Bassett Furniture Industries (BSET) 10-Q 2 Oct 14 2014 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Aug. 30, 2014	Sep. 19, 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	'	10,495,177
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	30-Aug-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Aug. 30, 2014	Aug. 31, 2013	Aug. 30, 2014	Aug. 31, 2013
Net sales	$85,186	$77,152	$246,018	$238,224
Cost of sales	40,168	38,429	115,434	116,315
Gross profit	45,018	38,723	130,584	121,909
Selling, general and administrative expenses excluding new store pre-opening costs	41,510	37,822	120,991	115,017
New store pre-opening costs	109	78	1,217	295
Income from operations	3,399	823	8,376	6,597
Other loss, net	-65	-229	-52	-1,026
Income before income taxes	3,334	594	8,324	5,571
Income tax expense	1,078	38	2,674	2,082
Net income	2,256	556	5,650	3,489
Retained earnings-beginning of period	105,297	106,167	104,526	104,319
Purchase and retirement of common stock	-859	'	-2,174	'
Cash dividends	-836	-656	-2,144	-1,741
Retained earnings-end of period	$105,858	$106,067	$105,858	$106,067
Basic earnings per share (in Dollars per share)	$0.22	$0.05	$0.54	$0.33
Diluted earnings per share (in Dollars per share)	$0.21	$0.05	$0.53	$0.32
Dividends per share (in Dollars per share)	$0.08	$0.06	$0.20	$0.16

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Aug. 30, 2014	Aug. 31, 2013	Aug. 30, 2014	Aug. 31, 2013
Net income	$2,256	$556	$5,650	$3,489
Other comprehensive income:	'	'	'	'
Amortization associated with supplemental executive retirement defined benefit plan (SERP)	41	31	124	93
Income taxes related to SERP	-16	-12	-48	-36
Other comprehensive income, net of tax	25	19	76	57
Total comprehensive income	$2,281	$575	$5,726	$3,546

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Aug. 30, 2014	Nov. 30, 2013
In Thousands, unless otherwise specified
Current assets	'	'
Cash and cash equivalents	$19,442	$12,733
Short-term investments	23,125	28,125
Accounts receivable, net	15,897	16,080
Inventories	54,220	53,069
Deferred income taxes	4,691	4,418
Other current assets	8,612	11,949
Total current assets	125,987	126,374
Property and equipment, net	74,169	64,271
Retail real estate	6,390	10,435
Deferred income taxes	9,579	10,734
Other	14,661	14,035
Total long-term assets	30,630	35,204
Total assets	230,786	225,849
Current liabilities	'	'
Accounts payable	20,437	19,892
Accrued compensation and benefits	7,660	6,503
Customer deposits	20,084	16,214
Dividends payable	'	2,172
Other accrued liabilities	8,072	6,660
Total current liabilities	56,253	51,441
Long-term liabilities	'	'
Post employment benefit obligations	10,354	11,146
Real estate notes payable	2,245	2,467
Other long-term liabilities	4,753	3,386
Total long-term liabilities	17,352	16,999
Stockholders’ equity	'	'
Common stock	52,661	54,297
Retained earnings	105,858	104,526
Accumulated other comprehensive loss	-1,338	-1,414
Total stockholders' equity	157,181	157,409
Total liabilities and stockholders’ equity	$230,786	$225,849

