

Restriction

Grant

Shares

at Grant Date

Period

Date

Outstanding

Per Share

(Years)

January 12, 2022

51,300

15.82

2.1

March 9, 2022

15,799

17.72

0.3

67,099

Note 13 - Income Taxes (Tables)

12 Months Ended

Nov. 26, 2022

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

	2022		2021		2020
Current:
Federal	$	5,659	$	4,507	$	(8,233	)
State		2,154		171		148

Deferred:
Federal		484		60		2,067
State		405		1,098		(518	)
Total	$	8,702	$	5,836	$	(6,536	)

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

	2022			2021			2020
Statutory federal income tax rate		21.0	%		21.0	%		21.0	%
Adjustments to state net operating CARES Act benefit		-			-			19.2
State income tax, net of federal benefit		4.4			4.2			1.7
Impairment of non-deductible goodwill		-			-			(2.5	)
Excess tax from stock-based compensation		-			0.4			(0.6	)
Other		0.1			(0.1	)		(2.5	)
Effective income tax rate		25.5	%		25.5	%		36.3	%

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

	November 26, 2022			November 27, 2021
Deferred income tax assets:
Trade accounts receivable	$	315		$	199
Inventories		3,782			3,121
Notes receivable		-			44
Post employment benefit obligations		2,734			3,562
State net operating loss carryforwards		9			153
Foreign net operating loss carryforwards		1,339			-
Operating lease liabilities		29,423			34,813
Other		1,713			1,180
Gross deferred income tax assets		39,315			43,072
Valuation allowance		(1,339	)		-
Total deferred income tax assets		37,976			43,072

Deferred income tax liabilities:
Property and equipment		5,532			7,013
Intangible assets		726			1,712
Operating lease assets		25,166			29,758
Prepaid expenses and other		1,024			1,400

Total deferred income tax liabilities		32,448			39,883

Net deferred income tax assets	$	5,528		$	3,189

Note 15 - Leases and Lease Guarantees (Tables)

12 Months Ended

Nov. 26, 2022

Supplemental Lease Disclosures [Table Text Block]

	November 26, 2022		November 27, 2021
Operating leases:
Right of use assets	$	99,472	$	95,955
Lease liabilties, short-term		18,819		20,235
Lease liabilties, long-term		97,477		94,845

Finance leases:
Right of use assets (1)	$	623	$	832
Lease liabilties, short-term (2)		282		254
Lease liabilties, long-term (3)		360		588

Lessee, Supplemental Balance Sheet Information [Table Text Block]

	November 26, 2022		November 27, 2021
Wholesale	$	8,183	$	9,842
Retail		91,289		86,113
Total right of use assets	$	99,472	$	95,955

Lease, Cost [Table Text Block]

	2022			2021			2020
Lease cost:
Operating lease cost	$	24,399		$	24,367		$	24,946
Financing lease cost:
Amortization of right-of-use assets		279			95			-
Interest on lease liabilities		35			15			-
Short-term lease cost		674			387			545
Variable lease cost (net of abatements received)		447			277			(605	)
Sublease income		(1,444	)		(1,292	)		(1,557	)
Total lease cost	$	24,390		$	23,849		$	23,329

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

	Operating Leases		Financing Leases

Fiscal 2023	$	24,670	$	319
Fiscal 2024		24,458		256
Fiscal 2025		23,172		94
Fiscal 2026		20,506		5
Fiscal 2027		16,222		2
Thereafter		28,839		-
Total lease payments		137,867		676
Less: interest		21,571		34
Total lease obligations	$	116,296	$	642

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

Fiscal 2023	$	1,289
Fiscal 2024		879
Fiscal 2025		599
Fiscal 2026		156
Fiscal 2027		-
Thereafter		-
Total minimum future rental income	$	2,923

Note 17 - Earnings (Loss) Per Share (Tables)

12 Months Ended

Nov. 26, 2022

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

	2022		2021		2020
Earnings per share - continuing operations:
Numerator:
Net income (loss) from continuing operations	$	25,360	$	16,921	$	(11,477	)

Denominator:
Denominator for basic income per share - weighted average shares		9,394,873		9,835,829		9,969,616
Effect of dilutive securities*		8,107		7,945		-
Denominator for diluted income per share — weighted average shares and assumed conversions		9,402,980		9,843,774		9,969,616

Basic income (loss) per share - continuing operations:	$	2.70	$	1.72	$	(1.15	)

Diluted income (loss) per share - continuing operations	$	2.70	$	1.72	$	(1.15	)

Earnings per share - discontinued operations:
Numerator:
Net income from discontinued operations	$	39,985	$	1,121	$	1,056

Denominator:
Denominator for basic income per share - weighted average shares		9,394,873		9,835,829		9,969,616
Effect of dilutive securities*		8,107		7,945		-
Denominator for diluted income per share — weighted average shares and assumed conversions		9,402,980		9,843,774		9,969,616

Basic income per share - discontinued operations	$	4.26	$	0.11	$	0.11

Diluted income per share - discontinued operations	$	4.26	$	0.11	$	0.11

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

	2022		2021		2020
Unvested restricted shares		-		-		90,153
Stock options		-		-		5,250

Note 18 - Discontinued Operations (Tables)

