Bassett Furniture Industries (BSET) 10-Q 2 Jul 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	31-May-14	Jun. 20, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'BASSETT FURNITURE INDUSTRIES INC	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--11-29	'
Entity Common Stock, Shares Outstanding	'	10,631,139
Amendment Flag	'false	'
Entity Central Index Key	'0000010329	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Accelerated Filer	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	31-May-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	31-May-14	Jun. 01, 2013	31-May-14	Jun. 01, 2013
Net sales	$85,185	$81,223	$160,832	$161,072
Cost of sales	39,872	39,397	75,266	77,886
Gross profit	45,313	41,826	85,566	83,186
Selling, general and administrative expenses excluding new store pre-opening costs	40,901	38,361	79,481	77,195
New store pre-opening costs	521	55	1,108	217
Income from operations	3,891	3,410	4,977	5,774
Other income (loss), net	-272	-129	13	-797
Income before income taxes	3,619	3,281	4,990	4,977
Income tax expense	1,068	1,328	1,596	2,044
Net income	2,551	1,953	3,394	2,933
Retained earnings-beginning of period	104,713	104,757	104,526	104,319
Purchase and retirement of common stock	-1,315	'	-1,315	'
Cash dividends	-652	-543	-1,308	-1,085
Retained earnings-end of period	$105,297	$106,167	$105,297	$106,167
Basic earnings per share (in Dollars per share)	$0.24	$0.18	$0.32	$0.27
Diluted earnings per share (in Dollars per share)	$0.24	$0.18	$0.31	$0.27
Dividends per share (in Dollars per share)	$0.06	$0.05	$0.12	$0.10

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	31-May-14	Jun. 01, 2013	31-May-14	Jun. 01, 2013
Net income	$2,551	$1,953	$3,394	$2,933
Other comprehensive income:	'	'	'	'
Amortization associated with supplemental executive retirement defined benefit plan (SERP)	41	31	83	62
Income taxes related to SERP	-16	-12	-32	-24
Other comprehensive income, net of tax	25	19	51	38
Total comprehensive income	$2,576	$1,972	$3,445	$2,971

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $)	31-May-14	Nov. 30, 2013
In Thousands, unless otherwise specified
Current assets	'	'
Cash and cash equivalents	$16,882	$12,733
Short-term investments	23,125	28,125
Accounts receivable, net	14,957	16,080
Inventories	52,702	53,069
Deferred income taxes	4,593	4,418
Other current assets	10,476	11,949
Total current assets	122,735	126,374
Property and equipment, net	72,881	64,271
Retail real estate	6,482	10,435
Deferred income taxes	10,720	10,734
Other	14,040	14,035
Total long-term assets	31,242	35,204
Total assets	226,858	225,849
Current liabilities	'	'
Accounts payable	18,473	19,892
Accrued compensation and benefits	7,065	6,503
Customer deposits	19,336	16,214
Dividends payable	'	2,172
Other accrued liabilities	7,369	6,660
Total current liabilities	52,243	51,441
Long-term liabilities	'	'
Post employment benefit obligations	10,708	11,146
Real estate notes payable	2,320	2,467
Other long-term liabilities	4,293	3,386
Total long-term liabilities	17,321	16,999
Stockholders’ equity	'	'
Common stock	53,360	54,297
Retained earnings	105,297	104,526
Accumulated other comprehensive loss	-1,363	-1,414
Total stockholders' equity	157,294	157,409
Total liabilities and stockholders’ equity	$226,858	$225,849

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	31-May-14	Jun. 01, 2013
Operating activities:	'	'
Net income	$3,394	$2,933
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	3,438	2,890
Equity in undistributed income of investments and unconsolidated affiliated companies	-343	-282
Tenant improvement allowances received from lessors	1,270	'
Deferred income taxes	-160	353
Other, net	421	-491
Changes in operating assets and liabilities:	'	'
Accounts receivable	1,015	243
Inventories	367	1,922
Other current assets	1,451	-2,101
Customer deposits	3,122	2,088
Accounts payable and accrued liabilities	-156	-4,732
Net cash provided by operating activities	13,819	2,823
Investing activities:	'	'
Purchases of property and equipment	-12,209	-5,184
Proceeds from sale of retail real estate and property and equipment	1,407	955
Proceeds from sale of interest in affiliate	2,348	2,348
Proceeds from maturity of short-term investments	5,000	'
Purchases of investments	'	-1,125
Other	188	5
Net cash used in investing activities	-3,266	-3,001
Financing activities:	'	'
Cash dividends	-3,480	-1,627
Issuance of common stock	147	462
Repurchases of common stock	-2,930	-526
Repayments of real estate notes payable	-137	-126
Other	-4	'
Net cash used in financing activities	-6,404	-1,817
Change in cash and cash equivalents	4,149	-1,995
Cash and cash equivalents - beginning of period	12,733	45,566
Cash and cash equivalents - end of period	$16,882	$43,571

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	6 Months Ended
	31-May-14
Disclosure Text Block [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	1. Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.
	References to “ASC” included hereinafter refer to the Accounting Standards Codification established by the Financial Accounting Standards Board as the source of authoritative GAAP.
	The condensed consolidated financial statements include the accounts of Bassett Furniture Industries, Incorporated (“Bassett”, “we”, “our”, or the “Company”) and our wholly-owned subsidiaries of which we have operating control. The equity method of accounting is used for our investments in affiliated companies in which we exercise significant influence but do not maintain control. In accordance with ASC Topic 810, we have evaluated our licensees and certain other entities to determine whether they are variable interest entities (“VIEs”) of which we are the primary beneficiary and thus would require consolidation in our financial statements. To date we have concluded that none of our licensees nor any other of our counterparties represent VIEs.
	Our fiscal year, which ends on the last Saturday of November, periodically results in a 53-week year instead of the normal 52 weeks. The prior fiscal year ending November 30, 2013 was a 53-week year, with the additional week being included in the first fiscal quarter. Accordingly, the information presented below includes 26 weeks of operations for the six months ended May 31, 2014 as compared with 27 weeks included for the six months ended June 1, 2013.

