Bassett Furniture Industries, Inc. reports recurring developments tied to its home furnishings business, including wholesale furniture distribution, company-owned and licensed Bassett Home Furnishings stores, direct-to-consumer e-commerce, and open-market sales through Bassett Design Centers and Bassett Custom Studios. Company updates also reference custom furniture design and manufacturing capabilities, the Lane Venture outdoor brand, and sales channels serving furniture stores, interior design firms, and commercial customers.
News for BSET commonly covers fiscal results, conference calls, margin and expense trends, regular quarterly dividends, and strategic initiatives involving organic revenue growth, retail-store expansion, omni-channel selling, wholesale outreach, and product innovation across casegoods and upholstery programs.
Bassett Furniture Industries (Nasdaq: BSET) has reopened 43 of its 66 corporate-owned stores and plans to reopen 19 more by May 18, 2020. However, the company is implementing a 25% permanent reduction in workforce, affecting approximately 600 employees, due to an 80% decline in wholesale revenue during the COVID-19 pandemic. The Grand Prairie, Texas upholstery manufacturing operation will close permanently, with production shifted to North Carolina. Bassett aims to adapt to changes in consumer behavior by enhancing its digital commerce strategy.