12 Months Ended

Nov. 26, 2022

Disposal Groups, Including Discontinued Operations [Table Text Block]

Sales price prior to post-closing working capital adjustment	$	86,939
Less:
Amount held in escrow for contingencies related to representations and warranties (1)		1,000
Seller expenses paid at closing		418
Working capital adjustment paid to buyer		987

Net proceeds from the sale (2)	$	84,534

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Note 19 - Segment Information (Tables)

12 Months Ended

Nov. 26, 2022

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

	2022			2021			2020
Sales Revenue
Wholesale sales of furniture and accessories	$	324,569		$	295,329		$	221,075
Less: Sales to retail segment		(125,889	)		(112,270	)		(95,347	)
Wholesale sales to external customers		198,680			183,059			125,728
Retail sales of furniture and accessories		286,921			247,827			211,944
Consolidated net sales of furniture and accessories	$	485,601		$	430,886		$	337,672


Income (loss) from Operations
Wholesale	$	9,286		$	17,490		$	4,587
Retail		21,508			7,044			(9,497	)
Inter-company elimination		(524	)		(277	)		2,610
Asset impairment charges		-			-			(12,184	)
Goodwill impairment charge		-			-			(1,971	)
Litigation expense		-			-			(1,050	)
Gain on sale of real estate		4,595			-			-
Consolidated income from operations	$	34,865		$	24,257		$	(17,505	)

Depreciation and Amortization
Wholesale	$	4,293		$	3,386		$	3,125
Retail		5,750			6,580			6,578
Discontinued operations		1,266			4,631			3,777
Consolidated	$	11,309		$	14,597		$	13,480

Capital Expenditures
Wholesale	$	10,748		$	5,943		$	2,434
Retail		10,548			299			695
Consolidated	$	21,296		$	6,242		$	3,129

Identifiable Assets
Wholesale	$	215,748		$	196,910		$	180,235
Retail		190,525			160,929			169,105
Discontinued operations		-			63,821			53,209
Consolidated	$	406,273		$	421,660		$	402,549

Note 20 - Revenue Recognition (Tables)

12 Months Ended

Nov. 26, 2022

Disaggregation of Revenue [Table Text Block]

	2022						2021						2020
	Wholesale		Retail (2)		Total		Wholesale		Retail		Total		Wholesale		Retail		Total
Bassett Custom Upholstery	$	124,565	$	163,755	$	288,320	$	105,445	$	139,527	$	244,972	$	71,840	$	112,888	$	184,728
Bassett Leather		35,953		1,707		37,660		36,157		226		36,383		20,487		2,326		22,813
Bassett Custom Wood		22,534		43,208		65,742		24,079		30,931		55,010		19,682		28,942		48,624
Bassett Casegoods		15,628		40,146		55,774		17,378		42,658		60,036		13,719		35,728		49,447
Accessories, mattresses and other (1)		-		38,105		38,105		-		34,485		34,485		-		32,060		32,060
Consolidated Furniture and Accessories revenue	$	198,680	$	286,921	$	485,601	$	183,059	$	247,827	$	430,886	$	125,728	$	211,944	$	337,672

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

12 Months Ended

Nov. 26, 2022

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 28, 2020:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	725	$	329		$	(149	)	$	-	$	905

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	$	905	$	(161	)	$	(177	)	$	-	$	567

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


For the Year Ended November 26, 2022:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	567	$	761		$	(67	)	$	-	$	1,261

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

Income tax valuation allowance	$	-	$	1,339		$	-		$	-	$	1,339

Note 1 - Description of Business (Details Textual)	Nov. 26, 2022
Number of Stores	91
Percent Of Wholesale Products Sourced From Other Countries	22.00%
Number Of Domestic Manufacturing Facilities	5
Company-owned Retail Stores [Member]
Number of Stores	58
Licensee Operated Retail Stores [Member]
Number of Stores	33

Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020	Sep. 02, 2022	Dec. 01, 2019
Contract with Customer, Liability, Total	$ 35,963	$ 51,492
Percent Of Aggregate Risk Exposure Net Of Reserves Attributable To Major Customers	31.00%	24.00%
Percentage of LIFO Inventory	46.00%	53.00%
Non-cash goodwill impairment charge	$ 0	$ 0	$ 1,971
Retained Earnings (Accumulated Deficit), Total	150,800	115,631
Advertising Expense	16,698	15,228	12,619
Deliver Wholesale Merchandise to Customers [Member]
Selling, General and Administrative Expense, Delivery Costs	21,341	17,829	14,779
Deliver Retail Merchandise to Customers [Member]
Selling, General and Administrative Expense, Delivery Costs	23,812	22,494	19,024
Accounting Standards Update 2016-02 [Member]
Lease, Right-of-Use Asset, Net					$ 146,585
Lease, Liability, Net					151,672
Deferred Income Tax Liabilities, Net					1,302
Retained Earnings (Accumulated Deficit), Total					$ 3,785
Non-US [Member]
Revenues, Total	731	488	$ 789
Sales Commissions [Member] \| Other Current Assets [Member]
Capitalized Contract Cost, Net, Total	$ 3,768	$ 6,221
Minimum [Member]
Payment Terms For Wholesale Customers	30 days
Minimum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life	10 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life	5 years
Minimum [Member] \| Real Estate Lease [Member]
Lessee, Operating Lease, Term of Contract	1 year
Lessee, Operating Lease, Renewal Term	5 years
Maximum [Member]
Payment Terms For Wholesale Customers	60 days
Maximum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life	39 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life	10 years
Maximum [Member] \| Real Estate Lease [Member]
Lessee, Operating Lease, Term of Contract	15 years
Lessee, Operating Lease, Renewal Term	15 years
Noa Home Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired				100.00%

