0001437749-24-002203 | 10-K | XBRL Viewer | Bassett Furniture Industries INC

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 2023, 2022 and 2021, excluding intercompany transactions between our segments, is as follows:

	2023								2022								2021
	Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other		Total
Bassett Custom Upholstery	$	89,005	$	134,000	$	-	$	223,005	$	124,565	$	163,755	$	-	$	288,320	$	105,445	$	139,527	$	-	$	244,972
Bassett Leather		26,701		1,951		-		28,652		35,953		1,707		-		37,660		36,157		226		-		36,383
Bassett Custom Wood		17,357		36,732		-		54,089		22,534		43,208		-		65,742		24,079		30,931		-		55,010
Bassett Casegoods		12,329		32,252		-		44,581		15,628		40,146		-		55,774		17,378		42,658		-		60,036
Accessories, mattresses and other (1)		-		31,005		8,804		39,809		-		36,303		1,802		38,105		-		34,485		-		34,485
Consolidated Furniture and Accessories revenue	$	145,392	$	235,940	$	8,804	$	390,136	$	198,680	$	285,119	$	1,802	$	485,601	$	183,059	$	247,827	$	-	$	430,886

(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 Corporate and other 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.

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Note 3 - Business Combinations

12 Months Ended

Nov. 25, 2023

Business Combination Disclosure [Text Block]

3.	Business Combinations

On September 2, 2022, we acquired 100% of the capital stock of 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. Per the terms of the agreement at the acquisition date, the Noa Home co-founders also had the opportunity to receive additional cash payments totaling approximately C$1,330 per year for the three fiscal years following the year of acquisition 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 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 US tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill were 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. As part of our annual test for impairment of goodwill as of the beginning of the fourth quarter of fiscal 2023, all of the goodwill recognized at acquisition was fully impaired. See Note 8 for additional information regarding the impairment.

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.

Subsequent to the acquisition date, the parties concluded that the targets originally set forth by which the Noa Home co-founders were to earn the contingent consideration would likely not be met within the initially anticipated time frame. Therefore, we have agreed to replace the contingent consideration with two fixed payments of C$200 each, the first of which was paid in June of 2023 with the second to be paid in December of 2024. As a result of the write-down of the contingent consideration payable that was recognized at the acquisition date, we recorded a gain of $1,013 during fiscal 2023.

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 7 - Property and Equipment - Summary of Reportable Segment Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 25, 2023	Nov. 26, 2022
Property and equipment, net	$ 83,981	$ 77,001
Wholesale Segment [Member]
Property and equipment, net	23,155	23,205
Retail Segment [Member]
Property and equipment, net	44,799	40,361
Corporate and Other [Member]
Property and equipment, net	$ 16,027	$ 13,435

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Nov. 25, 2023	Jan. 19, 2024	May 27, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Nov. 25, 2023
Document Transition Report	false
Entity File Number	000-00209
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES, INCORPORATED
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-0135270
Entity Address, Address Line One	3525 FAIRYSTONE PARK HIGHWAY
Entity Address, City or Town	BASSETT
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24055
City Area Code	276
Local Phone Number	629-6000
Title of 12(b) Security	Common Stock ($5.00 par value)
Trading Symbol	BSET
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 111,906,463
Entity Common Stock, Shares Outstanding (in shares)		8,811,226
Auditor Name	Ernst & Young LLP
Auditor Location	Richmond, Virginia
Auditor Firm ID	42
Entity Central Index Key	0000010329
Current Fiscal Year End Date	--11-25
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

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. 25, 2023

Nov. 26, 2022

Nov. 27, 2021

Net income (loss) from continuing operations

$ (3,171)

$ 25,360

$ 16,921

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

8,784,759

9,394,873

9,835,829

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)

8,784,759

9,402,980

9,843,774

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

$ (0.36)

$ 2.7

$ 1.72

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

$ (0.36)

$ 2.7

$ 1.72

Net income from discontinued operations

$ 0

$ 39,985

$ 1,121

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

8,784,759

9,394,873

9,835,829

Effect of dilutive securities* (in shares)

^[1]

8,107

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

8,784,759

9,402,980

9,835,829

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

$ 0

$ 4.26

$ 0.11

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

$ 0

$ 4.26

$ 0.11

[1]	Due to the net loss in 2023, the potentially dilutive securities would have been anti-dilutive and are therefore excluded.

Note 15 - Leases and Lease Guarantees (Tables)

12 Months Ended

Nov. 25, 2023

Supplemental Lease Disclosures [Table Text Block]

	November 25, 2023		November 26, 2022
Operating leases:
Right of use assets	$	100,888	$	99,472
Lease liabilties, short-term		18,827		18,819
Lease liabilties, long-term		97,357		97,477

Finance leases:
Right of use assets (1)	$	327	$	623
Lease liabilties, short-term (2)		246		282
Lease liabilties, long-term (3)		99		360

	Operating			Financing

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

For the year ended November 25, 2023:
Cash paid for amounts included in the measurements of lease liabilities		26,854			301
Lease liabilities arising from new right-of-use assets		21,921			-

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	%

As of November 25, 2023:
Weighted average remaining lease terms (years)		5.5			1.4
Weighted average discount rates		5.78	%		4.72	%

Lessee, Supplemental Balance Sheet Information [Table Text Block]

	November 25, 2023		November 26, 2022
Wholesale	$	8,689	$	8,138
Retail		92,190		91,289
Corporate & other		9		45
Total right of use assets	$	100,888	$	99,472

Lease, Cost [Table Text Block]

	2023			2022			2021
Lease cost:
Operating lease cost	$	24,287		$	24,399		$	24,367
Financing lease cost:
Amortization of right-of-use assets		278			279			95
Interest on lease liabilities		22			35			15
Short-term lease cost		401			674			387
Variable lease cost (net of abatements received)		260			447			277
Sublease income		(1,093	)		(1,444	)		(1,292	)
Total lease cost	$	24,155		$	24,390		$	23,849

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

	Operating Leases		Financing Leases

Fiscal 2024	$	25,269	$	256
Fiscal 2025		26,003		94
Fiscal 2026		24,213		5
Fiscal 2027		20,850		2
Fiscal 2028		16,872		-
Thereafter		26,841		-
Total lease payments		140,048		357
Less: interest		23,864		12
Total lease obligations	$	116,184	$	345

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

Fiscal 2024	$	899
Fiscal 2025		899
Fiscal 2026		586
Fiscal 2027		215
Fiscal 2028		-
Thereafter		-
Total minimum future rental income	$	2,599

Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 25, 2023	Nov. 26, 2022
Land	$ 10,866	$ 10,866
Buildings and leasehold improvements	125,290	116,418
Machinery and equipment	106,613	101,153
Property and equipment at cost	242,769	228,437
Less accumulated depreciation	(158,788)	(151,436)
Property and equipment, net	$ 83,981	$ 77,001

Note 15 - Leases and Lease Guarantees - Supplemental Lease Disclosures (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 25, 2023

Nov. 26, 2022

Nov. 27, 2021

Cash paid for amounts included in the measurements of lease liabilities, operating

$ 26,854

$ 26,913

$ 26,842

Right of use assets

100,888

99,472

Cash paid for amounts included in the measurements of lease liabilitiesCash paid for amounts included in the measurements of lease liabilities, financing

301

302

103

Lease liabilities arising from new right-of-use assets, operating

21,921

23,171

15,678

Lease liabilties, short-term

18,827

18,819

Lease liabilities arising from new right-of-use assets, financing

$ 927

Lease liabilties, long-term

$ 97,357

$ 97,477

Weighted average remaining lease terms (years), operating (Year)

5 years 6 months

6 years 2 months 12 days

6 years 3 months 18 days

Weighted average remaining lease terms (years)Weighted average remaining lease terms (years), financing (Year)

1 year 4 months 24 days

2 years 3 months 18 days

3 years 2 months 12 days

Weighted average discount rates, operating

5.78%

5.53%

5.07%

Weighted average discount rates, financing

4.72%

4.68%

4.63%

Property & Equipment, Net [Member]

Right of use assets (1)

^[1]

$ 327

$ 623

Other Current Liabilities and Accrued Expenses [Member]

Lease liabilties, short-term (2)

^[2]

246

282

Other Long-term Liabilities and Accrued Expenses [Member]

Lease liabilties, long-term (3)

^[3]

$ 99

$ 360

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

Note 8 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Nov. 25, 2023 USD ($)
Fiscal 2024	$ 57
Fiscal 2025	57
Fiscal 2026	57
Fiscal 2027	4
Fiscal 2028	0
Total	$ 175

Note 13 - Income Taxes (Tables)

12 Months Ended

Nov. 25, 2023

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

	2023			2022		2021
Current:
Federal	$	(121	)	$	5,659	$	4,507
State		(72	)		2,154		171

Deferred:
Federal		846			484		60
State		30			405		1,098
Total	$	683		$	8,702	$	5,836

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

	2023			2022			2021
Statutory federal income tax rate		21.0	%		21.0	%		21.0	%
State income tax, net of federal benefit		3.8			4.4			4.2
Nondeductible goodwill		(45.7	)		-			0.4
Nontaxable gain on revaluation of contingent consideration		8.6			-			-
Other		3.0			(0.3	)		(0.1	)
Change in valuation allowance		(18.2	)		0.4			-
Effective income tax rate		(27.5	)%		25.5	%		25.5	%

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

	November 25, 2023			November 26, 2022
Deferred income tax assets:
Trade accounts receivable	$	135		$	315
Inventories		3,847			3,782
Post employment benefit obligations		2,426			2,734
Foreign net operating loss carryforwards		1,791			1,339
Operating lease liabilities		29,185			29,423
Other		1,668			1,722
Gross deferred income tax assets		39,052			39,315
Valuation allowance		(1,791	)		(1,339	)
Total deferred income tax assets		37,261			37,976

Deferred income tax liabilities:
Property and equipment		5,894			5,532
Intangible assets		984			726
Operating lease assets		25,239			25,166
Prepaid expenses and other		499			1,024

Total deferred income tax liabilities		32,616			32,448

Net deferred income tax assets	$	4,645		$	5,528

Note 10 - Post-employment Benefit Obligations (Details Textual) $ in Thousands			12 Months Ended
	May 02, 2017 USD ($)	May 01, 2017	Nov. 25, 2023 USD ($)	Nov. 26, 2022 USD ($)	Nov. 27, 2021 USD ($)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax			$ (862)	$ (314)
Postemployment Benefits Liability, Noncurrent			$ 10,207	9,954
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			$ 998	1,108	$ 1,040
Unfunded Deferred Compensation Plan [Member]
Pension Cost (Reversal of Cost)			204	154	204
Postemployment Benefits Liability, Noncurrent			1,655	1,616
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			1,019	853	647
Current Net Death Benefit			15,020
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, Scheduled Distributions, Maximum Number of Years (Year)		5 years
Deferred Compensation Arrangement with Individual, Compensation Expense			46	(16)	$ 338
Current Net Death Benefit			$ 1,504
Percent Of Final Average Compensation Provided By Supplemental Retirement Income Plan			65.00%
Death Benefit Percent Of Final Average Annual Compensation For Period of 120 Months			50.00%
Death Benefit Payment Term (Month)			120 months
Death Benefit Percent Of Final Average Annual Compensation Single Payment			200.00%
Supplemental Employee Retirement Plan [Member] \| Non-current Portion of Post Employment Benefits Liability [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability			$ 2,661	$ 2,070