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Aug. 30, 2014	Aug. 31, 2013
Operating activities:	'	'
Net income	$5,650	$3,489
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	5,428	4,445
Equity in undistributed income of investments and unconsolidated affiliated companies	-534	-466
Tenant improvement allowances received from lessors	2,119	'
Deferred income taxes	882	1,284
Collateral deposited with insurance carrier	-1,150	'
Other, net	-165	-888
Changes in operating assets and liabilities:	'	'
Accounts receivable	19	-656
Inventories	-1,151	-559
Other current assets	732	-3,864
Customer deposits	3,870	2,787
Accounts payable and accrued liabilities	2,570	-5,469
Net cash provided by operating activities	18,270	103
Investing activities:	'	'
Purchases of property and equipment	-15,210	-9,547
Proceeds from sale of retail real estate and property and equipment	5,157	958
Proceeds from sale of interest in affiliate	2,348	2,348
Proceeds from maturity of short-term investments	5,000	'
Purchases of investments	'	-28,125
Other	246	88
Net cash used in investing activities	-2,459	-34,278
Financing activities:	'	'
Cash dividends	-4,316	-2,283
Issuance of common stock	275	643
Repurchases of common stock	-4,621	-759
Repayments of real estate notes payable	-208	-179
Taxes paid related to net share settlement of equity awards	-489	-226
Excess tax benefits from stock-based compensation	257	317
Net cash used in financing activities	-9,102	-2,487
Change in cash and cash equivalents	6,709	-36,662
Cash and cash equivalents - beginning of period	12,733	45,566
Cash and cash equivalents - end of period	$19,442	$8,904

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Aug. 30, 2014
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 39 weeks of operations for the nine months ended August 30, 2014 as compared with 40 weeks included for the nine months ended August 31, 2013.

Note_2_Interim_Financial_Prese

Note 2 - Interim Financial Presentation	9 Months Ended
	Aug. 30, 2014
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 nine months ended August 30, 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 nine months ended August 30, 2014 differs from the federal statutory rate primarily due to the effects of state income taxes, permanent differences resulting from non-deductible expenses, non-taxable life insurance proceeds, and the expiration of the statute of limitations on certain previously unrecognized tax benefits. The benefit arising from the expiration of that statute of limitations on certain previously unrecognized tax benefits was $111 for the three and nine months ended August 30, 2014 and $221 for the three and nine months ended August 31, 2013. 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 nine months ended August 30, 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	9 Months Ended
	Aug. 30, 2014
Receivables [Abstract]	'
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	'
	3. Accounts Receivable
	Accounts receivable consists of the following:
		August 30,			November 30,
		2014			2013
	Gross accounts receivable	$	17,440		$	17,687
	Allowance for doubtful accounts		(1,543	)		(1,607	)
	Accounts receivable, net	$	15,897		$	16,080
	At August 30, 2014 and November 30, 2013 approximately 49% and 50%, respectively, of gross accounts receivable, and approximately 68% 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 and traditional distribution channel customers.
	Activity in the allowance for doubtful accounts was as follows:
		2014			2013
	Balance at November 30, 2013	$	1,607		$	1,789
	Additions charged to expense		164			361
	Write-offs and other deductions		(228	)		(543	)
	Balance at August 30, 2014	$	1,543		$	1,607
	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	9 Months Ended
	Aug. 30, 2014
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:
		August 30,			November 30,
		2014			2013
	Wholesale finished goods	$	27,801		$	28,450
	Work in process		311			277
	Raw materials and supplies		8,398			8,029
	Retail merchandise		26,949			25,167
	Total inventories on first-in, first-out method		63,459			61,923
	LIFO adjustment		(7,943	)		(7,561	)
	Reserve for excess and obsolete inventory		(1,296	)		(1,293	)
		$	54,220		$	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		923			316			1,239
	Write-offs		(984	)		(252	)		(1,236	)
	Balance at August 30, 2014	$	940		$	356		$	1,296
	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	9 Months Ended
	Aug. 30, 2014
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 $7,787 and $7,254 at August 30, 2014 and November 30, 2013, respectively. At August 30, 2014 and November 30, 2013, we owed Zenith $2,234 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 loss, net, in our condensed consolidated statements of income and retained earnings:
		Quarter Ended				Nine Months Ended
		August 30,		August 31,		August 30,		August 31,
		2014		2013		2014		2013
	Earnings recognized	$	190	$	184	$	534	$	466
	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	9 Months Ended
	Aug. 30, 2014
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:
		August 30,			November 30,
		2014			2013
	Real estate notes payable	$	2,538		$	2,746
	Less:
	Current portion of real estate notes payable		(293	)		(279	)
		$	2,245		$	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 $6,161 and $6,262 at August 30, 2014 and November 30, 2013, respectively. The portion of these mortgages due within one year, $293 and $279 as of August 30, 2014 and November 30, 2013, respectively, is included in other current liabilities in the accompanying condensed consolidated balance sheets. The long-term portion, $2,245 and $2,467 as of August 30, 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 $2,498 and $2,684 at August 30, 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 August 30, 2014, we had $216 outstanding under standby letters of credit, leaving availability under our credit line of $14,784.