Note 2 - Significant Accounting Policies - Aggregate Exposure from Receivables and Guarantees Related to Customers (Details) - USD ($) $ in Thousands	Nov. 26, 2022	Nov. 27, 2021
Accounts receivable, net of allowances (Note 5)	$ 17,838	$ 20,567
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15)	1,828	1,794
Other	43	86
Total credit risk exposure related to customers	$ 19,709	$ 22,447

Note 3 - Business Combinations (Details Textual) - Noa Home Inc. [Member] $ in Thousands, $ in Thousands			12 Months Ended
	Sep. 02, 2022 USD ($)	Sep. 02, 2022 CAD ($)	Nov. 26, 2022 USD ($)
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Combination, Consideration Transferred, Total	$ 7,253	$ 7,700
Payments to Acquire Businesses, Gross	5,878	2,000
Business Combination, Consideration Transferred, Repayments of Debt		5,700
Business Combination, Additional Consideration, Contingent Annual Payments Based On Performance		$ 1,330
Business Acquisition, Transaction Costs			$ 87
Trade Names [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets	$ 1,929

Note 3 - Business Combinations - Schedule of Business Acquisitions (Details) $ in Thousands, $ in Millions	Sep. 02, 2022 USD ($)	Sep. 02, 2022 CAD ($)	Nov. 26, 2022 USD ($)	Nov. 27, 2021 USD ($)	Nov. 28, 2020 USD ($)
Goodwill			$ 12,771	$ 7,217	$ 7,217
Noa Home Inc. [Member]
Payments to Acquire Businesses, Gross	$ 5,878	$ 2.0
Fair value of contingent consideration payable	1,375
Total fair value of consideration paid or payable	7,253	$ 7.7
Cash	296
Inventory	1,585
Other current assets	317
Property & equipment	155
Total identifiable assets acquired	4,282
Accounts payable	(1,227)
Customer deposits	(1,059)
Other current liabilities and accrued expenses	(458)
Total liabilities assumed	(2,744)
Net identifiable assets acquired	1,538
Goodwill	5,715
Total net assets acquired	7,253
Noa Home Inc. [Member] \| Trade Names [Member]
Intangible asset - trade name	$ 1,929

Note 4 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021
Short-Term Investments, Total	$ 17,715	$ 17,715
Minimum [Member]
Certificates of Deposit, Average Term	6 months
Interest Rate of Certificates of Deposit	0.30%
Maximum [Member]
Certificates of Deposit, Average Term	12 months
Interest Rate of Certificates of Deposit	3.10%
Weighted Average [Member]
Certificates of Deposit, Average Term	3 months
Interest Rate of Certificates of Deposit	2.20%
Certificates of Deposit [Member]
Short-Term Investments, Total	$ 17,715	$ 17,715

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Nov. 26, 2022	Nov. 27, 2021
Gross accounts receivable	$ 19,099	$ 21,134
Allowance for credit losses	(1,261)	(567)
Net accounts receivable	$ 17,838	$ 20,567

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021
Balance, beginning of the year	$ 567	$ 905
Additions (recoveries) charged to expense	761	(161)
Reductions to allowance, net	(67)	(177)
Balance, end of the year	$ 1,261	$ 567

Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Purchases From Major Vendors	$ 33,253	$ 34,658	$ 15,378

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Wholesale finished goods	$ 46,607	$ 40,254
Work in process	620	482
Raw materials and supplies	22,859	21,653
Retail merchandise	32,974	30,914
Total inventories on first-in, first-out method	103,060	93,303
LIFO adjustment	(12,416)	(10,483)
Reserve for excess and obsolete inventory	(5,167)	(4,816)	$ (4,522)
Inventory, net	$ 85,477	$ 78,004

Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Balance	$ 4,816	$ 4,522
Additions charged to expense	3,648	2,969	$ 4,922
Write-offs	3,297	2,675
Balance	5,167	4,816	4,522
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	3,683	3,421
Additions charged to expense	2,577	2,057
Write-offs	2,157	1,795
Balance	4,103	3,683	3,421
Operating Segments [Member] \| Retail Segment [Member]
Balance	1,133	1,101
Additions charged to expense	1,071	912
Write-offs	1,140	880
Balance	$ 1,064	$ 1,133	$ 1,101

Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 26, 2022	Nov. 27, 2021
Land	$ 10,866	$ 8,538
Buildings and leasehold improvements	116,418	107,975
Machinery and equipment	101,153	94,521
Property and equipment at cost	228,437	211,034
Less accumulated depreciation	(151,436)	(141,866)
Property and equipment, net	$ 77,001	$ 69,168