Note_2_Interim_Financial_Prese

Note 2 - Interim Financial Presentation	6 Months Ended
	31-May-14
Disclosure Text Block Supplement [Abstract]	'
Condensed Financial Statements [Text Block]	'
	2. Interim Financial Presentation
	All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three month and six months ended May 31, 2014 are not necessarily indicative of results for the full fiscal year. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended November 30, 2013.
	We calculate an anticipated effective tax rate for the year based on our annual estimates of pretax income or loss and use that effective tax rate to record our year-to-date income tax provision. Any change in annual projections of pretax income or loss could have a significant impact on our effective tax rate for the respective quarter. Our effective tax rate for the three and six months ended May 31, 2014 differs from the federal statutory rate primarily due to the effects of state income taxes, permanent differences resulting from non-deductible expenses and, for the three and six months ended May 31, 2014, non-taxable life insurance proceeds. During the second quarter of 2014, the state of New York enacted legislation affecting various corporate tax issues, including the usage of state net operating losses.   Based on this legislation, prior limitations on our ability to use those net operating losses have been removed.  Thus, we have changed our realization assessment for the deferred tax assets associated with those net operating losses and removed the related valuation allowance resulting in a tax benefit of $190 for the three and six months ended May 31, 2014.   Our federal tax return for the fiscal year ended November 24, 2012 is currently under examination by the Internal Revenue Service.

Note_3_Accounts_Receivable

Note 3 - Accounts Receivable	6 Months Ended
	31-May-14
Receivables [Abstract]	'
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	'
	3. Accounts Receivable
	Accounts receivable consists of the following:
			May 31,			November 30,
			2014			2013
	Gross accounts receivable		$	16,492		$	17,687
	Allowance for doubtful accounts			(1,535	)		(1,607	)
	Accounts receivable, net		$	14,957		$	16,080
	At May 31, 2014 and November 30, 2013 approximately 49% and 50%, respectively, of gross accounts receivable, and approximately 67% and 64%, respectively, of the allowance for doubtful accounts were attributable to amounts owed to us by our licensees. Our remaining receivables are primarily due from national account customers and traditional distribution channel customers.
	Activity in the allowance for doubtful accounts was as follows:
	Balance at November 30, 2013	$	1,607
	Additions charged to expense		108
	Write-offs and other deductions		(180	)
	Balance at May 31, 2014	$	1,535
	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 10.

Note_4_Inventories

Note 4 - Inventories	6 Months Ended
	31-May-14
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
	4. Inventories
	Inventories are valued at the lower of cost or market. Cost is determined for domestic furniture inventories using the last-in, first-out (LIFO) method. The costs for imported inventories are determined using the first-in, first-out (FIFO) method.
	Inventories were comprised of the following:
		May 31,			November 30,
		2014			2013
	Wholesale finished goods	$	27,165		$	28,450
	Work in process		320			277
	Raw materials and supplies		8,020			8,029
	Retail merchandise		26,347			25,167
	Total inventories on first-in, first-out method		61,852			61,923
	LIFO adjustment		(7,733	)		(7,561	)
	Reserve for excess and obsolete inventory		(1,417	)		(1,293	)
		$	52,702		$	53,069
	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/or 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			Retail Segment			Total
		Segment
	Balance at November 30, 2013	$	1,001		$	292		$	1,293
	Additions charged to expense		729			241			970
	Write-offs		(671	)		(175	)		(846	)
	Balance at May 31, 2014	$	1,059		$	358		$	1,417
	Our estimates and assumptions have been reasonably accurate in the past. We have not made any significant changes to our methodology for determining inventory reserves in 2014 and do not anticipate that our methodology is likely to change in the future.

Note_5_Unconsolidated_Affiliat

Note 5 - Unconsolidated Affiliated Companies	6 Months Ended
	31-May-14
Equity Method Investments and Joint Ventures [Abstract]	'
Equity Method Investments and Joint Ventures Disclosure [Text Block]	'
	5. Unconsolidated Affiliated Companies
	We own 49% of Zenith Freight Lines, LLC, (“Zenith”) which provides domestic transportation and warehousing services primarily to furniture manufacturers and distributors, and also provides home delivery services to furniture retailers. We have contracted with Zenith to provide for substantially all of our domestic freight, transportation and warehousing needs for the wholesale business. In addition, Zenith provides home delivery services for several of our Company-owned retail stores. Our investment in Zenith was $7,597 and $7,254 at May 31, 2014 and November 30, 2013, respectively. At May 31, 2014 and November 30, 2013, we owed Zenith $1,934 and $2,580, respectively, for services rendered to us. We believe the transactions with Zenith are at current market rates. We recorded the following income from Zenith in other income (loss), net, in our condensed consolidated statements of income and retained earnings:
		Quarter Ended				Six Months Ended
		31-May-14		1-Jun-13		31-May-14		1-Jun-13
	Earnings recognized	$	278	$	168	$	343	$	282
	In connection with the sale of our interest in International Home Furnishings Center, Inc. on May 2, 2011, $2,348 remained held in escrow at November 30, 2013, and was included as a receivable in other current assets in our condensed consolidated balance sheets. This escrow was released to us in full during the second quarter of fiscal 2014.

Note_6_Real_Estate_Notes_Payab

Note 6 - Real Estate Notes Payable and Bank Credit Facility	6 Months Ended
	31-May-14
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	6. Real Estate Notes Payable and Bank Credit Facility
	Real Estate Notes Payable
	The real estate notes payable are summarized as follows:
		May 31,			November 30,
		2014			2013
	Real estate notes payable	$	2,609		$	2,746
	Less:
	Current portion of real estate notes payable		(289	)		(279	)
		$	2,320		$	2,467
	Two of our retail real estate properties have been financed through commercial mortgages with interest rates of 6.73%. These mortgages are collateralized by the respective properties with net book values totaling approximately $6,194 and $6,262 at May 31, 2014 and November 30, 2013, respectively. The portion of these mortgages due within one year, $289 and $279 as of May 31, 2014 and November 30, 2013, respectively, is included in other current liabilities in the accompanying condensed consolidated balance sheets. The long-term portion, $2,320 and $2,467 as of May 31, 2014 and November 30, 2013, respectively, is presented as real estate notes payable in the condensed consolidated balance sheets.
	The fair value of these mortgages was $2,554 and $2,684 at May 31, 2014 and November 30, 2013, respectively. In determining the fair value, we utilized current market interest rates for similar instruments. The inputs into these fair value calculations 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 10.
	Bank Credit Facility
	Our credit facility with our bank provides for a line of credit of up to $15,000 and is secured by our accounts receivable and inventory. The facility contains covenants requiring us to maintain certain key financial ratios. We are in compliance with all covenants under the agreement and expect to remain in compliance for the foreseeable future.
	At May 31, 2014, we had $1,366 outstanding under standby letters of credit, leaving availability under our credit line of $13,634.