Note 5 - Accounts Receivable

12 Months Ended

Nov. 25, 2023

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

5. Accounts Receivable

Accounts receivable consists of the following:

		November 25, 2023			November 26, 2022
Gross accounts receivable	$	14,271		$	19,099
Allowance for credit losses		(535	)		(1,261	)
Net accounts receivable	$	13,736		$	17,838

Activity in the allowance for credit losses was as follows:

	2023			2022

Balance, beginning of the year	$	1,261		$	567
Additions (recoveries) charged to expense		219			761
Reductions to allowance, net		(945	)		(67	)
Balance, end of the year	$	535		$	1,261

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 12 - Capital Stock and Stock Compensation (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021	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	$ 109	$ 19	$ 219
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount	$ 10	1	$ (133)
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 867
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)	28,063,000	30,074,000	22,547,000
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	32,899
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount	$ 10	$ 1	$ (133)
Restricted Stock [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	17,100
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)	5,985	1,225	10,850
Restricted Stock [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	15,799
Plan 2021 [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)				500,000
Plan 2010 [Member] \| Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)	32,899
Payment, Tax Withholding, Share-Based Payment Arrangement	$ 109	$ 19	$ 219
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent	85.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	74,397

Note 8 - Goodwill and Other Intangible Assets

12 Months Ended

Nov. 25, 2023

Goodwill and Intangible Assets Disclosure [Text Block]

8. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:

	November 25, 2023
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	512	$	(337	)	$	175


Intangibles not subject to amortization:
Trade names							8,675
Goodwill							7,217

Total goodwill and other intangible assets						$	16,067

	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

We performed the annual test for impairment of the carrying value of our goodwill as of the beginning of the fourth quarter of fiscal 2023. Based on the initial qualitative analysis performed under ASC Topic 350, we concluded that is was not more likely than not that the carrying value of our upholstery reporting unit within our wholesale segment exceeded its fair value. However, due to the actual and expected future underperformance of our Noa Home reporting unit relative to management's original expectations, we performed a strategic review of the operations as of the beginning of the fourth quarter and concluded that Noa should exit the Australian market and focus more on the North American market. Coupled with the financial underperformance and the planned exit of Australia, we performed a quantitative test of the carrying value of the goodwill recognized as part of the 2022 acquisition of Noa Home and concluded that it was necessary to fully impair the carrying value of the Noa Home goodwill, resulting in a non-cash impairment charge of $5,409 in fiscal 2023.

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 comparable transactions occurring within the last two years, 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). The valuation of the Noa Home reporting unit was primarily based on the market approach due to signficant uncertainty in the future cash flows of Noa Home. 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:

					Corporate
	Wholesale		Retail		and Other			Total

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
Foreign currency translation adjustment		-		-		(145	)		(145	)
Full impairment of Noa Home goodwill		-		-		(5,409	)		(5,409	)

Balance as of November 25, 2023	$	7,217	$	-	$	-		$	7,217

Accumulated impairment losses were $9,306, $3,897 and $3,897 at November 25, 2023, November 26, 2022 and November 27, 2021, respectively.

The weighted average useful lives of our finite-lived intangible assets and remaining amortization periods as of November 25, 2023 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 2023, 2022 and 2021 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 25, 2023 is as follows:

Fiscal 2024	$	57
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		4
Fiscal 2028		-

Total	$	175

Note 2 - Significant Accounting Policies

12 Months Ended

Nov. 25, 2023

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 2023, 2022 and 2021 are to Bassett's fiscal year ended November 25, 2023, November 26, 2022 and November 27, 2021, 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.

During the second and third quarters of fiscal 2022, we were the primary beneficiary of one VIE by virtue of our control over the activities that most significantly impacted 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. 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

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 $22,788 and $35,963 as of November 25, 2023 and November 26, 2022, respectively. Substantially all of the customer deposits held at November 26, 2022 related to performance obligations were satisfied during fiscal 2023 and have therefore been recognized in revenue for the year ended November 25, 2023. Estimates for returns and allowances have been recorded as a reduction of revenue based on our historical return patterns. The estimate for returns and allowances was $4,883 and $6,559 at November 25, 2023 and November 26, 2022, respectively, and is included with other accrued liabilities in the accompanying balance sheets. 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 25, 2023 and November 26, 2022, our balance of prepaid commissions included in other current assets was $2,245 and $3,768, 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.

•

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 25, 2023 and November 26, 2022, our aggregate exposure from receivables and guarantees related to customers consisted of the following:

	2023		2022
Accounts receivable, net of allowances (Note 5)	$	13,736	$	17,838
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15)		1,819		1,828
Other		81		43
Total credit risk exposure related to customers	$	15,636	$	19,709

At November 25, 2023 and November 26, 2022, approximately 35% and 31%, respectively, of the aggregate risk exposure, net of reserves, shown above was attributable to five customers. In fiscal 2023, 2022 and 2021, 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 $406, $731, and $488 in fiscal 2023, 2022, and 2021, 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 51% and 46% of total inventory before reserves at November 25, 2023 and November 26, 2022, 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 Noa Home. 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. For the annual test of goodwill performed as of the beginning of the fourth quarter of fiscal 2023, we performed the qualitative assessment as described above with respect to our upholstery reporting unit and concluded that there was no impairment of the goodwill allocated to that reporting unit as of November 25, 2023. For the annual test of the goodwill performed as of the beginning of the fourth quarter of fiscal 2023 with respect to our Noa Home reporting unit, we proceeded to the quantitative test and concluded that the goodwill allocated to that reporting unit as of November 25, 2023 was fully impaired. 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 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 goodwill impairment test performed as of the beginning of the fourth quarter of fiscal 2023.

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 15 years. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet this criteria are included in the lease term at lease commencement.

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

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

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.

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 for additional information regarding our income taxes.

Shipping and Handling Costs

Costs incurred to deliver wholesale merchandise to customers are recorded in selling, general and administrative expense and totaled $26,125, $33,029, and $27,122 for fiscal 2023, 2022 and 2021, respectively. The amounts for fiscal 2022 and 2021 have been revised for comparability with the fiscal 2023 presentation of wholesale shipping and handling costs, which reflects a broader scope of such items. 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 $23,399, $23,812, and $22,494 for fiscal 2023, 2022 and 2021, 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 $19,106, $16,698, and $15,228 in fiscal 2023, 2022, and 2021, 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 2023, 2022 and 2021. Otherwise, there were no material non-cash investing or financing activities during fiscal 2023, 2022 or 2021.

Recent Accounting Pronouncements

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 November 25, 2023 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.

In December 2023, the FASB issued Accounting Standards Update 2023-09 – Income Taxes (Topic ASC 740) Income Taxes. The ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2022-03 will become effective for us as of the beginning of our 2026 fiscal year. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We do not expect that this guidance will have a material impact upon our financial position and results of operations.

Note 15 - Leases and Lease Guarantees

12 Months Ended

Nov. 25, 2023

Lessee, Operating and Finance Leases [Text Block]

15. Leases and Lease Guarantees

Leases

See “Leases” under Note 2 for a discussion of our accounting policies and elections under Topic 842.

Supplemental balance sheet information related to our leases as of November 25, 2023 and November 26, 2022 is as follows:

	November 25, 2023		November 26, 2022
Operating leases:
Right of use assets	$	100,888	$	99,472
Lease liabilties, short-term		18,827		18,819
Lease liabilties, long-term		97,357		97,477

Finance leases:
Right of use assets (1)	$	327	$	623
Lease liabilties, short-term (2)		246		282
Lease liabilties, long-term (3)		99		360

(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 25, 2023 and November 26, 2022 are as follows:

	November 25, 2023		November 26, 2022
Wholesale	$	8,689	$	8,138
Retail		92,190		91,289
Corporate & other		9		45
Total right of use assets	$	100,888	$	99,472

The components of our lease cost for 2023, 2022 and 2021 were as follows:

	2023			2022			2021
Lease cost:
Operating lease cost	$	24,287		$	24,399		$	24,367
Financing lease cost:
Amortization of right-of-use assets		278			279			95
Interest on lease liabilities		22			35			15
Short-term lease cost		401			674			387
Variable lease cost (net of abatements received)		260			447			277
Sublease income		(1,093	)		(1,444	)		(1,292	)
Total lease cost	$	24,155		$	24,390		$	23,849

Supplemental lease disclosures as of November 25, 2023, November 26, 2022 and November 27, 2021 and for the fiscal years then ended are as follows:

	Operating			Financing

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

For the year ended November 25, 2023:
Cash paid for amounts included in the measurements of lease liabilities		26,854			301
Lease liabilities arising from new right-of-use assets		21,921			-

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	%

As of November 25, 2023:
Weighted average remaining lease terms (years)		5.5			1.4
Weighted average discount rates		5.78	%		4.72	%

Future payments under our leases and the present value of the obligations as of November 25, 2023 are as follows:

	Operating Leases		Financing Leases

Fiscal 2024	$	25,269	$	256
Fiscal 2025		26,003		94
Fiscal 2026		24,213		5
Fiscal 2027		20,850		2
Fiscal 2028		16,872		-
Thereafter		26,841		-
Total lease payments		140,048		357
Less: interest		23,864		12
Total lease obligations	$	116,184	$	345

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 2024	$	899
Fiscal 2025		899
Fiscal 2026		586
Fiscal 2027		215
Fiscal 2028		-
Thereafter		-
Total minimum future rental income	$	2,599

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 $1,845 and $1,880 at November 25, 2023 and November 26, 2022, 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 25, 2023 and November 26, 2022, were not material.