Note 7 - Property and Equipment - Summary of Reportable Segment Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 26, 2022	Nov. 27, 2021
Property and equipment, net	$ 77,001	$ 69,168
Wholesale Segment [Member]
Property and equipment, net	36,502	30,020
Retail Segment [Member]
Property and equipment, net	$ 40,499	$ 39,148

Note 7 - Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Total depreciation expense included in income from operations	$ 9,986	$ 9,909	$ 9,646
Cost of Sales [Member]
Total depreciation expense included in income from operations	2,082	1,797	1,552
Selling, General and Administrative Expenses [Member]
Total depreciation expense included in income from operations	7,904	8,112	8,094
Selling, General and Administrative Expenses [Member] \| Wholesale Segment [Member]
Total depreciation expense included in income from operations	2,154	1,532	1,516
Selling, General and Administrative Expenses [Member] \| Retail Segment [Member]
Total depreciation expense included in income from operations	$ 5,750	$ 6,580	$ 6,578

Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Non-cash goodwill impairment charge	$ 0	$ 0	$ 1,971
Goodwill, Impaired, Accumulated Impairment Loss	$ 3,897	$ 3,897	$ 3,897

Note 8 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 26, 2022	Nov. 27, 2021
Customer relationships, net	$ 232	$ 232
Trade names	8,723	6,848
Goodwill	12,772	7,217
Total goodwill and other intangible assets	21,727	14,354
Customer Relationships [Member]
Customer relationships, gross	512	512
Customer relationships, accumulated amortization	(280)	(223)
Customer relationships, net	$ 232	$ 289

Note 8 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021
Balance	$ 7,217	$ 7,217
No changes in fiscal 2021		0
Acquisition of Noa Home Inc.	5,715
Foreign currency translation adjustment	(161)
Balance	12,771	7,217
Wholesale Segment [Member]
Balance	7,217	7,217
No changes in fiscal 2021		0
Acquisition of Noa Home Inc.	0
Foreign currency translation adjustment	0
Balance	7,217	7,217
Retail Segment [Member]
Balance	0	0
No changes in fiscal 2021		0
Acquisition of Noa Home Inc.	5,715
Foreign currency translation adjustment	(161)
Balance	$ 5,554	$ 0

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Note 8 - Goodwill and Other Intangible Assets - Useful Lives and Remaining Amortization Period of Goodwill and Other Intangible Assets (Details) - Customer Relationships [Member]	12 Months Ended
	Nov. 26, 2022
Finite-lived intangible assets, useful life (Year)	9 years
Finite-lived intangible assets, remianing amortization period (Year)	4 years

Note 8 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 26, 2022	Nov. 27, 2021
Fiscal 2023	$ 57
Fiscal 2024	57
Fiscal 2025	57
Fiscal 2026	57
Fiscal 2027	4
Total	$ 232	$ 232

Note 9 - Bank Credit Facility (Details Textual)		12 Months Ended
Note 9 - Bank Credit Facility (Details Textual)	Jan. 27, 2022	Nov. 26, 2022 USD ($)
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 25,000,000
Letters of Credit Outstanding, Amount		3,931,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 21,069,000
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, Minimum Tangible Net Worth		$ 140,000
Bank One [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Bank Two [Member]
Letters of Credit Outstanding, Amount		$ 250,000

Note 10 - Post-employment Benefit Obligations (Details Textual) $ in Thousands			12 Months Ended
	May 02, 2017 USD ($)	May 01, 2017	Nov. 26, 2022 USD ($)	Nov. 27, 2021 USD ($)	Nov. 28, 2020 USD ($)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax, Total			$ (314)	$ 2,448
Postemployment Benefits Liability, Noncurrent			$ 9,954	12,968
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			$ 1,108	1,040	$ 548
Unfunded Deferred Compensation Plan [Member]
Pension Cost (Reversal of Cost)			154	204	176
Postemployment Benefits Liability, Noncurrent			1,616	1,648
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			853	647	609
Current Net Death Benefit			14,998
Supplemental Employee Retirement Plan [Member]
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Base Salary		75.00%
Deferred Compensation Arrangement with Individual, Deferred Compensation, Maximum Percentage of Discretionary, Annual Incentive or Other Bonus		100.00%
Deferred Compensation Arrangement with Individual, Deferred Compensation, Annual installment Payments, Maximum Number of Years		15 years
Deferred Compensation Arrangement with Individual, Deferred Compensation, Scheduled Distributions, Maximum Number of Years		5 years
Deferred Compensation Arrangement with Individual, Compensation Expense			(16)	338	$ 264
Current Net Death Benefit			$ 1,587
Percent Of Final Average Compensation Provided By Supplemental Retirement Income Plan			65.00%
Death Benefit Percent Of Final Average Annual Compensation For Period of 120 Months			50.00%
Death Benefit Payment Term			120 months
Death Benefit Percent Of Final Average Annual Compensation Single Payment			200.00%
Supplemental Employee Retirement Plan [Member] \| Non-current Portion of Post Employment Benefits Liability [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability			$ 2,070	$ 1,789