Note_7_Contingencies

Note 7 - Contingencies	6 Months Ended
	31-May-14
Disclosure Text Block Supplement [Abstract]	'
Legal Matters and Contingencies [Text Block]	'
	7. Contingencies
	We are involved in various legal and environmental matters, which arise in the normal course of business. Although the final outcome of these matters cannot be determined, based on the facts presently known, we believe that the final resolution of these matters will not have a material adverse effect on our financial position or future results of operations.
	During fiscal 2012, the U.S. Customs and Border Protection (“Customs”) made a distribution to us of $9,010 representing our share of the final distribution of duties that have been withheld by Customs under the Continued Dumping and Subsidy Offset Act of 2000 (“CDSOA”). We have received annual distributions in past years under the CDSOA as a result of our support of an antidumping petition on imports of wooden bedroom furniture from China. Certain manufacturers who did not support the antidumping petition (“Non-Supporting Producers”) filed actions in the United States Court of International Trade challenging the CDSOA's “support requirement” and seeking to share in the distributions. As a result, Customs held back a portion of those distributions (“the Holdback”) pending resolution of the Non-Supporting Producers' claims. The Court of International Trade dismissed all of the actions of the Non-Supporting Producers, who appealed to the United States Court of Appeals for the Federal Circuit (“the Court of Appeals”). The Court of Appeals denied the Non-Supporting Producers’ request for an injunction to block the final distribution of the Holdback and allowed Customs to distribute the funds in April of 2012. The Court of Appeals held oral arguments on March 8, 2013 concerning the appeals, and on August 19, 2013 a three-judge panel ruled against the appellants in a two-to-one decision. The Non-Supporting Producers’ request for an en banc rehearing by the full Court of Appeals was denied. On May 2, 2014 the Non-Supporting Producers filed a petition for a writ of certiorari with the U.S. Supreme Court.  We do not know whether the Supreme Court will grant certiorari.  Should any  action by the Supreme Court or, on remand, by a lower court result in the reversal of the earlier decisions of the Federal Circuit which determined that the Non-Supporting Producers were not entitled to CDSOA distributions, it is possible that Customs may seek to have us return all or a portion of our share of the distribution. However, we believe that the likelihood of such an outcome is remote.
	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. We had obligations of $97,710 and $96,421 at May 31, 2014 and November 30, 2013, respectively, for future minimum lease payments under non-cancelable operating leases having initial terms in excess of one year.
	We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one to ten years. We were contingently liable under licensee lease obligation guarantees in the amount of $3,459 and $3,698 at May 31, 2014 and November 30, 2013, 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 (primarily inventory), and pursuing payment under the personal guarantees of the independent dealer. The proceeds of the above options are expected to cover the estimated amount of our future payments under the guarantee obligations, net of recorded reserves. The fair value of lease guarantees (an estimate of the cost to the Company to perform on these guarantees) at May 31, 2014 and November 30, 2013 was not material.

Note_8_Post_Employment_Benefit

Note 8 - Post Employment Benefit Obligations	6 Months Ended
	31-May-14
Postemployment Benefits [Abstract]	'
Postemployment Benefits Disclosure [Text Block]	'
	8. Post Employment Benefit Obligations
	We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one current and certain former executives. The liability for this plan was $9,485 and $9,775 as of May 31, 2014 and November 30, 2013, respectively, and is recorded as follows in the condensed consolidated balance sheets:
		31-May-14		30-Nov-13
	Accrued compensation and benefits	$	810	$	810
	Post employment benefit obligations		8,675		8,965
	Total pension liability	$	9,485	$	9,775
	Components of net periodic pension costs are as follows:
		Quarter Ended				Six Months Ended
		31-May-14		1-Jun-13		31-May-14		1-Jun-13
	Service cost	$	19	$	17	$	39	$	35
	Interest cost		93		88		186		175
	Amortization of transition obligation		11		10		22		21
	Amortization of loss		31		21		61		41
	Net periodic pension cost	$	154	$	136	$	308	$	272
	We have an unfunded Deferred Compensation Plan that covers one current executive and certain former executives and provides for voluntary deferral of compensation. This plan has been frozen with no additional participants or deferrals permitted. We recognized expense under this plan as follows:
		Quarter Ended				Six Months Ended
		31-May-14		1-Jun-13		31-May-14		1-Jun-13
	Deferred compensation plan expense	$	72	$	72	$	144	$	144
	Our liability under this plan was $2,557 and $2,555 as of May 31, 2014 and November 30, 2013, respectively, and is recorded as follows in the condensed consolidated balance sheets:
		31-May-14		30-Nov-13
	Accrued compensation and benefits	$	523	$	373
	Post employment benefit obligations		2,034		2,182
	Total pension liability	$	2,557	$	2,555