Note 15 - Leases and Lease Guarantees - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Operating lease cost	$ 24,287	$ 24,399	$ 24,367
Amortization of right-of-use assets	278	279	95
Interest on lease liabilities	22	35	15
Short-term lease cost	401	674	387
Variable lease cost (net of abatements received)	260	447	277
Sublease income	(1,093)	(1,444)	(1,292)
Total lease cost	$ 24,155	$ 24,390	$ 23,849

Note 5 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022
Balance, beginning of the year	$ 1,261	$ 567
Additions charged to expense	219	761
Reductions to allowance, net	(945)	(67)
Balance, end of the year	$ 535	$ 1,261

Note 11 - Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Nov. 25, 2023

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

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
Actuarial gains		424
Net pension amortization reclassified from accumulated other comprehensive loss		119
Foreign currency translation adjustment		(378	)
Tax effects		(63	)
Balance at November 25, 2023	$	152

Note 8 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Balance	$ 12,771	$ 7,217
Acquisition of Noa Home		5,715
Foreign currency translation adjustments	(145)	(161)
Full impairment of Noa Home goodwill	(5,409)	0	$ 0
Balance	7,217	12,771	7,217
Wholesale Segment [Member]
Balance	7,217	7,217
Acquisition of Noa Home		0
Foreign currency translation adjustments	0	0
Full impairment of Noa Home goodwill	0
Balance	7,217	7,217	7,217
Retail Segment [Member]
Balance	0	0
Acquisition of Noa Home		0
Foreign currency translation adjustments	0	0
Full impairment of Noa Home goodwill	0
Balance	0	0	0
Corporate and Other [Member]
Balance	5,554	0
Acquisition of Noa Home		5,715
Foreign currency translation adjustments	(145)	(161)
Full impairment of Noa Home goodwill	(5,409)
Balance	$ 0	$ 5,554	$ 0

Consolidated net sales of furniture and accessories

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

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Net income (loss)	$ (3,171)	$ 65,345	$ 18,042
Other comprehensive income (loss):
Foreign currency translation adjustments	(378)	(274)	0
Income taxes related to foreign currency translation adjustments	96	70	0
Actuarial adjustment to Long Term Cash Awards (LTCA)	(100)	(303)	(26)
Other comprehensive income (loss), net of tax	102	1,873	(428)
Total comprehensive income (loss)	(3,069)	67,218	17,614
Pension Plan [Member]
Other comprehensive income (loss):
Amortization associated with LTCA	119	132	144
Income taxes related to LTCA	(59)	(107)	(44)
Amortization associated with SERP	119	132	144
Supplemental Employee Retirement Plan [Member]
Other comprehensive income (loss):
Amortization associated with LTCA	0	124	44
Actuarial adjustment to supplemental executive retirement defined benefit plan (SERP)	(324)	(2,200)	788
Amortization associated with SERP	0	124	44
Income taxes related to SERP	$ (100)	$ (575)	$ 190

Note 19 - Segment Information - Segment Information by Segment (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 25, 2023

Nov. 26, 2022

Nov. 27, 2021

$ 390,136

$ 485,601

$ 430,886

Gain on revaluation of contingent consideration

(3,135)

34,865

24,257

1,013

Gain on sale of real estate

(5,409)

4,595

10,141

11,309

14,597

17,489

21,296

10,750

17,489

21,296

10,750

Discontinued Operations, Disposed of by Sale [Member]

370,424

406,273

421,660

1,266

4,631

4,508

4,508

Wholesale Segment [Member]

63,821

Consolidated net sales of furniture and accessories

145,392

198,680

183,059

Consolidated net sales of furniture and accessories

Retail Segment [Member]

235,940

285,119

247,827

Corporate and Other [Member]

Consolidated net sales of furniture and accessories

8,804

^[1]

1,802

^[1]

(29,926)

(30,997)

(24,829)

(5,409)

2,184

1,883

1,274

5,317

5,238

1,766

5,317

5,238

1,766

Operating Segments [Member]

104,816

118,618

78,972

Operating Segments [Member] | Wholesale Segment [Member]

10,141

11,309

14,597

Consolidated net sales of furniture and accessories

248,911

324,569

295,329

30,699

41,979

43,946

2,455

2,410

2,112

2,295

5,509

4,177

2,295

5,509

4,177

Operating Segments [Member] | Retail Segment [Member]

99,004

125,433

123,469

Consolidated net sales of furniture and accessories

235,940

285,119

247,827

3,924

6,580

299

299

Operating Segments [Member] | Corporate and Other [Member]

166,604

162,222

155,398

Consolidated net sales of furniture and accessories

8,804

1,802

Operating Segments [Member] | Retail Segments [Member]

(536)

19,352

5,502

5,750

9,877

10,549

Intersegment Eliminations [Member]

9,877

10,549

Intersegment Eliminations [Member] | Wholesale Segment [Member]

1,024

(64)

1,216

Consolidated net sales of furniture and accessories

$ (103,519)

$ (125,889)

$ (112,270)

[1]	Beginning with the fourth quarter of fiscal 2022, our Corporate and other segment includes the sales of Noa Home, which was acquired on September 2, 2022 (see Note 3).

Note 2 - Significant Accounting Policies (Tables)

12 Months Ended

Nov. 25, 2023

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

	2023		2022
Accounts receivable, net of allowances (Note 5)	$	13,736	$	17,838
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15)		1,819		1,828
Other		81		43
Total credit risk exposure related to customers	$	15,636	$	19,709

Note 12 - Capital Stock and Stock Compensation (Tables)

12 Months Ended

Nov. 25, 2023

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

	2023		2022		2021

Stock based compensation expense	$	849	$	538	$	158

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

	2023		2022		2021

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

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested restricted shares outstanding at November 26, 2022		67,099		$	16.27
Granted		66,113			17.77
Vested		(32,899	)		16.73
Forfeited		(8,000	)		16.86
Non-vested restricted shares outstanding at November 25, 2023		92,313		$	17.13

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		31,000	$	15.82		1.1
January 11, 2023		46,200		17.55		2.1
March 8, 2023		15,113		18.53		0.3
		92,313

Note 18 - Discontinued Operations (Details Textual) - Discontinued Operations, Disposed of by Sale [Member] - Zenith Freight Lines [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Nov. 26, 2022	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
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	$ 289
Logistical Services [Member] \| Subsidiaries [Member]
Related Party Transaction, Amounts of Transaction			9,121	$ 31,329
Disposal Group, Including Discontinued Operation, Operating Expense		$ 26,125	27,604
Other Current Liabilities and Accrued Expenses [Member]
Disposal Group, Including Discontinued Operation, Reserve for Pre-disposal Workers'' Compensation	$ 639	$ 358	$ 639

Note 12 - Capital Stock and Stock Compensation - Changes in Non-vested Options (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022
Restricted shares outstanding (in shares)	92,313	67,099
Granted, grant date fair value (in dollars per share)	$ 17.77
January 12, 2022 [Member]
Restricted shares outstanding (in shares)	31,000
Granted, grant date fair value (in dollars per share)	$ 15.82
Remaining restriction period (Year)	1 year 1 month 6 days
January 11 2023 [Member]
Restricted shares outstanding (in shares)	46,200
Granted, grant date fair value (in dollars per share)	$ 17.55
Remaining restriction period (Year)	2 years 1 month 6 days
March 8 2023 [Member]
Restricted shares outstanding (in shares)	15,113
Granted, grant date fair value (in dollars per share)	$ 18.53
Remaining restriction period (Year)	3 months 18 days

Note 1 - Description of Business (Details Textual)	Nov. 25, 2023
Number of Stores	87
Percent Of Wholesale Products Sourced From Other Countries	23.00%
Number Of Domestic Manufacturing Facilities	5
Company-owned Retail Stores [Member]
Number of Stores	56
Licensee Operated Retail Stores [Member]
Number of Stores	31

Note 11 - Accumulated Other Comprehensive Income (Loss) - Activity in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Balance	$ 195,609	$ 162,732	$ 158,030
Foreign currency translation adjustment	(378)	(274)	0
Balance	183,441	195,609	162,732
AOCI Attributable to Parent [Member]
Balance	50	(1,823)	(1,394)
Actuarial losses	424	2,503
Net pension amortization reclassified from accumulated other comprehensive loss	119	256
Foreign currency translation adjustment	(378)	(272)
Tax effects	(63)	(614)
Balance	$ 152	$ 50	$ (1,823)

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Nov. 26, 2022	Nov. 27, 2021
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.6	$ 0.53
Special Dividend, Per Share, Declared (in dollars per share)	$ 1.5	$ 0.25

Note 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Nov. 25, 2023	Nov. 26, 2022
Gross accounts receivable	$ 14,271	$ 19,099
Allowance for doubtful accounts	(535)	(1,261)
Accounts receivable, net	$ 13,736	$ 17,838

Note 10 - Post-employment Benefit Obligations

12 Months Ended

Nov. 25, 2023

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 $46, $(16) and $338 for fiscal 2023, 2022 and 2021, respectively. Our liability for Company contributions and participant deferrals at November 25, 2023 and November 26, 2022 was $2,661 and $2,070, 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 2023, 2022 and 2021, we invested $1,019, $853 and $647 in life insurance policies covering all participants in the Plan. At November 25, 2023, these policies have a net death benefit of $15,020 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 $1,504 at November 25, 2023 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:

`	2023			2022
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	7,262		$	10,740
Service cost		27			36
Interest cost		370			231
Actuarial (gains) and losses		(424	)		(2,503	)
Benefits paid		(256	)		(1,242	)
Projected benefit obligation at end of year	$	6,979		$	7,262

Accumulated Benefit Obligation	$	6,979		$	7,262

Discount rate used to value the ending benefit obligations:		5.92	%		5.38	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	719		$	698
Noncurrent liabilities		6,260			6,564
Total amounts recognized	$	6,979		$	7,262
Amounts recognized in accumulated other comprehensive income:
Prior service cost	$	103		$	229
Actuarial (gain) loss		(965	)		(543	)
Net amount recognized	$	(862	)	$	(314	)

Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	(27	)	$	(2,236	)

	2023			2022			2021

Components of Net Periodic Pension Cost:
Service cost	$	27		$	36		$	121
Interest cost		370			231			196
Amortization of prior service cost		125			126			126
Amortization of other loss		-			133			59

Net periodic pension cost	$	522		$	526		$	502


Assumptions used to determine net periodic pension cost:
Discount rate		5.38	%		2.25	%		2.00	%
Increase in future compensation levels		3.00	%		3.00	%		3.00	%

Estimated Future Benefit Payments (with mortality):
Fiscal 2024	$	759
Fiscal 2025		722
Fiscal 2026		765
Fiscal 2027		769
Fiscal 2028		733
Fiscal 2029 through 2033		3,078

Of the $862 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 2024 are as follows:

Prior service cost	$	103
Other loss		(64	)

Total expected to be amortized to net periodic pension cost in 2024	$	39

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

Deferred Compensation Plan

We have an unfunded Deferred Compensation Plan that covers one current and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or benefits permitted. We recognized expense of $204, $154, and $204 in fiscal 2023, 2022, and 2021, respectively, associated with the plan. Our liability under this plan was $1,655 and $1,616 as of November 25, 2023 and November 26, 2022, 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. Expense for employer matching contributions was $998, $1,108 and $1,040 during fiscal 2023, 2022 and 2021, respectively.