Note 10 - Post-employment Benefit Obligations - Plan Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Projected benefit obligation at beginning of year	$ 10,740	$ 10,071
Service cost	36	121	$ 172
Interest cost	231	196	268
Actuarial (gains) and losses	(2,503)	762
Benefits paid	(1,242)	(409)
Projected benefit obligation at end of year	7,262	10,740	$ 10,071
Accumulated Benefit Obligation	$ 7,262	$ 10,740
Discount rate used to value the ending benefit obligations:	5.38%	2.25%
Current liabilities	$ 698	$ 913
Noncurrent liabilities	6,564	9,827
Total amounts recognized	7,262	10,740
Prior service cost	229	355
Actuarial (gain) loss	(543)	2,093
Net amount recognized	(314)	2,448
Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$ (2,236)	$ 1,078

Note 10 - Post-employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Service cost	$ 36	$ 121	$ 172
Interest cost	231	196	268
Amortization of prior service cost	126	126	126
Amortization of other loss	133	59	8
Net periodic pension cost	$ 526	$ 502	$ 574
Pension Plan [Member]
Discount rate	2.25%	2.00%	2.75%
Increase in future compensation levels	3.00%	3.00%	3.00%

Note 10 - Post-employment Benefit Obligations - Assumptions Used in Calculating Net Periodic Pension Cost (Details) $ in Thousands	Nov. 26, 2022 USD ($)
Fiscal 2023	$ 698
Fiscal 2024	667
Fiscal 2025	715
Fiscal 2026	683
Fiscal 2027	691
Fiscal 2028 through 2032	$ 3,135

Note 10 - Post-employment Benefit Obligations - Estimated Future Benefit Payments (Details) $ in Thousands	Nov. 26, 2022 USD ($)
Prior service cost	$ 126
Other loss	1
Total expected to be amortized to net periodic pension cost in 2023	$ 125

Note 11 - Accumulated Other Comprehensive Income (Loss) - Activity in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Balance	$ 162,732	$ 158,030	$ 178,670
Foreign currency translation adjustment	(274)	0	0
Balance	195,609	162,732	158,030
AOCI Attributable to Parent [Member]
Balance	(1,823)	(1,394)	(1,236)
Actuarial losses	2,503	(762)
Net pension amortization reclassified from accumulated other comprehensive loss	256	186
Tax effects	(614)	147
Foreign currency translation adjustment	(272)
Balance	$ 50	$ (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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Note 12 - Capital Stock and Stock Compensation (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Mar. 01, 2017	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020	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		$ 19	$ 219	$ 228
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount		(115)	$ (115)	$ (114)
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 611
Stock Issued During Period, Shares, Employee Stock Purchase Plans		30,074	22,547	50,217
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period		10,605
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount		$ 1	$ (133)	$ (114)
Restricted Stock [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period		3,500
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation		1,225	10,850	14,010
Payment, Tax Withholding, Share-Based Payment Arrangement			$ 219
Restricted Stock [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period		7,105
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		10,605
Payment, Tax Withholding, Share-Based Payment Arrangement		$ 19
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		102,460

Note 12 - 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. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Selling, General and Administrative Expenses [Member]
Stock based compensation expense	$ 538	$ 158	$ 420

Note 12 - Capital Stock and Stock Compensation - Changes in Outstanding Options (Details) - USD ($) $ in Thousands				12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Total intrinsic value of options exercised	$ 0	$ 93	$ 0
Proceeds from exercise of stock options		42	0	$ 0	$ 42	$ 0
Excess tax benefits recognized in income tax expense upon the exercise of options				$ (115)	$ (115)	$ (114)
Share-Based Payment Arrangement, Option [Member]
Excess tax benefits recognized in income tax expense upon the exercise of options	$ 0	$ 18	$ 0

Note 12 - Capital Stock and Stock Compensation - Additional Information Regarding Activity in Stock Options (Details) - Restricted Stock [Member]	12 Months Ended
	Nov. 26, 2022 $ / shares shares
Non-vested restricted shares outstanding, shares (in shares) \| shares	10,605
Non-vested restricted shares outstanding, grant date fair value (in dollars per share) \| $ / shares	$ 21.24
Granted, shares (in shares) \| shares	67,099
Granted, grant date fair value (in dollars per share) \| $ / shares	$ 16.27
Vested, shares (in shares) \| shares	10,605
Vested, grant date fair value (in dollars per share) \| $ / shares	$ 21.24
Non-vested restricted shares outstanding, shares (in shares) \| shares	67,099
Non-vested restricted shares outstanding, grant date fair value (in dollars per share) \| $ / shares	$ 16.27

Note 12 - Capital Stock and Stock Compensation - Changes in Non-vested Options (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021
Restricted shares outstanding (in shares)	67,099	10,605
Granted, grant date fair value (in dollars per share)	$ 16.27
January 12, 2022 [Member]
Restricted shares outstanding (in shares)	51,300
Granted, grant date fair value (in dollars per share)	$ 15.82
Remaining restriction period (Year)	2 years 1 month 6 days
March 9, 2022 [Member]
Restricted shares outstanding (in shares)	15,799
Granted, grant date fair value (in dollars per share)	$ 17.72
Remaining restriction period (Year)	3 months 18 days

