UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
ELLIOTT, GROVER S
BASSETT FURNITURE INDUSTRIES, INC
245 MAIN STREET
P O BOX 626
BASSETT, VA 24055
USA
2. Issuer Name and Ticker or Trading Symbol
BASSETT FURNITURE INDUSTRIES, INC.
BSET
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
MAY 8, 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
VICE PRESIDENT, STRATEGIC PLANNING
7. Individual or Joint/Group Filing (Check Applicable Line)
( ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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COMMON STOCK |3-24-9|A* |V|1,820 |A | |4,775 |D | |
|8 | | | | | | | | |
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*RESTRICTED UNTIL 11-07-02;| | | | | | | | | |
CONTINUOUS SERVICE REQUIRE| | | | | | | | | |
D | | | | | | | | | |
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THROUGH 11-07-02 (OR, IF EA| | | | | | | | | |
RLIER, RETIREMENT). RESTRI| | | | | | | | | |
CTIONS | | | | | | | | | |
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LIFTED UPON DEATH OR DISABI| | | | | | | | | |
LITY. | | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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*OPTION (RIGHT TO BUY)|22.625 | | | | | |11-07|5-06-|COMMON |1500 | |1500 |D | |
| | | | | | |-97 |2007 | | | | | | |
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Explanation of Responses:
*GRANTED UNDER THE 1993 LONG TERM INCENTIVE PLAN, WHICH IS A RULE 16b-3
PLAN
SIGNATURE OF REPORTING PERSON
GROVER ELLIOTT
DATE
MAY 8, 1998