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Net sales of furniture and accessories	$ 390,136	$ 485,601	$ 430,886
Cost of furniture and accessories sold	183,648	237,262	209,799
Gross profit	206,488	248,339	221,087
Selling, general and administrative expenses	205,227	218,069	196,830
Goodwill impairment charge	5,409	0	0
Gain on revaluation of contingent consideration	1,013	0	0
Gain on sale of real estate	0	4,595	0
Income (loss) from continuing operations	(3,135)	34,865	24,257
Interest income	2,528	302	48
Interest expense	22	38	33
Other loss, net	(1,859)	(1,067)	(1,515)
Income (loss) from continuing operations before income taxes	(2,488)	34,062	22,757
Income tax expense	683	8,702	5,836
Income (loss) from continuing operations	(3,171)	25,360	16,921
Discontinued operations:
Income from operations of logistical services	0	1,712	1,483
Gain on disposal	0	52,534	0
Income tax expense	0	14,261	362
Income from discontinued operations	0	39,985	1,121
Net income (loss)	$ (3,171)	$ 65,345	$ 18,042
Basic earnings (loss) per share:
Income (loss) from continuing operations (in dollars per share)	$ (0.36)	$ 2.7	$ 1.72
Income from discontinued operations (in dollars per share)	0	4.26	0.11
Basic earnings (loss) per share (in dollars per share)	(0.36)	6.96	1.83
Diluted earnings (loss) per share:
Income (loss) from continuing operations (in dollars per share)	(0.36)	2.7	1.72
Income from discontinued operations (in dollars per share)	0	4.26	0.11
Diluted earnings (loss) per share (in dollars per share)	(0.36)	6.96	1.83
Dividends per share
Regular dividends (in dollars per share)	0.68	0.6	0.53
Special dividend (in dollars per share)	$ 0	$ 1.5	$ 0.25

Note 6 - Inventories (Tables)

12 Months Ended

Nov. 25, 2023

Schedule of Inventory, Current [Table Text Block]

	November 25, 2023			November 26, 2022
Wholesale finished goods	$	27,521		$	46,607
Work in process		637			620
Raw materials and supplies		18,655			22,859
Retail merchandise		33,090			32,974
Total inventories on first-in, first-out method		79,903			103,060
LIFO adjustment		(11,738	)		(12,416	)
Reserve for excess and obsolete inventory		(5,183	)		(5,167	)
	$	62,982		$	85,477

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

	Wholesale Segment			Retail Segment			Total
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
Additions charged to expense		3,876			750			4,626
Write-offs		(3,834	)		(776	)		(4,610	)
Balance at November 25, 2023	$	4,145		$	1,038		$	5,183

Note 6 - Inventories

12 Months Ended

Nov. 25, 2023

Inventory Disclosure [Text Block]

6. Inventories

Inventories consist of the following:

	November 25, 2023			November 26, 2022
Wholesale finished goods	$	27,521		$	46,607
Work in process		637			620
Raw materials and supplies		18,655			22,859
Retail merchandise		33,090			32,974
Total inventories on first-in, first-out method		79,903			103,060
LIFO adjustment		(11,738	)		(12,416	)
Reserve for excess and obsolete inventory		(5,183	)		(5,167	)
	$	62,982		$	85,477

We source a significant amount of our wholesale product from other countries. During 2023, 2022 and 2021, purchases from our three largest vendors located in Vietnam and China were $13,498, $33,253 and $34,658 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 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
Additions charged to expense		3,876			750			4,626
Write-offs		(3,834	)		(776	)		(4,610	)
Balance at November 25, 2023	$	4,145		$	1,038		$	5,183

Note 9 - Bank Credit Facility

12 Months Ended

Nov. 25, 2023

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 25, 2023, we had $3,731 outstanding under standby letters of credit against our line, leaving availability under our credit line of $21,269. 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.

Due to our results of operations in 2023, we were not in compliance with certain of these covenants at the end of the year. Consequently, our bank agreed to reduce the consolidated fixed charge coverage ratio to 1.0 times and increase the consolidated lease-adjusted leverage ratio to 3.75 times, as defined, for the year ended November 25, 2023 and the quarter ended March 2, 2024. We were in compliance with the amended covenants at November 25, 2023 and expect to be in compliance at March 2, 2024. The respective ratios revert back to the previous values for the quarter ended June 1, 2024. We are in negotiations with our bank and plan to have an amended, restated or new agreement with a similar line of credit in place by the end of the second quarter of 2024.

Total interest paid during fiscal 2023, 2022 and 2021 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Schedule II - Analysis of Valuation and Qualifying Accounts

12 Months Ended

Nov. 25, 2023

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 25, 2023, November 26, 2022 and November 27, 2021

(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 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

For the Year Ended November 25, 2023:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,261	$	219		$	(945	)	$	-	$	535

Income tax valuation allowance	$	1,339	$	452		$	-		$	-	$	1,791

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

Note 13 - Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Federal	$ (121)	$ 5,659	$ 4,507
State	(72)	2,154	171
Federal	846	484	60
State	30	405	1,098
Total	$ 683	$ 8,702	$ 5,836

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

+ References + Details

Note 17 - Earnings (Loss) Per Share

12 Months Ended

Nov. 25, 2023

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:

	2023			2022		2021
Earnings (loss) per share - continuing operations:
Numerator:
Net income (loss) from continuing operations	$	(3,171	)	$	25,360	$	16,921

Denominator:
Denominator for basic income per share - weighted average shares		8,784,759			9,394,873		9,835,829
Effect of dilutive securities*		-			8,107		7,945
Denominator for diluted income per share — weighted average shares and assumed conversions		8,784,759			9,402,980		9,843,774

Basic income (loss) per share - continuing operations:	$	(0.36	)	$	2.70	$	1.72

Diluted income (loss) per share - continuing operations	$	(0.36	)	$	2.70	$	1.72

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

Denominator:
Denominator for basic income per share - weighted average shares		8,784,759			9,394,873		9,835,829
Effect of dilutive securities*		-			8,107		-
Denominator for diluted income per share — weighted average shares and assumed conversions		8,784,759			9,402,980		9,835,829

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

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

*Due to the net loss in 2023, the potentially dilutive securities would have been anti-dilutive and are therefore excluded.

For fiscal 2023, 2022 and 2021, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:

		2023				2022				2021
Unvested restricted shares			92,313				-				-

Note 15 - Leases and Lease Guarantees - Lease Maturities (Details) $ in Thousands	Nov. 25, 2023 USD ($)
Fiscal 2024, operating lease	$ 25,269
Fiscal 2024, finance lease	256
Fiscal 2025, operating lease	26,003
Fiscal 2025, finance lease	94
Fiscal 2026, operating lease	24,213
Fiscal 2026, finance lease	5
Fiscal 2027, operating lease	20,850
Fiscal 2027, finance lease	2
Fiscal 2028, operating lease	16,872
Fiscal 2028, finance lease	0
Thereafter, operating lease	26,841
Thereafter, finance lease	0
Total lease payments, operating lease	140,048
Total lease payments, finance lease	357
Less: interest, operating lease	23,864
Finance Lease, Liability, Undiscounted Excess Amount	12
Total operating lease obligations	116,184
Other Accrued Liabilities [Member]
Total lease obligations	$ 345

Note 3 - Business Combinations - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands, $ in Millions	Sep. 02, 2022 USD ($)	Sep. 02, 2022 CAD ($)	Nov. 25, 2023 USD ($)	Nov. 26, 2022 USD ($)
Goodwill			$ 7,217	$ 12,772
Noa Home Inc. [Member]
Payments to Acquire Businesses, Gross	$ 5,878	$ 2.0
Fair value of contingent consideration payable	1,375
Business Combination, Consideration Transferred, Total	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 17 - Earnings (Loss) Per Share (Tables)

12 Months Ended

Nov. 25, 2023

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

	2023			2022		2021
Earnings (loss) per share - continuing operations:
Numerator:
Net income (loss) from continuing operations	$	(3,171	)	$	25,360	$	16,921

Denominator:
Denominator for basic income per share - weighted average shares		8,784,759			9,394,873		9,835,829
Effect of dilutive securities*		-			8,107		7,945
Denominator for diluted income per share — weighted average shares and assumed conversions		8,784,759			9,402,980		9,843,774

Basic income (loss) per share - continuing operations:	$	(0.36	)	$	2.70	$	1.72

Diluted income (loss) per share - continuing operations	$	(0.36	)	$	2.70	$	1.72

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

Denominator:
Denominator for basic income per share - weighted average shares		8,784,759			9,394,873		9,835,829
Effect of dilutive securities*		-			8,107		-
Denominator for diluted income per share — weighted average shares and assumed conversions		8,784,759			9,402,980		9,835,829

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

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

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

		2023				2022				2021
Unvested restricted shares			92,313				-				-

Note 8 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Nov. 25, 2023

Schedule of Intangible Assets and Goodwill [Table Text Block]

	November 25, 2023
	Gross Carrying Amount		Accumulated Amortization			Intangible Assets, Net
Intangibles subject to amortization:
Customer relationships	$	512	$	(337	)	$	175


Intangibles not subject to amortization:
Trade names							8,675
Goodwill							7,217

Total goodwill and other intangible assets						$	16,067

	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]

					Corporate
	Wholesale		Retail		and Other			Total

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
Foreign currency translation adjustment		-		-		(145	)		(145	)
Full impairment of Noa Home goodwill		-		-		(5,409	)		(5,409	)

Balance as of November 25, 2023	$	7,217	$	-	$	-		$	7,217

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 2024	$	57
Fiscal 2025		57
Fiscal 2026		57
Fiscal 2027		4
Fiscal 2028		-

Total	$	175

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Note 20 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 25, 2023

Nov. 26, 2022

Nov. 27, 2021

Wholesale Segment [Member]

$ 390,136

$ 485,601

$ 430,886

145,392

198,680

183,059

Retail Segment [Member]

Corporate and Other [Member]

235,940

285,119

247,827

Bassett Custom Upholstery [Member]

8,804

^[1]

1,802

^[1]

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

223,005

288,320

244,972

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

89,005

124,565

105,445

Bassett Custom Upholstery [Member] | Corporate and Other [Member]

134,000

163,755

139,527

^[1]

Bassett Leather [Member]

Bassett Leather [Member] | Wholesale Segment [Member]

28,652

37,660

36,383

Bassett Leather [Member] | Retail Segment [Member]

26,701

35,953

36,157

Bassett Leather [Member] | Corporate and Other [Member]

1,951

1,707

226

Bassett Custom Wood [Member]

^[1]

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

54,089

65,742

55,010

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

17,357

22,534

24,079

Bassett Custom Wood [Member] | Corporate and Other [Member]