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount	$ 115	$ 115	$ 114
Income Taxes Paid, Net, Total	$ 20,176	$ 3,092	$ 539
Open Tax Year	2018 2019 2020 2021 2022
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 238
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 13 - Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Federal	$ 5,659	$ 4,507	$ (8,233)
State	2,154	171	148
Federal	484	60	2,067
State	405	1,098	(518)
Total	$ 8,702	$ 5,836	$ (6,536)

Net income (loss) from continuing operations

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

+ References + Details

Note 13 - Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details)	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Statutory federal income tax rate	21.00%	21.00%	21.00%
Adjustments to state net operating CARES Act benefit	0.00%	0.00%	19.20%
State income tax, net of federal benefit	4.40%	4.20%	1.70%
Impairment of non-deductible goodwill	0.00%	0.00%	(2.50%)
Excess tax from stock-based compensation	0.00%	0.40%	(0.60%)
Other	0.10%	(0.10%)	(2.50%)
Effective income tax rate	25.50%	25.50%	36.30%

Note 13 - Income Taxes - Income Tax Effects of Temporary Differences and Carryforwards (Details) - USD ($) $ in Thousands	Nov. 26, 2022	Nov. 27, 2021
Trade accounts receivable	$ 315	$ 199
Inventories	3,782	3,121
Notes receivable	0	44
Post employment benefit obligations	2,734	3,562
State net operating loss carryforwards	9	153
Foreign net operating loss carryforwards	1,339	0
Operating lease liabilities	29,423	34,813
Other	1,713	1,180
Gross deferred income tax assets	39,315	43,072
Valuation allowance	(1,339)	0
Total deferred income tax assets	37,976	43,072
Property and equipment	5,532	7,013
Intangible assets	726	1,712
Operating lease assets	25,166	29,758
Prepaid expenses and other	1,024	1,400
Total deferred income tax liabilities	32,448	39,883
Net deferred income tax assets	$ 5,528	$ 3,189

Note 14 - Other Gains and Losses (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Aug. 27, 2022	May 28, 2022	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property			$ 4,595,000	$ 0	$ 0
Gain (Loss) on Disposition of Property Plant Equipment, Total			4,595,000	367,000	81,000
Legal Fees			0	$ 0	1,050,000
Gain (Loss) from Company Owned Life Insurance			1,441,000		914,000
Underperforming Retail Stores [Member]
Operating Lease, Impairment Loss					6,239,000
Underperforming Retail Stores [Member]
Asset Impairment Charges, Total					11,114,000
Closed Custom Upholstery Manufacturing Facility in Grand Prairie, Texas [Member]
Asset Impairment Charges, Total					1,070,000
Land and Building occupied by Spring, Texas Retail Store [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Total					$ 1,313,000
Houston, Texas [Member]
Sale of Real Estate, Expected Taxable Gain (Loss)	$ 4,300,000
Tampa Florida [Member]
Payments to Acquire Real Estate, Total		$ 7,668,000
Discontinued Operations, Disposed of by Sale [Member] \| Houston, Texas [Member]
Disposal Group, Including Discontinued Operation, Consideration	$ 8,217
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property			$ 4,595,000

Note 15 - Leases and Lease Guarantees (Details Textual) $ in Thousands	12 Months Ended
	Nov. 26, 2022 USD ($) ft²	Nov. 28, 2020 USD ($)	Nov. 27, 2021 USD ($)
Rent Abatement		$ 775
Loss Contingency, Estimate of Possible Loss	$ 1,828		$ 1,794
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,880		$ 1,845
Post Oak Plaza in Houston, Texas [Member]
Area of Real Estate Property (Square Foot) \| ft²	9,597
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year)	10 years
Lessee, Operating Lease, Lease Not yet Commenced, Monthly Payments	$ 36
Lessee, Operating Lease, Lease Not yet Commenced, Renewal Options	3
Lessee, Operating Lease, Lease Not yet Commenced, Renewal Term (Year)	5 years
Warehouse Space Near Dallas, Texas and Columbus, Ohio [Member]
Area of Real Estate Property (Square Foot) \| ft²	61,182
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year)	5 years
Lessee, Operating Lease, Lease Not yet Commenced, Monthly Payments	$ 41

Note 15 - Leases and Lease Guarantees - Supplemental Lease Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020	Nov. 27, 2022
Right of use assets	$ 99,472	$ 95,955		$ 99,472
Lease liabilties, short-term	18,819	20,235
Lease liabilties, long-term	97,477	94,845
Right of use assets (1)	623	832
Lease liabilties, short-term (2)	282	254
Lease liabilties, long-term (3)	360	588
Cash paid for amounts included in the measurements of lease liabilities, operating	27,011	26,842	$ 26,913
Cash paid for amounts included in the measurements of lease liabilitiesCash paid for amounts included in the measurements of lease liabilities, financing	0	103	302
Lease liabilities arising from new right-of-use assets, operating	8,541	15,678	23,171
Lease liabilities arising from new right-of-use assets, financing	$ 0	$ 927	$ 73
Weighted average remaining lease terms (years), operating (Year)	6 years 2 months 12 days	6 years 3 months 18 days	6 years 4 months 24 days
Weighted average discount rates, operating	5.53%	5.07%	5.00%
Weighted average remaining lease terms (years)Weighted average remaining lease terms (years), financing (Year)	2 years 3 months 18 days	3 years 2 months 12 days
Weighted average discount rates, financing	4.68%	4.63%