Note_9_Earnings_Per_Share

Note 9 - Earnings Per Share	6 Months Ended
	31-May-14
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	9. Earnings Per Share
	The following reconciles basic and diluted earnings per share:
		Net Income		Weighted Average		Net Income
				Shares		Per Share
	For the quarter ended May 31, 2014
	Basic earnings per share	$	2,551		10,621,707	$	0.24
	Add effect of dilutive securities:
	Options and restricted shares		-		157,573		-
	Diluted earnings per share	$	2,551		10,779,280	$	0.24
	For the quarter ended June 1, 2013:
	Basic earnings per share	$	1,953		10,712,718	$	0.18
	Add effect of dilutive securities:
	Options and restricted shares		-		173,131		-
	Diluted earnings per share	$	1,953		10,885,849	$	0.18
	For the six months ended May 31, 2014:
	Basic earnings (loss) per share	$	3,394		10,656,677	$	0.32
	Add effect of dilutive securities:
	Options and restricted shares		-		151,157		(0.01	)
	Diluted earnings per share	$	3,394		10,807,834	$	0.31
	For the six months ended June 1, 2013:
	Basic earnings per share	$	2,933		10,705,711	$	0.27
	Add effect of dilutive securities:
	Options and restricted shares				165,820
	Diluted earnings per share	$	2,933		10,871,531	$	0.27
	For the three and six months ended May 31, 2014 and June 1, 2013, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:
		Quarter Ended				Six Months Ended
		31-May-14		1-Jun-13		31-May-14			1-Jun-13
	Stock options		207,500		472,500		207,500			472,500
	Unvested shares		12,339		11,295		66,339			11,295
	Total anti-dilutive securities		219,839		483,795		273,839			483,795

Note_10_Financial_Instruments_

Note 10 - Financial Instruments and Fair Value Measurements	6 Months Ended
	31-May-14
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	10. Financial Instruments and Fair Value Measurements
	Financial Instruments
	Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, cost and equity method investments, 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. Our cost and equity method investments generally involve entities for which it is not practical to determine fair values.
	Investments
	Our short-term investments of $23,125 and $28,125 at May 31, 2014 and November 30, 2013, respectfully, consisted of certificates of deposit (CDs) with original terms generally ranging from six to twelve months, bearing interest at rates ranging from 0.12% to 0.91%. At May 31, 2014, the weighted average remaining time to maturity of the CDs was approximately two months and the weighted average yield of the CDs was approximately 0.248%. Each CD is placed with a Federally insured financial institution and all deposits are within Federal deposit insurance limits. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at May 31, 2014 and November 30, 2013 approximates their fair value.
	We hold an investment in the Fortress Value Recovery Fund I, LLC (“Fortress”). Due to significant declines in net asset values during the first quarter of fiscal 2012, the highly illiquid nature of the investment, and the high degree of uncertainty regarding our ability to recover our investment in the foreseeable future, we fully impaired the carrying amount of this investment during the year ended November 24, 2012. During the three and six months ended May 31, 2014, we recognized gains of $48 and $188, respectively, resulting from the partial liquidation of Fortress which is included in other income (loss), net in our consolidated statement of income. The timing and amount of future receipts, if any, from the liquidation of Fortress, remain uncertain, and will be recognized as gains in other income if and when notification of a distribution is received.
	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. The recurring estimate of the fair value of our mortgages payable for disclosure purposes (see Note 6) involves Level 3 inputs.

Note_11_Asset_Disposition_and_

Note 11 - Asset Disposition and Accured Lease Exit Costs	6 Months Ended
	31-May-14
Asset Disposition And Accrued Lease Exit Costs [Abstract]	'
Asset Disposition And Accrued Lease Exit Costs [Text Block]	'
	11. Asset Disposition and Accrued Lease Exit Costs
	Asset Disposition
	During the quarter ended May 31, 2014, we entered into a contract to sell our retail real estate investment property located in Denver, Colorado. At May 31, 2014, the $3,733 net book value of the land and building is classified as an asset held for sale and is included in other current assets in the accompanying balance sheet. This asset was included in retail real estate at November 30, 2013. The sale of the real estate closed on June 11, 2014, resulting in an immaterial gain.
	Accrued Lease Exit Costs
	The following table summarizes the activity related to our accrued lease exit costs:
	Balance at November 30, 2013	$	907
	Payments on unexpired leases		(402	)
	Accretion of interest on obligations and other		28
	Balance at May 31, 2014	$	533
	Current portion included in other accrued liabilities	$	162
	Long-term portion included in other long-term liabilities		371
		$	533

Note_12_Recent_Accounting_Pron

Note 12 - Recent Accounting Pronouncements	6 Months Ended
	31-May-14
Disclosure Text Block [Abstract]	'
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	'
	12. Recent Accounting Pronouncements
	In July 2013, the FASB issued Accounting Standards Update No. 2013-11 (ASU 2013-11), which updated the guidance in ASC Topic 740, Income Taxes. The amendments in ASU 2013-11 generally provide guidance for the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The guidance requires an unrecognized tax benefit to be presented as a decrease in a deferred tax asset where a net operating loss, a similar tax loss, or a tax credit carryforward exists and certain criteria are met. This guidance will become effective for us as of the beginning of our 2015 fiscal year and is consistent with our present practice.
	In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (ASU 2014-08), which updated the guidance in ASC Topic 205, Presentation of Financial Statements, and ASC Topic 360, Property, Plant and Equipment. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations for all public and nonpublic entities. The amendments also require new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. This guidance will become effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and therefore will become effective for us as of the beginning of our 2016 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.
	In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), which creates ASC Topic 606, Revenue from Contracts with Customers, and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, ASU 2014-09 supersedes the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and creates new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early application is not permitted. Therefore the amendments in ASU 2014-09 will become effective for us as of the beginning of our 2018 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations.