Note_7_Contingencies

Note 7 - Contingencies	9 Months Ended
	Aug. 30, 2014
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 $94,427 and $96,421 at August 30, 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 $3,795 and $3,698 at August 30, 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 August 30, 2014 and November 30, 2013 was not material.
	In June of 2014, we placed $1,150 on deposit with one of our insurance carriers as security to guarantee our obligations under certain insurance policies. This deposit is included in other current assets in our condensed consolidated balance sheet as of August 30, 2014. Prior to June 2014, this collateral obligation was satisfied by a standby letter of credit.

Note_8_Post_Employment_Benefit

Note 8 - Post Employment Benefit Obligations	9 Months Ended
	Aug. 30, 2014
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 $9,305 and $9,775 as of August 30, 2014 and November 30, 2013, respectively, and is recorded as follows in the condensed consolidated balance sheets:
		August 30,			November 30,
		2014			2013
	Accrued compensation and benefits	$	810		$	810
	Post employment benefit obligations		8,495			8,965
	Total pension liability	$	9,305		$	9,775
	Components of net periodic pension costs are as follows:
		Quarter Ended					Nine Months Ended
		August 30,			August 31,		August 30,		August 31,
		2014			2013		2014		2013
	Service cost	$	20		$	18	$	59	$	53
	Interest cost		93			87		279		262
	Amortization of transition obligation		10			11		32		32
	Amortization of loss		31			20		92		61
	Net periodic pension cost	$	154		$	136	$	462	$	408
	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. During the third quarter of fiscal 2014, we recorded a credit to income of $124 due to a change in our estimate of the future obligation of a former employee. We recognized expense (income) under this plan as follows:
		Quarter Ended					Nine Months Ended
		August 30,			August 31,		August 30,		August 31,
		2014			2013		2014		2013
	Deferred compensation plan expense (income)	$	(52	)	$	72	$	92	$	216
	Our liability under this plan was $2,232 and $2,555 as of August 30, 2014 and November 30, 2013, respectively, and is recorded as follows in the condensed consolidated balance sheets:
		August 30,			November 30,
		2014			2013
	Accrued compensation and benefits	$	373		$	373
	Post employment benefit obligations		1,859			2,182
	Total deferred compensation liability	$	2,232		$	2,555

Note_9_Earnings_Per_Share

Note 9 - Earnings Per Share	9 Months Ended
	Aug. 30, 2014
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 August 30, 2014
	Basic earnings per share	$	2,256		10,475,945	$	0.22
	Add effect of dilutive securities:
	Options and restricted shares		-		135,209		(0.01	)
	Diluted earnings per share	$	2,256		10,611,154	$	0.21
	For the quarter ended August 31, 2013:
	Basic earnings per share	$	556		10,742,625	$	0.05
	Add effect of dilutive securities:
	Options and restricted shares		-		163,204		-
	Diluted earnings per share	$	556		10,905,829	$	0.05
	For the Nine Months ended August 30, 2014:
	Basic earnings per share	$	5,650		10,596,433	$	0.54
	Add effect of dilutive securities:
	Options and restricted shares		-		138,627		(0.01	)
	Diluted earnings per share	$	5,650		10,735,060	$	0.53
	For the Nine Months ended August 31, 2013:
	Basic earnings per share	$	3,489		10,717,506	$	0.33
	Add effect of dilutive securities:
	Options and restricted shares		-		161,679		(0.01	)
	Diluted earnings per share	$	3,489		10,879,185	$	0.32
	For the three and nine months ended August 30, 2014 and August 31, 2013, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive:
		Quarter Ended				Nine Months Ended
		August 30,		August 31,		August 30,			August 31,
		2014		2013		2014			2013
	Stock options		207,500		415,000		207,500			472,500
	Unvested shares		-		70,000		66,339			81,295
	Total anti-dilutive securities		207,500		485,000		273,839			553,795