Note 14 - Leases and Lease Guarantees - Right of Use Assets (Details) - USD ($) $ in Thousands	Nov. 27, 2022	Nov. 26, 2022	Nov. 27, 2021
Right of use assets	$ 99,472	$ 99,472	$ 95,955
Wholesale Segment [Member]
Right of use assets	8,183		9,842
Retail Segment [Member]
Right of use assets	$ 91,289		$ 86,113

Note 15 - Leases and Lease Guarantees - Lease Cost (Details) - USD ($) $ in Thousands			12 Months Ended
	Nov. 27, 2021	Nov. 28, 2020	Nov. 26, 2022
Operating lease cost	$ 24,367	$ 24,946	$ 24,399
Amortization of right-of-use assets	95	0	279
Interest on lease liabilities	15	0	35
Short-term lease cost	387	545	674
Variable lease cost (net of abatements received)	277	(605)	447
Sublease income	(1,292)	(1,557)	(1,444)
Total lease cost	$ 23,849	$ 23,329	$ 24,390

Note 15 - Leases and Lease Guarantees - Lease Maturities (Details) - USD ($) $ in Thousands	Nov. 26, 2022	Nov. 27, 2021
Fiscal 2023, operating lease	$ 24,670
Fiscal 2023, finance lease		$ 319
Fiscal 2024, operating lease	24,458
Fiscal 2024, finance lease		256
Fiscal 2025, operating lease	23,172
Fiscal 2025, finance lease		94
Fiscal 2026, operating lease	20,506
Fiscal 2026, finance lease		5
Fiscal 2027, operating lease	16,222
Fiscal 2027, finance lease		2
Thereafter, operating lease	28,839
Thereafter, finance lease		0
Total lease payments, operating lease	137,867
Total lease payments, finance lease		676
Less: interest, operating lease	21,571	34
Total operating lease obligations	$ 116,296
Total lease obligations		$ 642

Note 15 - Leases and Lease Guarantees - Minimum Future Rental Income (Details) $ in Thousands	Nov. 26, 2022 USD ($)
Fiscal 2023	$ 1,289
Fiscal 2024	879
Fiscal 2025	599
Fiscal 2026	156
Fiscal 2027	0
Thereafter	0
Total minimum future rental income	$ 2,923

Note 17 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Nov. 26, 2022

Nov. 27, 2021

Nov. 28, 2020

$ 25,360

$ 16,921

$ (11,477)

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

9,394,873

9,835,829

9,969,616

Effect of dilutive securities* (in shares)

^[1]

8,107

7,945

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

9,402,980

9,843,774

9,969,616

Basic income (loss) per share - continuing operations: (in dollars per share)

$ 2.70

$ 1.72

$ (1.15)

Diluted income (loss) per share - continuing operations (in dollars per share)

$ 2.70

$ 1.72

$ (1.15)

Net income from discontinued operations

$ 39,985

$ 1,121

$ 1,056

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

9,394,873

9,835,829

9,969,616

Basic income per share - discontinued operations (in dollars per share)

$ 4.26

$ 0.11

Diluted income per share - discontinued operations (in dollars per share)

$ 4.26

$ 0.11

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

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1252-109256

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Net proceeds from the sale (2)

Note 17 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Restricted Stock [Member]
Antidilutive securities (in shares)	0	0	90,153
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	0	0	5,250

Note 18 - Discontinued Operations (Details Textual) - Discontinued Operations, Disposed of by Sale [Member] - Zenith Freight Lines [Member] - USD ($)	6 Months Ended	12 Months Ended
	Nov. 26, 2022	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Net of Working Capital Adjustment	$ 52,534
Disposal Group, Service Agreement with Buyer for Continuation of Services, Term (Year)		7 years
Disposal Group, Including Discontinued Operation, Interest Expense		$ 78,000	$ 289,000	$ 49,000
Logistical Services [Member] \| Subsidiaries [Member]
Related Party Transaction, Amounts of Transaction		9,121,000	$ 31,329,000	$ 26,967,000
Disposal Group, Including Discontinued Operation, Operating Expense		27,604,000
Other Current Liabilities and Accrued Expenses [Member]
Disposal Group, Including Discontinued Operation, Reserve for Pre-disposal Workers'' Compensation	$ 639	$ 639

Note 18 - Discontinued Operations - Disposal Groups, Including Discontinued Operations (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 28, 2022

Nov. 26, 2022

Nov. 27, 2021

Nov. 28, 2020

$ 84,534

$ 0

Current assets of discontinued operations held for sale

11,064

Long-term assets of discontinued operations held for sale

52,757

Current liabilities of discontinued operations held for sale

16,095

Long-term liabilities of discontinued operations held for sale

16,210

Gain on disposal

52,534

Income tax expense

362

171

Income from discontinued operations, net of tax

1,121

1,056

Discontinued Operations, Disposed of by Sale [Member] | Zenith Freight Lines [Member]

Disposal Group, Including Discontinued Operation, Consideration

$ 86,939

Amount held in escrow for contingencies related to representations and warranties (1)

^[1]

1,000

Seller expenses paid at closing

418

Working capital adjustment paid to buyer

987

Net proceeds from the sale (2)