Note_13_Segment_Information

Note 13 - Segment Information	6 Months Ended
	31-May-14
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	13. Segment Information
	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 stores retail stores) and independent furniture retailers. Our wholesale segment includes our wood and upholstery operations as well as all corporate selling, general and administrative expenses, including those corporate expenses related to both Company- and licensee-owned stores.
		●	Retail – Company-owned stores. Our retail segment consists of Company-owned stores and includes the revenues, expenses, assets and liabilities (including real estate) and capital expenditures directly related to these stores.
		●	Investments and real estate. Our investments and real estate segment consists of our short-term investments, our holdings of real estate leased or previously leased as licensee stores, and our equity investment in Zenith. We also hold an investment in Fortress, which we fully reserved during fiscal 2012. Although this segment does not have operating earnings, income or loss from the segment is included in other income (loss), net, in our consolidated statements of income and retained earnings.
	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.
	The following table presents our segment information:
			Quarter Ended						Six Months Ended
			31-May-14			1-Jun-13			31-May-14			1-Jun-13
	Net Sales
	Wholesale		$	56,184		$	53,933		$	107,270		$	107,893
	Retail - Company-owned stores			53,290			51,470			100,414			101,427
	Inter-company elimination			(24,289	)		(24,180	)		(46,852	)		(48,248	)
	Consolidated		$	85,185		$	81,223		$	160,832		$	161,072
	Income (loss) from Operations
	Wholesale		$	4,257		$	2,849		$	6,605		$	5,850
	Retail - Company-owned stores			(666	)		277			(2,438	)		(294	)
	Inter-company elimination			300			284			810			218
	Consolidated		$	3,891		$	3,410		$	4,977		$	5,774
	Depreciation and Amortization
	Wholesale		$	336		$	332		$	661		$	673
	Retail - Company-owned stores			1,300			999			2,557			1,966
	Investments and real estate			110			125			220			251
	Consolidated		$	1,746		$	1,456		$	3,438		$	2,890
	Capital Expenditures
	Wholesale		$	1,788		$	1,474		$	3,225		$	2,122
	Retail - Company-owned stores			3,522			1,089			8,984			3,062
	Investments and real estate			-			-			-			-
	Consolidated		$	5,310		$	2,563		$	12,209		$	5,184
			As of			As of
			31-May-14			30-Nov-13
	Identifiable Assets
	Wholesale		$	109,746		$	109,958
	Retail - Company-owned stores			87,505			77,331
	Investments and real estate			29,607			38,560
	Consolidated		$	226,858		$	225,849

Note_3_Accounts_Receivable_Tab

Note 3 - Accounts Receivable (Tables)	6 Months Ended
	31-May-14
Receivables [Abstract]	'
Schedule of Accounts Receivable [Table Text Block]	'
			May 31,			November 30,
			2014			2013
	Gross accounts receivable		$	16,492		$	17,687
	Allowance for doubtful accounts			(1,535	)		(1,607	)
	Accounts receivable, net		$	14,957		$	16,080
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]	'
	Balance at November 30, 2013	$	1,607
	Additions charged to expense		108
	Write-offs and other deductions		(180	)
	Balance at May 31, 2014	$	1,535

Note_4_Inventories_Tables

Note 4 - Inventories (Tables)	6 Months Ended
	31-May-14
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
		May 31,			November 30,
		2014			2013
	Wholesale finished goods	$	27,165		$	28,450
	Work in process		320			277
	Raw materials and supplies		8,020			8,029
	Retail merchandise		26,347			25,167
	Total inventories on first-in, first-out method		61,852			61,923
	LIFO adjustment		(7,733	)		(7,561	)
	Reserve for excess and obsolete inventory		(1,417	)		(1,293	)
		$	52,702		$	53,069
Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment [Table Text Block]	'
		Wholesale			Retail Segment			Total
		Segment
	Balance at November 30, 2013	$	1,001		$	292		$	1,293
	Additions charged to expense		729			241			970
	Write-offs		(671	)		(175	)		(846	)
	Balance at May 31, 2014	$	1,059		$	358		$	1,417

Note_5_Unconsolidated_Affiliat1

Note 5 - Unconsolidated Affiliated Companies (Tables) (Zenith Freight Lines [Member])	6 Months Ended
	31-May-14
Zenith Freight Lines [Member]	'
Note 5 - Unconsolidated Affiliated Companies (Tables) [Line Items]	'
Equity Method Investments [Table Text Block]	'
		Quarter Ended				Six Months Ended
		31-May-14		1-Jun-13		31-May-14		1-Jun-13
	Earnings recognized	$	278	$	168	$	343	$	282

Note_6_Real_Estate_Notes_Payab1

Note 6 - Real Estate Notes Payable and Bank Credit Facility (Tables)	6 Months Ended
	31-May-14
Debt Disclosure [Abstract]	'
Schedule of Debt [Table Text Block]	'
		May 31,			November 30,
		2014			2013
	Real estate notes payable	$	2,609		$	2,746
	Less:
	Current portion of real estate notes payable		(289	)		(279	)
		$	2,320		$	2,467

Note_8_Post_Employment_Benefit1

Note 8 - Post Employment Benefit Obligations (Tables)	6 Months Ended
	31-May-14
Postemployment Benefits [Abstract]	'
Schedule of Pension Liability [Table Text Block]	'
		31-May-14		30-Nov-13
	Accrued compensation and benefits	$	810	$	810
	Post employment benefit obligations		8,675		8,965
	Total pension liability	$	9,485	$	9,775
		31-May-14		30-Nov-13
	Accrued compensation and benefits	$	523	$	373
	Post employment benefit obligations		2,034		2,182
	Total pension liability	$	2,557	$	2,555
Schedule of Net Benefit Costs [Table Text Block]	'
		Quarter Ended				Six Months Ended
		31-May-14		1-Jun-13		31-May-14		1-Jun-13
	Service cost	$	19	$	17	$	39	$	35
	Interest cost		93		88		186		175
	Amortization of transition obligation		11		10		22		21
	Amortization of loss		31		21		61		41
	Net periodic pension cost	$	154	$	136	$	308	$	272
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits [Table Text Block]	'
		Quarter Ended				Six Months Ended
		31-May-14		1-Jun-13		31-May-14		1-Jun-13
	Deferred compensation plan expense	$	72	$	72	$	144	$	144

Note_9_Earnings_Per_Share_Tabl

Note 9 - Earnings Per Share (Tables)	6 Months Ended
	31-May-14
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Net Income		Weighted Average		Net Income
				Shares		Per Share
	For the quarter ended May 31, 2014
	Basic earnings per share	$	2,551		10,621,707	$	0.24
	Add effect of dilutive securities:
	Options and restricted shares		-		157,573		-
	Diluted earnings per share	$	2,551		10,779,280	$	0.24
	For the quarter ended June 1, 2013:
	Basic earnings per share	$	1,953		10,712,718	$	0.18
	Add effect of dilutive securities:
	Options and restricted shares		-		173,131		-
	Diluted earnings per share	$	1,953		10,885,849	$	0.18
	For the six months ended May 31, 2014:
	Basic earnings (loss) per share	$	3,394		10,656,677	$	0.32
	Add effect of dilutive securities:
	Options and restricted shares		-		151,157		(0.01	)
	Diluted earnings per share	$	3,394		10,807,834	$	0.31
	For the six months ended June 1, 2013:
	Basic earnings per share	$	2,933		10,705,711	$	0.27
	Add effect of dilutive securities:
	Options and restricted shares				165,820
	Diluted earnings per share	$	2,933		10,871,531	$	0.27
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	'
		Quarter Ended				Six Months Ended
		31-May-14		1-Jun-13		31-May-14			1-Jun-13
	Stock options		207,500		472,500		207,500			472,500
	Unvested shares		12,339		11,295		66,339			11,295
	Total anti-dilutive securities		219,839		483,795		273,839			483,795