Note_10_Financial_Instruments_

Note 10 - Financial Instruments and Fair Value Measurements	9 Months Ended
	Aug. 30, 2014
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 August 30, 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 0.10% to 0.91%. At August 30, 2014, the weighted average remaining time to maturity of the CDs was approximately eight months and the weighted average yield of the CDs was approximately 0.208%. 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 August 30, 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 nine months ended August 30, 2014, we recognized gains of $18 and $207, respectively, resulting from the partial liquidation of Fortress which is included in other 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	9 Months Ended
	Aug. 30, 2014
Asset Disposition And Accrued Lease Exit Costs [Text Block] [Abstract]	'
Asset Disposition And Accrued Lease Exit Costs [Text Block]	'
	11. Asset Dispositions and Accrued Lease Exit Costs
	Asset Dispositions
	During the three and nine months ended August 30, 2014 we received proceeds from the disposition of investment real estate totaling $3,750 and $5,157, respectively. During the first quarter of fiscal 2014 we received $1,407 from the sale of our retail real estate investment property in Henderson, Nevada. This property had been classified as held for sale and included in other current assets in our condensed consolidated balance sheet at November 30, 2013. During the third quarter of fiscal 2014 we received net proceeds in the amount of $3,750 from the sale of our retail real estate investment property located in Denver, Colorado. This asset had been included in retail real estate in our condensed consolidated balance sheet at November 30, 2013. The gains associated with these dispositions for the three and nine months ended August 30, 2014 were not material.
	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		(456	)
	Accretion of interest on obligations and other		32
	Balance at August 30, 2014	$	483
	Current portion included in other accrued liabilities	$	140
	Long-term portion included in other long-term liabilities		343
		$	483

Note_12_Recent_Accounting_Pron

Note 12 - Recent Accounting Pronouncements	9 Months Ended
	Aug. 30, 2014
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 Company is currently assessing the impact of implementing the new guidance.

Note_13_Segment_Information

Note 13 - Segment Information	9 Months Ended
	Aug. 30, 2014
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 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						Nine Months Ended
			August 30,			August 31,			August 30,			August 31,
			2014			2013			2014			2013
	Net Sales
	Wholesale		$	56,069		$	52,927		$	163,339		$	160,820
	Retail - Company-owned stores			53,987			46,245			154,401			147,672
	Inter-company elimination			(24,870	)		(22,020	)		(71,722	)		(70,268	)
	Consolidated		$	85,186		$	77,152		$	246,018		$	238,224
	Income (loss) from Operations
	Wholesale		$	3,216		$	2,367		$	9,821		$	8,218
	Retail - Company-owned stores			(167	)		(1,509	)		(2,605	)		(1,803	)
	Inter-company elimination			350			(35	)		1,160			182
	Consolidated		$	3,399		$	823		$	8,376		$	6,597
	Depreciation and Amortization
	Wholesale		$	447		$	325		$	1,108		$	998
	Retail - Company-owned stores			1,451			1,114			4,008			3,080
	Investments and real estate			92			117			312			367
	Consolidated		$	1,990		$	1,556		$	5,428		$	4,445
	Capital Expenditures
	Wholesale		$	788		$	731		$	4,013		$	2,853
	Retail - Company-owned stores			2,690			3,632			11,674			6,694
	Investments and real estate			-			-			-			-
	Consolidated		$	3,478		$	4,363		$	15,687		$	9,547
			As of			As of
			August 30,			November 30,
			2014			2013
	Identifiable Assets
	Wholesale		$	113,017		$	109,958
	Retail - Company-owned stores			88,254			77,331
	Investments and real estate			29,515			38,560
	Consolidated		$	230,786		$	225,849