$ 84,534

(81)

(4,508)

(2,900)

Accounts receivable, net

7,601

Other current assets

3,463

Property and equipment, net

24,898

Goodwill and other intangible assets

9,094

Right of use assets under operating leases

18,193

Other

572

Disposal Group, Including Discontinued Operation, Assets, Total

63,821

Current assets of discontinued operations held for sale

11,064

Long-term assets of discontinued operations held for sale

52,757

Accounts payable

4,336

Accrued compensation and benefits

3,295

Current portion operating lease obligations

7,458

Other current liabilites and accrued expenses

1,006

Long-term portion of operating lease obligations

10,996

Other long-term liabilities

5,214

Disposal Group, Including Discontinued Operation, Liabilities, Total

32,305

Current liabilities of discontinued operations held for sale

16,095

Long-term liabilities of discontinued operations held for sale

16,210

Logistical services revenue

16,776

55,648

48,191

Cost of logistical services

15,001

53,905

46,910

Other loss, net

(63)

(260)

(54)

Income from operations of logistical services

1,712

1,483

1,227

Gain on disposal

52,534

Pretax income of discontinued operations

54,246

1,483

1,227

Income tax expense

14,261

Income from discontinued operations, net of tax

39,985

Cash provided by operating activities

1,681

4,082

5,536

Cash used in financing activities

(371)

(1,259)

(121)

Net cash provided by (used in) discontinued operations

$ 1,229

$ (1,685)

$ 2,515

[1]	To be held in escrow until the first anniversary of the sale, at which time any amount not distributed or reserved for specified claims will be released to the Company. This amount is included in other current assets in the accompanying condensed consolidated balance sheet at November 26, 2022.

Note 19 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021	Nov. 28, 2020
Sales revenues	$ 485,601	$ 430,886	$ 337,672
Net sales of furniture and accessories	485,601	430,886	337,672
Income (loss) from Operations	34,865	24,257	(17,505)
Asset impairment charges	0	0	(12,184)
Goodwill impairment charge	0	0	(1,971)
Litigation expense	0	0	(1,050)
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	4,595	0	0
Depreciation and amortization	11,309	14,597	13,480
Capital expenditures	21,296	6,242	3,129
Identifiable Assets	406,273	421,660	402,549
Discontinued Operations, Disposed of by Sale [Member]
Identifiable Assets	0	63,821	53,209
Wholesale Segment [Member]
Sales revenues	198,680	183,059	125,728
Net sales of furniture and accessories	198,680	183,059	125,728
Furniture and Accessories [Member]
Sales revenues	485,601	430,886	337,672
Net sales of furniture and accessories	485,601	430,886	337,672
Operating Segments [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Depreciation and amortization	1,266	4,631	3,777
Operating Segments [Member] \| Wholesale Segment [Member]
Sales revenues	324,569	295,329	221,075
Net sales of furniture and accessories	324,569	295,329	221,075
Income (loss) from Operations	9,286	17,490	4,587
Depreciation and amortization	4,293	3,386	3,125
Capital expenditures	10,748	5,943	2,434
Identifiable Assets	215,748	196,910	180,235
Operating Segments [Member] \| Retail Segment [Member]
Sales revenues	286,921	247,827	211,944
Net sales of furniture and accessories	286,921	247,827	211,944
Identifiable Assets	190,525	160,929	169,105
Operating Segments [Member] \| Retail Segments [Member]
Income (loss) from Operations	21,508	7,044	(9,497)
Depreciation and amortization	5,750	6,580	6,578
Capital expenditures	10,548	299	695
Intersegment Eliminations [Member]
Income (loss) from Operations	(524)	(277)	2,610
Intersegment Eliminations [Member] \| Wholesale Segment [Member]
Sales revenues	(125,889)	(112,270)	(95,347)
Net sales of furniture and accessories	$ (125,889)	$ (112,270)	$ (95,347)

Note 20 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 26, 2022

Nov. 27, 2021

Nov. 28, 2020

Bassett Custom Upholstery [Member]

$ 485,601

$ 430,886

$ 337,672

288,320

244,972

184,728

Bassett Leather [Member]

Bassett Custom Wood [Member]

37,660

36,383

22,813

Bassett Casegoods [Member]

65,742

55,010

48,624

Accessories, Mattresses and Other [Member]

55,774

60,036

49,447

Furniture and Accessories [Member]

^[1]

38,105

34,485

32,060

Wholesale Segment [Member]

485,601

430,886

337,672

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

198,680

183,059

125,728

Wholesale Segment [Member] | Bassett Leather [Member]

124,565

105,445

71,840

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

35,953

36,157

20,487

Wholesale Segment [Member] | Bassett Casegoods [Member]

22,534

24,079

19,682

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

15,628

17,378

13,719

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

^[1]

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

198,680

183,059

125,728

Retail Segment [Member] | Bassett Leather [Member]

163,755

139,527

112,888

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

1,707

226

2,326

Retail Segment [Member] | Bassett Casegoods [Member]

43,208

30,931

28,942

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

40,146

42,658

35,728

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

^[1]

38,105

34,485

32,060

$ 286,921

$ 247,827

$ 211,944

[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.

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.