Note_11_Asset_Disposition_and_1

Note 11 - Asset Disposition and Accured Lease Exit Costs (Tables)	6 Months Ended
	31-May-14
Asset Disposition And Accrued Lease Exit Costs [Abstract]	'
Schedule of Activity Related to Accrued Lease Exit Costs [Table Text Block]	'
	Balance at November 30, 2013	$	907
	Payments on unexpired leases		(402	)
	Accretion of interest on obligations and other		28
	Balance at May 31, 2014	$	533
	Current portion included in other accrued liabilities	$	162
	Long-term portion included in other long-term liabilities		371
		$	533

Note_13_Segment_Information_Ta

Note 13 - Segment Information (Tables)	6 Months Ended
	31-May-14
Note 13 - Segment Information (Tables) [Line Items]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
		Quarter Ended						Six Months Ended
		31-May-14			1-Jun-13			31-May-14			1-Jun-13
	Net Sales
	Wholesale	$	56,184		$	53,933		$	107,270		$	107,893
	Retail - Company-owned stores		53,290			51,470			100,414			101,427
	Inter-company elimination		(24,289	)		(24,180	)		(46,852	)		(48,248	)
	Consolidated	$	85,185		$	81,223		$	160,832		$	161,072
	Income (loss) from Operations
	Wholesale	$	4,257		$	2,849		$	6,605		$	5,850
	Retail - Company-owned stores		(666	)		277			(2,438	)		(294	)
	Inter-company elimination		300			284			810			218
	Consolidated	$	3,891		$	3,410		$	4,977		$	5,774
	Depreciation and Amortization
	Wholesale	$	336		$	332		$	661		$	673
	Retail - Company-owned stores		1,300			999			2,557			1,966
	Investments and real estate		110			125			220			251
	Consolidated	$	1,746		$	1,456		$	3,438		$	2,890
	Capital Expenditures
	Wholesale	$	1,788		$	1,474		$	3,225		$	2,122
	Retail - Company-owned stores		3,522			1,089			8,984			3,062
	Investments and real estate		-			-			-			-
	Consolidated	$	5,310		$	2,563		$	12,209		$	5,184
Assets [Member]	'
Note 13 - Segment Information (Tables) [Line Items]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
		As of			As of
		31-May-14			30-Nov-13
	Identifiable Assets
	Wholesale	$	109,746		$	109,958
	Retail - Company-owned stores		87,505			77,331
	Investments and real estate		29,607			38,560
	Consolidated	$	226,858		$	225,849

Note_2_Interim_Financial_Prese1

Note 2 - Interim Financial Presentation (Details) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	31-May-14	31-May-14
Disclosure Text Block Supplement [Abstract]	'	'
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	($190)	($190)
Income Tax Examination, Year under Examination	'	'2012

Note_3_Accounts_Receivable_Det

Note 3 - Accounts Receivable (Details)	31-May-14	Nov. 30, 2013
Receivables [Abstract]	'	'
Percent of Gross Accounts Receivable Attributable to Amounts Owed by Licensees	49.00%	50.00%
Percent of Allowance for Doubtful Accounts Attributable to Amounts Owed by Licensees	67.00%	64.00%

Note_3_Accounts_Receivable_Det1

Note 3 - Accounts Receivable (Details) - Accounts Receivable (USD $)	31-May-14	Nov. 30, 2013
In Thousands, unless otherwise specified
Accounts Receivable [Abstract]	'	'
Gross accounts receivable	$16,492	$17,687
Allowance for doubtful accounts	-1,535	-1,607
Accounts receivable, net	$14,957	$16,080

Note_3_Accounts_Receivable_Det2

Note 3 - Accounts Receivable (Details) - Activity in the Allowance for Doubtful Accounts (USD $)	6 Months Ended
In Thousands, unless otherwise specified	31-May-14
Activity in the Allowance for Doubtful Accounts [Abstract]	'
Balance at November 30, 2013	$1,607
Additions charged to expense	108
Write-offs and other deductions	-180
Balance at May 31, 2014	$1,535

Note_4_Inventories_Details_Inv

Note 4 - Inventories (Details) - Inventories (USD $)	31-May-14	Nov. 30, 2013	Nov. 29, 2013
In Thousands, unless otherwise specified
Inventories [Abstract]	'	'	'
Wholesale finished goods	$27,165	$28,450	'
Work in process	320	277	'
Raw materials and supplies	8,020	8,029	'
Retail merchandise	26,347	25,167	'
Total inventories on first-in, first-out method	61,852	61,923	'
LIFO adjustment	-7,733	-7,561	'
Reserve for excess and obsolete inventory	-1,417	-1,293	-1,293
	$52,702	$53,069	'

Note_4_Inventories_Details_Act

Note 4 - Inventories (Details) - Activity in the Reserves for Excess Quantities and Obsolete Inventory by Segment (USD $)	6 Months Ended
In Thousands, unless otherwise specified	31-May-14	Nov. 29, 2013
Note 4 - Inventories (Details) - Activity in the Reserves for Excess Quantities and Obsolete Inventory by Segment [Line Items]	'	'
Balance at November 30, 2013	$1,293	$1,293
Additions charged to expense	970	'
Write-offs	-846	'
Balance at May 31, 2014	1,417	1,293
Wholesale Segment [Member]	'	'
Note 4 - Inventories (Details) - Activity in the Reserves for Excess Quantities and Obsolete Inventory by Segment [Line Items]	'	'
Balance at November 30, 2013	'	1,001
Additions charged to expense	729	'
Write-offs	-671	'
Balance at May 31, 2014	1,059	1,001
Retail Segment [Member]	'	'
Note 4 - Inventories (Details) - Activity in the Reserves for Excess Quantities and Obsolete Inventory by Segment [Line Items]	'	'
Balance at November 30, 2013	'	292
Additions charged to expense	241	'
Write-offs	-175	'
Balance at May 31, 2014	$358	$292