Note_3_Accounts_Receivable_Tab

Note 3 - Accounts Receivable (Tables)	9 Months Ended
	Aug. 30, 2014
Receivables [Abstract]	'
Schedule of Accounts Receivable [Table Text Block]	'
		August 30,			November 30,
		2014			2013
	Gross accounts receivable	$	17,440		$	17,687
	Allowance for doubtful accounts		(1,543	)		(1,607	)
	Accounts receivable, net	$	15,897		$	16,080
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]	'
		2014			2013
	Balance at November 30, 2013	$	1,607		$	1,789
	Additions charged to expense		164			361
	Write-offs and other deductions		(228	)		(543	)
	Balance at August 30, 2014	$	1,543		$	1,607

Note_4_Inventories_Tables

Note 4 - Inventories (Tables)	9 Months Ended
	Aug. 30, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
		August 30,			November 30,
		2014			2013
	Wholesale finished goods	$	27,801		$	28,450
	Work in process		311			277
	Raw materials and supplies		8,398			8,029
	Retail merchandise		26,949			25,167
	Total inventories on first-in, first-out method		63,459			61,923
	LIFO adjustment		(7,943	)		(7,561	)
	Reserve for excess and obsolete inventory		(1,296	)		(1,293	)
		$	54,220		$	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		923			316			1,239
	Write-offs		(984	)		(252	)		(1,236	)
	Balance at August 30, 2014	$	940		$	356		$	1,296

Note_5_Unconsolidated_Affiliat1

Note 5 - Unconsolidated Affiliated Companies (Tables) (Zenith Freight Lines [Member])	9 Months Ended
	Aug. 31, 2013
Zenith Freight Lines [Member]	'
Note 5 - Unconsolidated Affiliated Companies (Tables) [Line Items]	'
Equity Method Investments [Table Text Block]	'
		Quarter Ended				Nine Months Ended
		August 30,		August 31,		August 30,		August 31,
		2014		2013		2014		2013
	Earnings recognized	$	190	$	184	$	534	$	466

Note_6_Real_Estate_Notes_Payab1

Note 6 - Real Estate Notes Payable and Bank Credit Facility (Tables)	9 Months Ended
	Aug. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Debt [Table Text Block]	'
		August 30,			November 30,
		2014			2013
	Real estate notes payable	$	2,538		$	2,746
	Less:
	Current portion of real estate notes payable		(293	)		(279	)
		$	2,245		$	2,467

Note_8_Post_Employment_Benefit1

Note 8 - Post Employment Benefit Obligations (Tables)	9 Months Ended
	Aug. 30, 2014
Postemployment Benefits [Abstract]	'
Schedule of Pension Liability [Table Text Block]	'
		August 30,			November 30,
		2014			2013
	Accrued compensation and benefits	$	810		$	810
	Post employment benefit obligations		8,495			8,965
	Total pension liability	$	9,305		$	9,775
		August 30,			November 30,
		2014			2013
	Accrued compensation and benefits	$	373		$	373
	Post employment benefit obligations		1,859			2,182
	Total deferred compensation liability	$	2,232		$	2,555
Schedule of Net Benefit Costs [Table Text Block]	'
		Quarter Ended					Nine Months Ended
		August 30,			August 31,		August 30,		August 31,
		2014			2013		2014		2013
	Service cost	$	20		$	18	$	59	$	53
	Interest cost		93			87		279		262
	Amortization of transition obligation		10			11		32		32
	Amortization of loss		31			20		92		61
	Net periodic pension cost	$	154		$	136	$	462	$	408
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits [Table Text Block]	'
		Quarter Ended					Nine Months Ended
		August 30,			August 31,		August 30,		August 31,
		2014			2013		2014		2013
	Deferred compensation plan expense (income)	$	(52	)	$	72	$	92	$	216