36,732

43,208

30,931

Bassett Casegoods [Member]

^[1]

Bassett Casegoods [Member] | Wholesale Segment [Member]

44,581

55,774

60,036

Bassett Casegoods [Member] | Retail Segment [Member]

12,329

15,628

17,378

Bassett Casegoods [Member] | Corporate and Other [Member]

32,252

40,146

42,658

Accessories, Mattresses and Other [Member]

^[1]

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

^[1],[2]

39,809

38,105

34,485

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

^[1],[2]

Accessories, Mattresses and Other [Member] | Corporate and Other [Member]

^[1],[2]

31,005

36,303

34,485

^[1],[2]

$ 8,804

$ 1,802

$ 0

[1]	Beginning with the fourth quarter of fiscal 2022, our Corporate and other segment includes the sales of Noa Home, which was acquired on September 2, 2022 (see Note 3).
[2]	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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Note 3 - Business Combinations (Details Textual) $ in Thousands, $ in Thousands			12 Months Ended
	Sep. 02, 2022 USD ($)	Sep. 02, 2022 CAD ($)	Nov. 25, 2023 USD ($)	Nov. 26, 2022 USD ($)	Nov. 27, 2021 USD ($)	Dec. 31, 2024 CAD ($)	Jun. 30, 2023 CAD ($)
Gain on revaluation of contingent consideration			$ 1,013	$ 0	$ 0
Noa Home Inc. [Member]
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 Combination, Contingent Consideration, Liability							$ 200
Gain on revaluation of contingent consideration			$ 1,013
Business Combination, Acquisition Related Costs				$ 87
Noa Home Inc. [Member] \| Forecast [Member]
Business Combination, Contingent Consideration, Liability						$ 200
Noa Home Inc. [Member] \| Trade Names [Member]
Intangible asset - trade name	$ 1,929

Note 18 - Discontinued Operations

12 Months Ended

Nov. 25, 2023

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	$	84,534

(1)

This was held in escrow until the first anniversary of the sale, at which time the full amount was released to the Company on March 2, 2023. This amount was included in other current assets in the accompanying condensed consolidated balance sheet at 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.

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 totaled $358 and $639 at November 25, 2023 and November 26, 2022, respectively, 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 2023, 2022 and 2021:

	2023		2022			2021
Major line items constituting pretax income of discontinued operations:
Logistical services revenue	$	-	$	16,776		$	55,648
Cost of logistical services		-		15,001			53,905
Other loss, net		-		(63	)		(260	)

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

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

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 for all of 2021. 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 $26,125 and $27,604 of expense during 2023 and 2022, respectively, for the performance of logistical services.

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 and $289 for 2022 and 2021, respectively.

The following table summarizes the cash flows generated by discontinued operations during 2023, 2022 and 2021:

	2023 (1)		2022 (1)			2021
Cash provided by operating activities	$	-	$	1,681		$	4,082
Cash used in investing activities		-		(81	)		(4,508	)
Cash used in financing activities		-		(371	)		(1,259	)

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

(1)

Excludes net proceeds from the sale of Zenith.

Note 13 - Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate (Details)	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Statutory federal income tax rate	21.00%	21.00%	21.00%
State income tax, net of federal benefit	3.80%	4.40%	4.20%
Impairment of non-deductible goodwill	(45.70%)	0.00%	0.40%
Nontaxable gain on revaluation of contingent consideration	8.60%	0.00%	0.00%
Other	3.00%	(0.30%)	(0.10%)
Change in valuation allowance	(18.20%)	0.40%	0.00%
Effective income tax rate	(27.50%)	25.50%	25.50%

Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021	Sep. 02, 2022
Contract with Customer, Liability	$ 22,788	$ 35,963
Percent Of Aggregate Risk Exposure Net Of Reserves Attributable To Major Customers	35.00%	31.00%
Percentage of LIFO Inventory	51.00%	46.00%
Advertising Expense	$ 19,106	$ 16,698	$ 15,228
Deliver Wholesale Merchandise to Customers [Member]
Selling, General and Administrative Expense, Delivery Costs	26,125	33,029	27,122
Deliver Retail Merchandise to Customers [Member]
Selling, General and Administrative Expense, Delivery Costs	23,399	23,812	22,494
Non-US [Member]
Revenues	406	731	$ 488
Other Accrued Liabilities [Member]
Revenue from Contract with Customer, Sales Returns, Reserve for Sales Return	4,883	6,559
Other Current Assets [Member] \| Sales Commissions [Member]
Capitalized Contract Cost, Net	$ 2,245	$ 3,768
Minimum [Member]
Payment Terms For Wholesale Customers	30 days
Minimum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Minimum [Member] \| Real Estate Lease [Member]
Lessee, Operating Lease, Term of Contract (Year)	1 year
Lessee, Operating Lease, Renewal Term (Year)	5 years
Maximum [Member]
Payment Terms For Wholesale Customers	60 days
Maximum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	39 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Maximum [Member] \| Real Estate Lease [Member]
Lessee, Operating Lease, Term of Contract (Year)	15 years
Lessee, Operating Lease, Renewal Term (Year)	15 years
Noa Home Inc. [Member]
Business Acquisition, Percentage of Voting Interests Acquired				100.00%

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount	$ 10	$ 1	$ (133)
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	1,791
Income Taxes Paid, Net	$ 263	$ 20,176	$ 3,092
Open Tax Year	2020 2021 2022 2023
Foreign Tax Authority [Member]
Operating Loss Carryforwards	$ 7,511

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Nov. 25, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 9B. OTHER INFORMATION None.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 8 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 25, 2023	Nov. 26, 2022
Intangibles subject to amortization, Intangible Assets, Net	$ 175
Trade names	8,675	$ 8,723
Goodwill	7,217	12,772
Total goodwill and other intangible assets	16,067	21,727
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	512	512
Intangibles subject to amortization, Accumulated Amortization	(337)	(280)
Intangibles subject to amortization, Intangible Assets, Net	$ 175	$ 232

Note 15 - Leases and Lease Guarantees - Right of Use Assets (Details) - USD ($) $ in Thousands	Nov. 25, 2023	Nov. 26, 2022
Right of use assets under operating leases	$ 100,888	$ 99,472
Wholesale Segment [Member]
Right of use assets under operating leases	8,689	8,138
Retail Segment [Member]
Right of use assets under operating leases	92,190	91,289
Corporate and Other [Member]
Right of use assets under operating leases	$ 9	$ 45

Note 15 - Leases and Lease Guarantees (Details Textual) - USD ($) $ in Thousands	Nov. 25, 2023	Nov. 26, 2022
Loss Contingency, Estimate of Possible Loss	$ 1,819	$ 1,828
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 1,845	$ 1,880

Note 15 - Leases and Lease Guarantees - Minimum Future Rental Income (Details) $ in Thousands	Nov. 25, 2023 USD ($)
Fiscal 2024	$ 899
Fiscal 2025	899
Fiscal 2026	586
Fiscal 2027	215
Fiscal 2028	0
Thereafter	0
Total minimum future rental income	$ 2,599

Note 3 - Business Combinations (Tables)

12 Months Ended

Nov. 25, 2023

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 19 - Segment Information

12 Months Ended

Nov. 25, 2023

Segment Reporting Disclosure [Text Block]

19. Segment Information

As of the beginning of fiscal 2023 we have strategically aligned our business into three reportable segments as defined in ASC 280, Segment Reporting, and as described below:

●

Wholesale. The wholesale home furnishings segment is involved principally in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (Company-owned and licensee-owned retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations, which includes Lane Venture.

●

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.

●

Corporate and other – Corporate and other includes the shared costs of corporate functions such as treasury and finance, information technology, accounting, human resources, legal and others, including certain product development and marketing functions benefitting both wholesale and retail operations. In addition to property and equipment and various other assets associated with the shared corporate functions, the identifiable assets of Corporate and other include substantially all of our cash and our investments in CDs. We consider our corporate functions to be other business activities and have aggregated them with our other insignificant operating segment, the recently acquired Noa Home (see Note 3).

Inter-company net 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.

Prior to the beginning of fiscal 2023, the functions included in Corporate and other were included in our wholesale reportable segment, and Noa Home was included in our retail reportable segment for the fourth quarter of fiscal 2022 following its acquisition on September 2, 2022. We believe that the new alignment of our reporting segments provides our chief operating decision maker with clearer information with which to assess the operating results of our wholesale segment. Noa Home does not meet the requirements to be a separate reportable segment as it is below the thresholds of the revenue, income and asset tests. The segment information presented below for fiscal 2022 and 2021 has been restated to reflect the new alignment of our reportable segments.

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 operations (see Note 18).

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

	2023			2022			2021
Sales Revenue
Wholesale sales of furniture and accessories	$	248,911		$	324,569		$	295,329
Less: Sales to retail segment		(103,519	)		(125,889	)		(112,270	)
Wholesale sales to external customers		145,392			198,680			183,059
Retail sales of furniture and accessories		235,940			285,119			247,827
Corporate & Other		8,804			1,802			-
Consolidated net sales of furniture and accessories	$	390,136		$	485,601		$	430,886


Income (loss) from Continuing Operations
Wholesale	$	30,699		$	41,979		$	43,946
Retail		(536	)		19,352			3,924
Net expenses - Corporate and other		(29,926	)		(30,997	)		(24,829	)
Inter-company elimination		1,024			(64	)		1,216
Gain on revaluation of contingent consideration		1,013			-			-
Goodwill impairment charge		(5,409	)		-			-
Gain on sale of real estate		-			4,595			-
Consolidated income (loss) from continuing operations	$	(3,135	)	$	34,865		$	24,257

Depreciation and Amortization
Wholesale	$	2,455		$	2,410		$	2,112
Retail		5,502			5,750			6,580
Corporate and other		2,184			1,883			1,274
Discontinued operations		-			1,266			4,631
Consolidated	$	10,141		$	11,309		$	14,597

Capital Expenditures
Wholesale	$	2,295		$	5,509		$	4,177
Retail		9,877			10,549			299
Corporate and other		5,317			5,238			1,766
Discontinued operations		-			-			4,508
Consolidated	$	17,489		$	21,296		$	10,750

Identifiable Assets
Wholesale	$	99,004		$	125,433		$	123,469
Retail		166,604			162,222			155,398
Corporate and Other		104,816			118,618			78,972
Discontinued operations		-			-			63,821
Consolidated	$	370,424		$	406,273		$	421,660

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Note 14 - Other Gains and Losses

12 Months Ended

Nov. 25, 2023

Other Gains and Losses [Text Block]

14. Other Gains and Losses

Goodwill Impairment Charge

See Note 8 regarding the $5,409 non-cash charge to impair goodwill associated with Noa Home.