Note_5_Unconsolidated_Affiliat2

Note 5 - Unconsolidated Affiliated Companies (Details) (USD $)	31-May-14	Nov. 30, 2013
In Thousands, unless otherwise specified
Note 5 - Unconsolidated Affiliated Companies (Details) [Line Items]	'	'
Equity Method Investments	$7,597	$7,254
Due to Affiliate	1,934	2,580
Zenith Freight Lines [Member]	'	'
Note 5 - Unconsolidated Affiliated Companies (Details) [Line Items]	'	'
Equity Method Investment, Ownership Percentage	49.00%	'
Other Current Assets [Member]	'	'
Note 5 - Unconsolidated Affiliated Companies (Details) [Line Items]	'	'
Indemnification Escrow Receivable	'	$2,348

Note_5_Unconsolidated_Affiliat3

Note 5 - Unconsolidated Affiliated Companies (Details) - Income from Zenith (Earnings Recognized [Member], Zenith Freight Lines [Member], USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	31-May-14	Jun. 01, 2013	31-May-14	Jun. 01, 2013
Earnings Recognized [Member] | Zenith Freight Lines [Member]	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'
Earnings recognized	$278	$168	$343	$282

Note_6_Real_Estate_Notes_Payab2

Note 6 - Real Estate Notes Payable and Bank Credit Facility (Details) (USD $)	31-May-14	Nov. 30, 2013
In Thousands, unless otherwise specified
Note 6 - Real Estate Notes Payable and Bank Credit Facility (Details) [Line Items]	'	'
Debt Instrument, Interest Rate, Stated Percentage	6.73%	'
Real Estate Investment Property, Net	$6,482	$10,435
Secured Debt, Current	289	279
Secured Long-term Debt, Noncurrent	2,320	2,467
Loans Payable, Fair Value Disclosure	2,554	2,684
Line of Credit Facility, Maximum Borrowing Capacity	15,000	'
Letters of Credit Outstanding, Amount	1,366	'
Line of Credit Facility, Remaining Borrowing Capacity	13,634	'
Financed Through Commercial Mortgages [Member]	'	'
Note 6 - Real Estate Notes Payable and Bank Credit Facility (Details) [Line Items]	'	'
Real Estate Investment Property, Net	$6,194	$6,262

Note_6_Real_Estate_Notes_Payab3

Note 6 - Real Estate Notes Payable and Bank Credit Facility (Details) - Real Estate Notes Payable (USD $)	31-May-14	Nov. 30, 2013
In Thousands, unless otherwise specified
Real Estate Notes Payable [Abstract]	'	'
Real estate notes payable	$2,609	$2,746
Less:	'	'
Current portion of real estate notes payable	-289	-279
	$2,320	$2,467

Note_7_Contingencies_Details

Note 7 - Contingencies (Details) (USD $)	12 Months Ended					3 Months Ended
In Thousands, unless otherwise specified	Nov. 24, 2012	31-May-14	Nov. 30, 2013	31-May-14	Nov. 30, 2013	31-May-14	31-May-14
				Lease Obligations of Licensee Operators [Member]	Lease Obligations of Licensee Operators [Member]	Minimum [Member]	Maximum [Member]
Note 7 - Contingencies (Details) [Line Items]	'	'	'	'	'	'	'
Income from Continued Dumping and Subsidy Offset Act	$9,010	'	'	'	'	'	'
Operating Leases, Future Minimum Payments Due	'	97,710	96,421	'	'	'	'
Lease Guarantees Term	'	'	'	'	'	'1 year	'10 years
Loss Contingency, Estimate of Possible Loss	'	'	'	$3,459	$3,698	'	'

Note_8_Post_Employment_Benefit2

Note 8 - Post Employment Benefit Obligations (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	31-May-14	Nov. 30, 2013
Supplemental Employee Retirement Plan [Member]	'	'
Note 8 - Post Employment Benefit Obligations (Details) [Line Items]	'	'
Defined Contribution Plan, Number of Employees Covered	1	'
Postemployment Benefits Liability	$9,485	$9,775
Unfunded Deferred Compensation Plan [Member]	'	'
Note 8 - Post Employment Benefit Obligations (Details) [Line Items]	'	'
Postemployment Benefits Liability	$2,557	$2,555

Note_8_Post_Employment_Benefit3

Note 8 - Post Employment Benefit Obligations (Details) - Pension Liability (USD $)	31-May-14	Nov. 30, 2013
In Thousands, unless otherwise specified
Note 8 - Post Employment Benefit Obligations (Details) - Pension Liability [Line Items]	'	'
Post employment benefit obligations	$10,708	$11,146
Supplemental Employee Retirement Plan [Member]	'	'
Note 8 - Post Employment Benefit Obligations (Details) - Pension Liability [Line Items]	'	'
Accrued compensation and benefits	810	810
Post employment benefit obligations	8,675	8,965
Total pension liability	9,485	9,775
Unfunded Deferred Compensation Plan [Member]	'	'
Note 8 - Post Employment Benefit Obligations (Details) - Pension Liability [Line Items]	'	'
Accrued compensation and benefits	523	373
Post employment benefit obligations	2,034	2,182
Total pension liability	$2,557	$2,555

Note_8_Post_Employment_Benefit4

Note 8 - Post Employment Benefit Obligations (Details) - Components of Net Periodic Pension Costs (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	31-May-14	Jun. 01, 2013	31-May-14	Jun. 01, 2013
Components of Net Periodic Pension Costs [Abstract]	'	'	'	'
Service cost	$19	$17	$39	$35
Interest cost	93	88	186	175
Amortization of transition obligation	11	10	22	21
Amortization of loss	31	21	61	41
Net periodic pension cost	$154	$136	$308	$272

