Bassett Announces Board Appointment

Rhea-AI Summary

Bassett Furniture Industries (NASDAQ:BSET) has appointed James E. Goergen to its Board of Directors, effective July 22, 2025. Goergen brings significant expertise as a former CEO and CFO with extensive experience in interior design, sourcing, and technology sectors.

Goergen's background includes over 20 years of C-Level experience in commercial and residential furniture companies, with particular focus on high-end commercial and luxury residential design firms. His expertise spans mergers and acquisitions, private equity, global sourcing, and strategic planning.

Bassett operates through 87 company- and licensee-owned stores and maintains a wholesale business serving over 1,000 open market accounts. The company generates approximately 60% of its sales through its retail network, which offers custom furniture design, in-home design visits, and decorating accessories.

Positive

• Addition of experienced C-level executive with relevant industry expertise to the Board
• Strategic enhancement of leadership team with expertise in M&A, private equity, and global sourcing
• Strong retail presence with 87 stores and 1,000+ open market accounts

Negative

• None.

BASSETT, Va., July 22, 2025 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (BSET) announced that on July 16, 2025, James E. Goergen was elected a member of its Board of Directors beginning on July 22, 2025. “We welcome Jim Goergen to the Bassett Board of Directors,” said Rob Spilman, Chairman and CEO. “We are excited to have someone with his industry experience and track record to join the Bassett board. Jim’s background as a CEO and CFO with years of experience in the interior design, sourcing and technology fields will be a tremendous additive to our strategic planning and operational execution as we move forward.”

After receiving his undergraduate degree in Finance and Economics from the University of Southern Indiana, Mr. Goergen embarked on a career as a certified financial analyst and industry executive gaining decades of experience in mergers and acquisitions, private equity, global sourcing and strategic planning. He has more than 20 years of C-Level experience with commercial and residential furniture companies, most recently focused on leading high-end commercial and luxury residential design firms.  

About Bassett Furniture Industries, Inc.
Bassett Furniture Industries, Inc. (NASDAQ: BSET) is a leading provider of high-quality home furnishings with a wide range of distribution types. Bassett sales approximately 60% of its products through its network of 87 company- and licensee-owned stores which feature the latest on-trend furniture styles, the Company’s capabilities in custom furniture design and manufacturing, free in-home design visits, and coordinated decorating accessories in a professional and friendly environment. Bassett also has a significant traditional wholesale business with more than 1,000 open market accounts. Most of the open market sales are through Bassett Design Centers and Bassett Custom Studios which function as a store within a multi-line store featuring the Company’s custom furniture capabilities. The wholesale business, including the Lane Venture outdoor brand, also services general furniture stores and a growing number of interior design firms. Bassett products are also directly available to consumers at www.bassettfurniture.com. (BSET-E)

J. Michael Daniel, Senior Vice President and Chief Financial Officer
(276) 629-6614 - Investors

Peter D. Morrison, Vice President of Communications
(276) 629-6387 – Media

FAQ

Who is James E. Goergen and what is his role at Bassett Furniture (NASDAQ:BSET)?

James E. Goergen was appointed to Bassett Furniture's Board of Directors effective July 22, 2025. He brings over 20 years of C-Level experience in commercial and residential furniture companies.

What experience does James Goergen bring to Bassett Furniture's board?

Goergen brings extensive experience as a CEO and CFO, with expertise in mergers and acquisitions, private equity, global sourcing, and strategic planning, particularly in interior design and technology fields.

How many stores does Bassett Furniture (BSET) currently operate?

Bassett Furniture operates 87 company- and licensee-owned stores and serves over 1,000 open market accounts through its wholesale business.

What percentage of Bassett Furniture's sales come from their retail stores?

Approximately 60% of Bassett's sales come through their network of company- and licensee-owned stores.

When did James Goergen join Bassett Furniture's Board of Directors?

James Goergen was elected to the Board on July 16, 2025, with his term beginning on July 22, 2025.