Gain on Revaluation of Contingent Consideration

See Note 3 regarding a $1,013 gain resulting from the revaluation of contingent consideration owed to the former owners of Noa Home.

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 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

Other loss, net for the fiscal 2022 includes a gain of $1,441 arising from death benefits from Company-owned life insurance.

Note 13 - Income Taxes - Income Tax Effects of Temporary Differences and Carryforwards (Details) - USD ($) $ in Thousands	Nov. 25, 2023	Nov. 26, 2022
Trade accounts receivable	$ 135	$ 315
Inventories	3,847	3,782
Post employment benefit obligations	2,426	2,734
Foreign net operating loss carryforwards	1,791	1,339
Operating lease liabilities	29,185	29,423
Other	1,668	1,722
Gross deferred income tax assets	39,052	39,315
Valuation allowance	(1,791)	(1,339)
Total deferred income tax assets	37,261	37,976
Property and equipment	5,894	5,532
Intangible assets	984	726
Operating lease assets	25,239	25,166
Prepaid expenses and other	499	1,024
Total deferred income tax liabilities	32,616	32,448
Net deferred income tax assets	$ 4,645	$ 5,528

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

12 Months Ended

Feb. 28, 2022

Nov. 25, 2023

Nov. 26, 2022

Nov. 27, 2021

Net proceeds from the sale

$ 1,000

$ 84,534

$ 0

Gain on disposal

52,534

Pretax income of discontinued operations

1,712

1,483

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

Disposal Group, Including Discontinued Operation, Consideration

$ 86,939

Cash provided by operating activities

^[1]

1,681

^[1]

4,082

Logistical services revenue

16,776

55,648

representations and warranties (1)

^[2]

1,000

Seller expenses paid at closing

418

Net proceeds from the sale

84,534

^[1]

(81)

^[1]

(4,508)

Working capital adjustment paid to buyer

$ 987

Cost of logistical services

15,001

53,905

Cash used in financing activities

^[1]

(371)

^[1]

(1,259)

Other loss, net

(63)

(260)

Net cash provided by discontinued operations

^[1]

1,229

^[1]

(1,685)

Income from operations of logistical services

1,712

1,483

Gain on disposal

52,534

Pretax income of discontinued operations

54,246

1,483

Income tax expense

14,261

362

Income from discontinued operations, net of tax

$ 0

$ 39,985

$ 1,121

[1]	Excludes net proceeds from the sale of Zenith.
[2]	This was held in escrow until the first anniversary of the sale, at which time the full amount was released to the Company on March 2, 2023. This amount was included in other current assets in the accompanying condensed consolidated balance sheet at November 26, 2022.

Note 14 - Other Gains and Losses (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Aug. 27, 2022	May 28, 2022	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Non-cash goodwill impairment charge			$ 5,409	$ 0	$ 0
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			(1,013)	(0)	(0)
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property			$ 0	4,595	$ 0
Gain (Loss) from Company Owned Life Insurance				1,441
Houston, Texas [Member]
Sale of Real Estate, Expected Taxable Gain (Loss)	$ 4,300
Tampa Florida [Member]
Payments to Acquire Real Estate		$ 7,668
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

Note 16 - Contingencies

12 Months Ended

Nov. 25, 2023

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.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Operating activities:
Net income (loss)	$ (3,171)	$ 65,345	$ 18,042
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	10,141	11,309	14,597
Gain on disposal of discontinued operations	0	(52,534)	0
Non-cash goodwill impairment charge	5,409	0	0
Gain on revaluation of contingent consideration	(1,013)	(0)	(0)
Net loss (gain) on disposals of property and equipment	5	(4,595)	(367)
Inventory valuation charges	4,626	3,648	2,969
Deferred income taxes	831	(2,339)	1,545
Other, net	2,031	(302)	728
Changes in operating assets and liabilities:
Accounts receivable	4,102	3,169	(5,828)
Inventories	17,869	(9,536)	(26,087)
Other current and long-term assets	1,773	5,944	(2,241)
Right of use assets under operating leases	18,680	20,531	26,243
Customer deposits	(13,175)	(16,588)	11,730
Accounts payable and accrued liabilities	(9,188)	(4,073)	2,153
Obligations under operating leases	(20,196)	(22,949)	(28,921)
Net cash provided by (used in) operating activities	18,724	(2,970)	14,563
Investing activities:
Purchases of property and equipment	(17,489)	(21,296)	(10,750)
Proceeds from sales of property and equipment	500	8,226	382
Cash paid for business acquisitions, net of cash acquired	0	(5,582)	0
Proceeds from the disposition of discontinued operations	1,000	84,534	0
Other	(1,774)	(40)	(1,203)
Net cash provided by (used in) investing activities	(17,763)	65,842	(11,571)
Financing activities:
Cash dividends	(5,982)	(20,162)	(7,689)
Proceeds from exercise of stock options	0	0	42
Issuance of common stock	318	424	363
Repurchases of common stock	(4,176)	(15,122)	(5,566)
Taxes paid related to net share settlement of equity awards	(109)	(19)	(219)
Repayment of finance lease obligations	(278)	(684)	(1,348)
Net cash used in financing activities	(10,227)	(35,563)	(14,417)
Effect of exchenge rate changes on cash and cash equivalents	48	(58)	0
Change in cash and cash equivalents	(9,218)	27,251	(11,425)
Cash and cash equivalents - beginning of year	61,625	34,374	45,799
Cash and cash equivalents - end of year	$ 52,407	$ 61,625	$ 34,374

Note 10 - Post-employment Benefit Obligations - Plan Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Projected benefit obligation at beginning of year	$ 7,262	$ 10,740
Service cost	27	36	$ 121
Interest cost	370	231	196
Actuarial (gains) and losses	(424)	(2,503)
Benefits paid	(256)	(1,242)
Projected benefit obligation at end of year	6,979	7,262	$ 10,740
Accumulated Benefit Obligation	$ 6,979	$ 7,262
Discount rate used to value the ending benefit obligations:	5.92%	5.38%
Current liabilities	$ 719	$ 698
Noncurrent liabilities	6,260	6,564
Total amounts recognized	6,979	7,262
Prior service cost	103	229
Actuarial (gain) loss	(965)	(543)
Net amount recognized	(862)	(314)
Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$ (27)	$ (2,236)

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Nov. 25, 2023	Nov. 26, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 535	$ 1,261
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 5	$ 5
Common Stock, Shares Authorized (in shares)	50,000,000	50,000,000
Common Stock, Shares, Issued (in shares)	8,768,221	8,951,839
Common Stock, Shares, Outstanding (in shares)	8,768,221	8,951,839

Note 11 - Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Nov. 25, 2023

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 25, 2023 and November 26, 2022, 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 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
Actuarial gains		424
Net pension amortization reclassified from accumulated other comprehensive loss		119
Foreign currency translation adjustment		(378	)
Tax effects		(63	)
Balance at November 25, 2023	$	152

Note 17 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Unvested Shares [Member]
Unvested shares (in shares)	92,313	0	0

Note 7 - Property and Equipment

12 Months Ended

Nov. 25, 2023

Property, Plant and Equipment Disclosure [Text Block]

7. Property and Equipment

Property and equipment consist of the following:

	November 25, 2023			November 26, 2022
Land	$	10,866		$	10,866
Buildings and leasehold improvements		125,290			116,418
Machinery and equipment		106,613			101,153
Property and equipment at cost		242,769			228,437
Less accumulated depreciation		(158,788	)		(151,436	)
Property and equipment, net	$	83,981		$	77,001

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

	November 25, 2023		November 26, 2022
Wholesale	$	23,155	$	23,205
Retail - Company-owned stores		44,799		40,361
Corporate and other		16,027		13,435
Total property and equipment, net	$	83,981	$	77,001

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

	2023		2022		2021

Cost of goods sold (wholesale segment)	$	2,124	$	2,082	$	1,797
Selling, general and adminstrative expenses:
Wholesale segment		274		271		259
Retail segment		5,502		5,738		6,580
Corporate and Other		2,184		1,895		1,273
Total included in selling, general and adminstrative expenses		7,960		7,904		8,112
Total depreciation expense included in income from operations	$	10,084	$	9,986	$	9,909

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 25, 2023	Nov. 26, 2022
Current assets
Cash and cash equivalents	$ 52,407	$ 61,625
Short-term investments	17,775	17,715
Accounts receivable, net of allowance for credit losses of $535 and $1,261 as of November 25, 2023 and November 26, 2022, respectively	13,736	17,838
Inventories	62,982	85,477
Recoverable income taxes	2,574	2,353
Other current assets	8,480	11,487
Total current assets	157,954	196,495
Property and equipment, net	83,981	77,001
Other long-term assets
Deferred income taxes, net	4,645	5,528
Goodwill and other intangible assets	16,067	21,727
Right of use assets under operating leases	100,888	99,472
Other	6,889	6,050
Total other long-term assets	128,489	132,777
Total assets	370,424	406,273
Current liabilities
Accounts payable	16,338	20,359
Accrued compensation and benefits	8,934	12,921
Customer deposits	22,788	35,963
Current portion of operating lease obligations	18,827	18,819
Other accrued liabilities	11,003	12,765
Total current liabilities	77,890	100,827
Long-term liabilities
Post employment benefit obligations	10,207	9,954
Long-term portion of operating lease obligations	97,357	97,477
Other long-term liabilities	1,529	2,406
Total long-term liabilities	109,093	109,837
Commitments and Contingencies
Stockholders’ equity
Common stock, $5 par value; 50,000,000 shares authorized; issued and outstanding 8,768,221 at November 25, 2023 and 8,951,839 at November 26, 2022	43,842	44,759
Retained earnings	139,354	150,800
Additional paid-in-capital	93	0
Accumulated other comprehensive income (loss)	152	50
Total stockholders' equity	183,441	195,609
Total liabilities and stockholders’ equity	$ 370,424	$ 406,273

Note 10 - Post-employment Benefit Obligations - Assumptions Used in Calculating Net Periodic Pension Cost (Details) $ in Thousands	Nov. 25, 2023 USD ($)
Fiscal 2024	$ 759
Fiscal 2025	722
Fiscal 2026	765
Fiscal 2027	769
Fiscal 2028	733
Fiscal 2029 through 2033	$ 3,078

Note 2 - Significant Accounting Policies - Aggregate Exposure from Receivables and Guarantees Related to Customers (Details) - USD ($) $ in Thousands	Nov. 25, 2023	Nov. 26, 2022
Accounts receivable, net of allowance for credit losses of $535 and $1,261 as of November 25, 2023 and November 26, 2022, respectively	$ 13,736	$ 17,838
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15)	1,819	1,828
Other	81	43
Total credit risk exposure related to customers	$ 15,636	$ 19,709

Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Purchases From Major Vendors	$ 13,498	$ 33,253	$ 34,658