Note_8_Post_Employment_Benefit5

Note 8 - Post Employment Benefit Obligations (Details) - Deferred Compensation Arrangement Expenses (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	31-May-14	Jun. 01, 2013	31-May-14	Jun. 01, 2013
Deferred Compensation Arrangement Expenses [Abstract]	'	'	'	'
Deferred compensation plan expense	$72	$72	$144	$144

Note_9_Earnings_Per_Share_Deta

Note 9 - Earnings Per Share (Details) - Reconciliation of Basic and Diluted Earnings Per Share (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	31-May-14	Jun. 01, 2013	31-May-14	Jun. 01, 2013
Reconciliation of Basic and Diluted Earnings Per Share [Abstract]	'	'	'	'
Net income (in Dollars)	$2,551	$1,953	$3,394	$2,933
Weighted average shares	10,621,707	10,712,718	10,656,677	10,705,711
Net income per share (in Dollars per share)	$0.24	$0.18	$0.32	$0.27
Weighted Average Shares	157,573	173,131	151,157	165,820
Net Income Per Share (in Dollars per share)	'	'	($0.01)	'
Net income (in Dollars)	$2,551	$1,953	$3,394	$2,933
Weighted average shares	10,779,280	10,885,849	10,807,834	10,871,531
Net income per share (in Dollars per share)	$0.24	$0.18	$0.31	$0.27

Note_9_Earnings_Per_Share_Deta1

Note 9 - Earnings Per Share (Details) - Antidilutive Securities	3 Months Ended		6 Months Ended
	31-May-14	Jun. 01, 2013	31-May-14	Jun. 01, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities	219,839	483,795	273,839	483,795
Equity Option [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities	207,500	472,500	207,500	472,500
Restricted Stock [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities	12,339	11,295	66,339	11,295

Note_10_Financial_Instruments_1

Note 10 - Financial Instruments and Fair Value Measurements (Details) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	31-May-14	31-May-14	Nov. 30, 2013
Note 10 - Financial Instruments and Fair Value Measurements (Details) [Line Items]	'	'	'
Short-term Investments	$23,125	$23,125	$28,125
Weighted Average Rate Domestic Deposit, Certificates of Deposit	0.25%	0.25%	'
Gain (Loss) on Investments	$48	$188	'
Minimum [Member]	'	'	'
Note 10 - Financial Instruments and Fair Value Measurements (Details) [Line Items]	'	'	'
Maturity of Time Deposits	'6 months	'	'
Weighted Average Rate Domestic Deposit, Certificates of Deposit	0.12%	0.12%	'
Maximum [Member]	'	'	'
Note 10 - Financial Instruments and Fair Value Measurements (Details) [Line Items]	'	'	'
Maturity of Time Deposits	'12 months	'	'
Weighted Average Rate Domestic Deposit, Certificates of Deposit	0.91%	0.91%	'
Weighted Average [Member]	'	'	'
Note 10 - Financial Instruments and Fair Value Measurements (Details) [Line Items]	'	'	'
Maturity of Time Deposits	'2 months	'	'

Note_11_Asset_Disposition_and_2

Note 11 - Asset Disposition and Accured Lease Exit Costs (Details) (Land and Building [Member], Other Current Assets [Member], USD $)	31-May-14
In Thousands, unless otherwise specified
Land and Building [Member] | Other Current Assets [Member]	'
Note 11 - Asset Disposition and Accured Lease Exit Costs (Details) [Line Items]	'
Disposal Group, Including Discontinued Operation, Assets	$3,733

Note_11_Asset_Disposition_and_3

Note 11 - Asset Disposition and Accured Lease Exit Costs (Details) - Activity Related to Our Accrued Lease Exit Costs (USD $)	6 Months Ended
In Thousands, unless otherwise specified	31-May-14	Nov. 30, 2013
Activity Related to Our Accrued Lease Exit Costs [Abstract]	'	'
Accrued lease exit costs	$533	$907
Current portion included in other accrued liabilities	162	'
Long-term portion included in other long-term liabilities	371	'
	533	'
Payments on unexpired leases	-402	'
Accretion of interest on obligations and other	$28	'

Note_13_Segment_Information_De

Note 13 - Segment Information (Details)	6 Months Ended
	31-May-14
Segment Reporting [Abstract]	'
Number of Reportable Segments	3

Note_13_Segment_Information_De1

Note 13 - Segment Information (Details) - Segment information (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	31-May-14	Jun. 01, 2013	31-May-14	Jun. 01, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	$85,185	$81,223	$160,832	$161,072
Income (Loss) from Operations	3,891	3,410	4,977	5,774
Depreciation and Amortization	1,746	1,456	3,438	2,890
Capital Expenditures	5,310	2,563	12,209	5,184
Operating Segments [Member] | Wholesale Segment [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	56,184	53,933	107,270	107,893
Income (Loss) from Operations	4,257	2,849	6,605	5,850
Depreciation and Amortization	336	332	661	673
Capital Expenditures	1,788	1,474	3,225	2,122
Operating Segments [Member] | Retail Segment [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	53,290	51,470	100,414	101,427
Income (Loss) from Operations	-666	277	-2,438	-294
Depreciation and Amortization	1,300	999	2,557	1,966
Capital Expenditures	3,522	1,089	8,984	3,062
Operating Segments [Member] | Investments or Real Estate [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Depreciation and Amortization	110	125	220	251
Intersegment Eliminations [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	-24,289	-24,180	-46,852	-48,248
Income (Loss) from Operations	$300	$284	$810	$218

Note_13_Segment_Information_De2

Note 13 - Segment Information (Details) - Identifiable assets (USD $)	31-May-14	Nov. 30, 2013
In Thousands, unless otherwise specified
Identifiable Assets	'	'
Indentifiable Assets	$226,858	$225,849
Operating Segments [Member] | Wholesale Segment [Member]	'	'
Identifiable Assets	'	'
Indentifiable Assets	109,746	109,958
Operating Segments [Member] | Retail Segment [Member]	'	'
Identifiable Assets	'	'
Indentifiable Assets	87,505	77,331
Operating Segments [Member] | Investments or Real Estate [Member]	'	'
Identifiable Assets	'	'
Indentifiable Assets	$29,607	$38,560