Note 12 - Capital Stock and Stock Compensation - Summary of Restricted Shares Activity (Details) - Restricted Stock [Member]	12 Months Ended
	Nov. 25, 2023 $ / shares shares
Outstanding, shares (in shares) \| shares	67,099
Outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 16.27
Granted, shares (in shares) \| shares	66,113
Granted, grant date fair value (in dollars per share) \| $ / shares	$ 17.77
Vested, shares (in shares) \| shares	(32,899)
Vested, grant date fair value (in dollars per share) \| $ / shares	$ 16.73
Forfeited, shares (in shares) \| shares	(8,000)
Forfeited, grant date fair value (in dollars per share) \| $ / shares	$ 16.86
Non-vested restricted shares outstanding, shares (in shares) \| shares	92,313
Non-vested restricted shares outstanding, grant date fair value (in dollars per share) \| $ / shares	$ 17.13

Note 20 - Revenue Recognition (Tables)

12 Months Ended

Nov. 25, 2023

Disaggregation of Revenue [Table Text Block]

	2023								2022								2021
	Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other (2)		Total		Wholesale		Retail		Corporate & Other		Total
Bassett Custom Upholstery	$	89,005	$	134,000	$	-	$	223,005	$	124,565	$	163,755	$	-	$	288,320	$	105,445	$	139,527	$	-	$	244,972
Bassett Leather		26,701		1,951		-		28,652		35,953		1,707		-		37,660		36,157		226		-		36,383
Bassett Custom Wood		17,357		36,732		-		54,089		22,534		43,208		-		65,742		24,079		30,931		-		55,010
Bassett Casegoods		12,329		32,252		-		44,581		15,628		40,146		-		55,774		17,378		42,658		-		60,036
Accessories, mattresses and other (1)		-		31,005		8,804		39,809		-		36,303		1,802		38,105		-		34,485		-		34,485
Consolidated Furniture and Accessories revenue	$	145,392	$	235,940	$	8,804	$	390,136	$	198,680	$	285,119	$	1,802	$	485,601	$	183,059	$	247,827	$	-	$	430,886

Note 4 - Financial Instruments, Investments and Fair Value Measurements

12 Months Ended

Nov. 25, 2023

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 $17,775 and $17,715 at November 25, 2023 and November 26, 2022 consisted of certificates of deposit (CDs) with original terms of six to twelve months, bearing interest at rates ranging from 0.7% to 5.45%. At November 25, 2023, the weighted average remaining time to maturity of the CDs was approximately three months and the weighted average yield of the CDs was approximately 5.1%. 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 25, 2023 and November 26, 2022 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 1 - Description of Business

12 Months Ended

Nov. 25, 2023

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 87 retail stores known as Bassett Home Furnishings (referred to as “BHF”). Of the 87 stores, the Company owns and operates 56 stores (“Company-owned retail stores”) with the other 31 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 23% of our wholesale products from various foreign countries, with the remaining volume produced at our five domestic manufacturing facilities.

Note 12 - Capital Stock and Stock Compensation - Changes in Outstanding Options (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Total intrinsic value of options exercised	$ 0	$ 0	$ 93
Proceeds from exercise of stock options	0	0	42
Excess tax benefits recognized in income tax expense upon the exercise of options	10	1	(133)
Share-Based Payment Arrangement, Option [Member]
Excess tax benefits recognized in income tax expense upon the exercise of options	$ 0	$ 0	$ 18

Note 13 - Income Taxes

12 Months Ended

Nov. 25, 2023

Income Tax Disclosure [Text Block]

13. Income Taxes

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

	2023			2022		2021
Current:
Federal	$	(121	)	$	5,659	$	4,507
State		(72	)		2,154		171

Deferred:
Federal		846			484		60
State		30			405		1,098
Total	$	683		$	8,702	$	5,836

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:

	2023			2022			2021
Statutory federal income tax rate		21.0	%		21.0	%		21.0	%
State income tax, net of federal benefit		3.8			4.4			4.2
Nondeductible goodwill		(45.7	)		-			0.4
Nontaxable gain on revaluation of contingent consideration		8.6			-			-
Other		3.0			(0.3	)		(0.1	)
Change in valuation allowance		(18.2	)		0.4			-
Effective income tax rate		(27.5	)%		25.5	%		25.5	%

Excess tax benefits (expense) in the amount of $10, $1 and $(133) were recognized as a component of income tax expense during fiscal 2023, 2022 and 2021, respectively, resulting from the exercise of stock options and the release of restricted shares. The fiscal 2023 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 25, 2023			November 26, 2022
Deferred income tax assets:
Trade accounts receivable	$	135		$	315
Inventories		3,847			3,782
Post employment benefit obligations		2,426			2,734
Foreign net operating loss carryforwards		1,791			1,339
Operating lease liabilities		29,185			29,423
Other		1,668			1,722
Gross deferred income tax assets		39,052			39,315
Valuation allowance		(1,791	)		(1,339	)
Total deferred income tax assets		37,261			37,976

Deferred income tax liabilities:
Property and equipment		5,894			5,532
Intangible assets		984			726
Operating lease assets		25,239			25,166
Prepaid expenses and other		499			1,024

Total deferred income tax liabilities		32,616			32,448

Net deferred income tax assets	$	4,645		$	5,528

We have foreign net operating loss carryforwards attributable to Noa Home (see Note 3) of $7,511 resulting in a deferred tax asset of $1,791 upon which we have placed a full valuation allowance.

Income tax refunds received, net of taxes paid, during fiscal 2023 was $263. Income taxes paid, net of refunds received, during fiscal 2022 and 2021 were $20,176, and $3,092, 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 2020 through 2023 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

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Note 18 - Discontinued Operations (Tables)

12 Months Ended

Nov. 25, 2023

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	$	84,534

	2023		2022			2021
Major line items constituting pretax income of discontinued operations:
Logistical services revenue	$	-	$	16,776		$	55,648
Cost of logistical services		-		15,001			53,905
Other loss, net		-		(63	)		(260	)

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

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

	2023 (1)		2022 (1)			2021
Cash provided by operating activities	$	-	$	1,681		$	4,082
Cash used in investing activities		-		(81	)		(4,508	)
Cash used in financing activities		-		(371	)		(1,259	)

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

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

12 Months Ended

Nov. 25, 2023

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 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

For the Year Ended November 25, 2023:
Reserve deducted from assets to which it applies

Allowance for doubtful accounts	$	1,261	$	219		$	(945	)	$	-	$	535

Income tax valuation allowance	$	1,339	$	452		$	-		$	-	$	1,791

Note 10 - Post-employment Benefit Obligations - Estimated Future Benefit Payments (Details) $ in Thousands	Nov. 25, 2023 USD ($)
Prior service cost	$ 103
Other loss	64
Total expected to be amortized to net periodic pension cost in 2024	$ 39

Note 19 - Segment Information (Details Textual)	12 Months Ended
Note 19 - Segment Information (Details Textual)	Nov. 25, 2023
Number of Reportable Segments	3

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock Outstanding [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	AOCI Attributable to Parent [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Balance (in shares) at Nov. 28, 2020		9,942,787
Balance at Nov. 28, 2020		$ 49,714		$ 0	$ 109,710		$ (1,394)		$ 158,030
Net income (loss)		0		0	18,042		0		18,042
Amortization of defined benefit plan costs, net of tax		0		0	0		138		138
Actuarial adjustments to defined benefit plans, net of tax		0		0	0		(567)		(567)
Regular dividends		0		0	(5,210)		0		(5,210)
Special dividend		$ 0		0	(2,479)		0		(2,479)
Issuance of common stock (in shares)		34,902
Issuance of common stock		$ 175		230	0		0		405
Purchase and retirement of common stock (in shares)		(215,564)
Purchase and retirement of common stock		$ (1,078)		(275)	(4,432)		0		(5,785)
Stock-based compensation		$ 0		158	0		0		158
Balance (in shares) at Nov. 27, 2021		9,762,125
Balance at Nov. 27, 2021	$ 0	$ 48,811	$ 0	113	115,631	$ 0	(1,823)	$ 0	162,732
Net income (loss)		0		0	65,345		0		65,345
Amortization of defined benefit plan costs, net of tax		0		0	0		192		192
Actuarial adjustments to defined benefit plans, net of tax		0		0	0		1,885		1,885
Regular dividends		0		0	(5,668)		0		(5,668)
Special dividend		$ 0		0	(14,494)		0		(14,494)
Issuance of common stock (in shares)		59,024
Issuance of common stock		$ 295		129	0		0		424
Purchase and retirement of common stock (in shares)		(869,310)
Purchase and retirement of common stock		$ (4,347)		(780)	(10,014)		0		(15,141)
Stock-based compensation		0		538	0		0		538
Foreign currency translation adjustments, net of tax		$ 0		0	0		(204)		(204)
Balance (in shares) at Nov. 26, 2022		8,951,839
Balance at Nov. 26, 2022		$ 44,759		0	150,800		50		195,609
Net income (loss)		0		0	(3,171)		0		(3,171)
Amortization of defined benefit plan costs, net of tax		0		0	0		68		68
Actuarial adjustments to defined benefit plans, net of tax		0		0	0		316		316
Regular dividends		$ 0		0	(5,982)		0		(5,982)
Issuance of common stock (in shares)		74,421
Issuance of common stock		$ 373			0		0		318
Purchase and retirement of common stock (in shares)		(258,039)
Purchase and retirement of common stock		$ (1,290)		(701)	(2,293)		0		(4,284)
Stock-based compensation		0		849	0		0		849
Foreign currency translation adjustments, net of tax		$ 0		0	0		(282)		(282)
Adjustments to Additional Paid in Capital, Stock Issuance				(55)
Balance (in shares) at Nov. 25, 2023		8,768,221
Balance at Nov. 25, 2023		$ 43,842		$ 93	$ 139,354		$ 152		$ 183,441

Significant Accounting Policies (Policies)

12 Months Ended

Nov. 25, 2023

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation and Principles of Consolidation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Revenue from Contract with Customer [Policy Text Block]

Revenue Recognition

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.

•

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 and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents and Short-Term Investments

Accounts Receivable [Policy Text Block]

Accounts Receivable

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

Concentrations of Credit Risk and Major Customers

	2023		2022
Accounts receivable, net of allowances (Note 5)	$	13,736	$	17,838
Contingent obligations under lease and loan guarantees, less amounts recognized (Note 15)		1,819		1,828
Other		81		43
Total credit risk exposure related to customers	$	15,636	$	19,709

Inventory, Policy [Policy Text Block]

Inventories

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

Property and Equipment

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

Goodwill

Lessee, Leases [Policy Text Block]

Leases

See Note 15 for additional information regarding our leases.

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

Other Intangible Assets

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

Impairment of Long Lived Assets

Income Tax, Policy [Policy Text Block]

Income Taxes

Shipping and Handling Costs [Policy Text Block]

Shipping and Handling Costs

Advertising Cost [Policy Text Block]

Advertising

Liability Reserve Estimate, Policy [Policy Text Block]

Insurance Reserves

Supplemental Cash Flow Information [Policy Text Block]

Supplemental Cash Flow Information

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Recent Pronouncements Not Yet Adopted

Note 7 - Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Total depreciation expense included in income from operations	$ 10,084	$ 9,986	$ 9,909
Cost of Sales [Member]
Total depreciation expense included in income from operations	2,124	2,082	1,797
Selling, General and Administrative Expenses [Member]
Total depreciation expense included in income from operations	7,960	7,904	8,112
Selling, General and Administrative Expenses [Member] \| Wholesale Segment [Member]
Total depreciation expense included in income from operations	274	271	259
Selling, General and Administrative Expenses [Member] \| Retail Segment [Member]
Total depreciation expense included in income from operations	5,502	5,738	6,580
Selling, General and Administrative Expenses [Member] \| Corporate and Other [Member]
Total depreciation expense included in income from operations	$ 2,184	$ 1,895	$ 1,273

Note 6 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Balance	$ 5,167	$ 4,816
Additions charged to expense	4,626	3,648	$ 2,969
Write-offs	(4,610)	(3,297)
Balance	5,183	5,167	4,816
Operating Segments [Member] \| Wholesale Segment [Member]
Balance	4,103	3,683
Additions charged to expense	3,876	2,577
Write-offs	(3,834)	(2,157)
Balance	4,145	4,103	3,683
Operating Segments [Member] \| Retail Segment [Member]
Balance	1,064	1,133
Additions charged to expense	750	1,071
Write-offs	(776)	(1,140)
Balance	$ 1,038	$ 1,064	$ 1,133

Note 12 - Capital Stock and Stock Compensation

12 Months Ended

Nov. 25, 2023

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 2023, 2022 and 2021 was as follows:

	2023		2022		2021

Stock based compensation expense	$	849	$	538	$	158

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 2023, 2022 or 2021.

Additional information regarding activity in our stock options during fiscal 2023, 2022 and 2021 is as follows:

	2023		2022		2021

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 25, 2023 were as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share

Non-vested restricted shares outstanding at November 26, 2022		67,099		$	16.27
Granted		66,113			17.77
Vested		(32,899	)		16.73
Forfeited		(8,000	)		16.86
Non-vested restricted shares outstanding at November 25, 2023		92,313		$	17.13

During fiscal 2023, 32,899 restricted shares were vested and released, of which 17,100 shares had been granted to employees and 15,799 shares had been granted to directors. During fiscal 2023, 2022 and 2021, 5,985 shares, 1,225 shares and 10,850 shares, respectively, were withheld to cover withholding taxes of $109, $19 and $219, respectively, arising from the vesting of restricted shares. During fiscal 2023, 2022 and 2021, excess tax benefits (expense) of $10, $1 and $(133), respectively, were recognized within income tax expense upon the release of vested shares.

Additional information regarding our outstanding non-vested restricted shares at November 25, 2023 is as follows:

					Remaining
	Restricted		Share Value		Restriction
Grant	Shares		at Grant Date		Period
Date	Outstanding		Per Share		(Years)


January 12, 2022		31,000	$	15.82		1.1
January 11, 2023		46,200		17.55		2.1
March 8, 2023		15,113		18.53		0.3
		92,313

Unrecognized compensation cost related to these non-vested restricted shares at November 26, 2022 is $867, all of which is expected to be recognized in fiscal 2024 and 2025.

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 28,063, 30,074 and 22,547 shares to employees during fiscal 2023, 2022 and 2021, respectively, which resulted in an immaterial amount of compensation expense. There are 74,397 shares remaining available for sale under the 2017 ESPP at November 25, 2023.

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Wholesale finished goods	$ 27,521	$ 46,607
Work in process	637	620
Raw materials and supplies	18,655	22,859
Retail merchandise	33,090	32,974
Total inventories on first-in, first-out method	79,903	103,060
LIFO adjustment	(11,738)	(12,416)
Reserve for excess and obsolete inventory	(5,183)	(5,167)	$ (4,816)
Inventory, Net	$ 62,982	$ 85,477

Note 10 - Post-employment Benefit Obligations (Tables)

12 Months Ended

Nov. 25, 2023

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

`	2023			2022
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$	7,262		$	10,740
Service cost		27			36
Interest cost		370			231
Actuarial (gains) and losses		(424	)		(2,503	)
Benefits paid		(256	)		(1,242	)
Projected benefit obligation at end of year	$	6,979		$	7,262

Accumulated Benefit Obligation	$	6,979		$	7,262

Discount rate used to value the ending benefit obligations:		5.92	%		5.38	%

Amounts recognized in the consolidated balance sheet:
Current liabilities	$	719		$	698
Noncurrent liabilities		6,260			6,564
Total amounts recognized	$	6,979		$	7,262
Amounts recognized in accumulated other comprehensive income:
Prior service cost	$	103		$	229
Actuarial (gain) loss		(965	)		(543	)
Net amount recognized	$	(862	)	$	(314	)

Total recognized in net periodic benefit cost and accumulated other comprehensive income:	$	(27	)	$	(2,236	)

Schedule of Net Benefit Costs [Table Text Block]

	2023			2022			2021

Components of Net Periodic Pension Cost:
Service cost	$	27		$	36		$	121
Interest cost		370			231			196
Amortization of prior service cost		125			126			126
Amortization of other loss		-			133			59

Net periodic pension cost	$	522		$	526		$	502


Assumptions used to determine net periodic pension cost:
Discount rate		5.38	%		2.25	%		2.00	%
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 2024	$	759
Fiscal 2025		722
Fiscal 2026		765
Fiscal 2027		769
Fiscal 2028		733
Fiscal 2029 through 2033		3,078

Schedule of Expected Benefit Payments [Table Text Block]

Prior service cost	$	103
Other loss		(64	)

Total expected to be amortized to net periodic pension cost in 2024	$	39

Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Goodwill, Impaired, Accumulated Impairment Loss	$ 9,306	$ 3,897	$ 3,897
Amortization of Intangible Assets	$ 57	$ 57	$ 57

Note 9 - Bank Credit Facility (Details Textual) - Bank One [Member] $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 02, 2024	Nov. 25, 2023 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity		$ 25,000
Letters of Credit Outstanding, Amount		3,731
Line of Credit Facility, Remaining Borrowing Capacity		$ 21,269
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
Debt Instrument, Covenant, Minimum Tangible Net Worth		$ 140,000
Debt Instrument, Fixed Charge Coverage Ratio		1
Debt Instrument, Lease-adjusted Leverage Ratio		3.75
Forecast [Member]
Debt Instrument, Fixed Charge Coverage Ratio	1
Debt Instrument, Lease-adjusted Leverage Ratio	3.75
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%

Note 7 - Property and Equipment (Tables)

12 Months Ended

Nov. 25, 2023

Property, Plant and Equipment [Table Text Block]

	November 25, 2023			November 26, 2022
Land	$	10,866		$	10,866
Buildings and leasehold improvements		125,290			116,418
Machinery and equipment		106,613			101,153
Property and equipment at cost		242,769			228,437
Less accumulated depreciation		(158,788	)		(151,436	)
Property and equipment, net	$	83,981		$	77,001

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

	November 25, 2023		November 26, 2022
Wholesale	$	23,155	$	23,205
Retail - Company-owned stores		44,799		40,361
Corporate and other		16,027		13,435
Total property and equipment, net	$	83,981	$	77,001

Schedule of Depreciation [Table Text Block]

	2023		2022		2021

Cost of goods sold (wholesale segment)	$	2,124	$	2,082	$	1,797
Selling, general and adminstrative expenses:
Wholesale segment		274		271		259
Retail segment		5,502		5,738		6,580
Corporate and Other		2,184		1,895		1,273
Total included in selling, general and adminstrative expenses		7,960		7,904		8,112
Total depreciation expense included in income from operations	$	10,084	$	9,986	$	9,909

Schedule II - Analysis of Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Nov. 25, 2023

Nov. 26, 2022

Nov. 27, 2021

SEC Schedule, 12-09, Allowance, Credit Loss [Member]

Balance Beginning of Period

$ 1,261

$ 567

$ 905

Additions Charged to Cost and Expenses

219

761

(161)

Deductions

^[1]

(945)

(67)

(177)

Other

Balance End of Period

535

1,261

567

SEC Schedule, 12-09, Allowance, Notes Receivable [Member]

Balance Beginning of Period

359

Additions Charged to Cost and Expenses

Deductions

^[1]

(359)

Other

Balance End of Period

359

SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]

Balance Beginning of Period

1,339

Additions Charged to Cost and Expenses

452

1,339

Deductions

^[1]

Other

Balance End of Period

$ 1,791

$ 1,339

$ 0

[1]	Deductions are for the purpose for which the reserve was created.

Note 10 - Post-employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Service cost	$ 27	$ 36	$ 121
Interest cost	370	231	196
Amortization of prior service cost	125	126	126
Amortization of other loss	0	133	59
Net periodic pension cost	$ 522	$ 526	$ 502
Pension Plan [Member]
Discount rate	5.38%	2.25%	2.00%
Increase in future compensation levels	3.00%	3.00%	3.00%

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. 25, 2023	Nov. 26, 2022	Nov. 27, 2021
Selling, General and Administrative Expenses [Member]
Stock based compensation expense	$ 849	$ 538	$ 158

Note 4 - Financial Instruments, Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Nov. 25, 2023	Nov. 26, 2022
Short-Term Investments	$ 17,775	$ 17,715
Minimum [Member]
Certificates of Deposit, Average Term	6 months
Interest Rate of Certificates of Deposit	0.70%
Maximum [Member]
Certificates of Deposit, Average Term	12 months
Interest Rate of Certificates of Deposit	5.45%
Weighted Average [Member]
Interest Rate of Certificates of Deposit	5.10%
Certificates of Deposit [Member]
Short-Term Investments	$ 17,775	$ 17,715

Note 5 - Accounts Receivable (Tables)

12 Months Ended

Nov. 25, 2023

Schedule Of Accounts Receivable [Table Text Block]

		November 25, 2023			November 26, 2022
Gross accounts receivable	$	14,271		$	19,099
Allowance for credit losses		(535	)		(1,261	)
Net accounts receivable	$	13,736		$	17,838

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

	2023			2022

Balance, beginning of the year	$	1,261		$	567
Additions (recoveries) charged to expense		219			761
Reductions to allowance, net		(945	)		(67	)
Balance, end of the year	$	535		$	1,261

Note 19 - Segment Information (Tables)

12 Months Ended

Nov. 25, 2023