Note_9_Earnings_Per_Share_Tabl

Note 9 - Earnings Per Share (Tables)	9 Months Ended
	Aug. 30, 2014
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 August 30, 2014
	Basic earnings per share	$	2,256		10,475,945	$	0.22
	Add effect of dilutive securities:
	Options and restricted shares		-		135,209		(0.01	)
	Diluted earnings per share	$	2,256		10,611,154	$	0.21
	For the quarter ended August 31, 2013:
	Basic earnings per share	$	556		10,742,625	$	0.05
	Add effect of dilutive securities:
	Options and restricted shares		-		163,204		-
	Diluted earnings per share	$	556		10,905,829	$	0.05
	For the Nine Months ended August 30, 2014:
	Basic earnings per share	$	5,650		10,596,433	$	0.54
	Add effect of dilutive securities:
	Options and restricted shares		-		138,627		(0.01	)
	Diluted earnings per share	$	5,650		10,735,060	$	0.53
	For the Nine Months ended August 31, 2013:
	Basic earnings per share	$	3,489		10,717,506	$	0.33
	Add effect of dilutive securities:
	Options and restricted shares		-		161,679		(0.01	)
	Diluted earnings per share	$	3,489		10,879,185	$	0.32
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	'
		Quarter Ended				Nine Months Ended
		August 30,		August 31,		August 30,			August 31,
		2014		2013		2014			2013
	Stock options		207,500		415,000		207,500			472,500
	Unvested shares		-		70,000		66,339			81,295
	Total anti-dilutive securities		207,500		485,000		273,839			553,795

Note_11_Asset_Disposition_and_1

Note 11 - Asset Disposition and Accured Lease Exit Costs (Tables)	9 Months Ended
	Aug. 30, 2014
Asset Disposition And Accrued Lease Exit Costs [Text Block] [Abstract]	'
Schedule of Activity Related to Accrued Lease Exit Costs [Table Text Block]	'
	Balance at November 30, 2013	$	907
	Payments on unexpired leases		(456	)
	Accretion of interest on obligations and other		32
	Balance at August 30, 2014	$	483
	Current portion included in other accrued liabilities	$	140
	Long-term portion included in other long-term liabilities		343
		$	483

Note_13_Segment_Information_Ta

Note 13 - Segment Information (Tables)	9 Months Ended
	Aug. 30, 2014
Note 13 - Segment Information (Tables) [Line Items]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
		Quarter Ended						Nine Months Ended
		August 30,			August 31,			August 30,			August 31,
		2014			2013			2014			2013
	Net Sales
	Wholesale	$	56,069		$	52,927		$	163,339		$	160,820
	Retail - Company-owned stores		53,987			46,245			154,401			147,672
	Inter-company elimination		(24,870	)		(22,020	)		(71,722	)		(70,268	)
	Consolidated	$	85,186		$	77,152		$	246,018		$	238,224
	Income (loss) from Operations
	Wholesale	$	3,216		$	2,367		$	9,821		$	8,218
	Retail - Company-owned stores		(167	)		(1,509	)		(2,605	)		(1,803	)
	Inter-company elimination		350			(35	)		1,160			182
	Consolidated	$	3,399		$	823		$	8,376		$	6,597
	Depreciation and Amortization
	Wholesale	$	447		$	325		$	1,108		$	998
	Retail - Company-owned stores		1,451			1,114			4,008			3,080
	Investments and real estate		92			117			312			367
	Consolidated	$	1,990		$	1,556		$	5,428		$	4,445
	Capital Expenditures
	Wholesale	$	788		$	731		$	4,013		$	2,853
	Retail - Company-owned stores		2,690			3,632			11,674			6,694
	Investments and real estate		-			-			-			-
	Consolidated	$	3,478		$	4,363		$	15,687		$	9,547
Assets [Member]	'
Note 13 - Segment Information (Tables) [Line Items]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
		As of			As of
		August 30,			November 30,
		2014			2013
	Identifiable Assets
	Wholesale	$	113,017		$	109,958
	Retail - Company-owned stores		88,254			77,331
	Investments and real estate		29,515			38,560
	Consolidated	$	230,786		$	225,849

Note_2_Interim_Financial_Prese1

Note 2 - Interim Financial Presentation (Details) (USD $)	3 Months Ended		9 Months Ended
	Aug. 30, 2014	Aug. 31, 2013	Aug. 30, 2014	Aug. 31, 2013
Disclosure Text Block Supplement [Abstract]	'	'	'	'
Unrecognized Tax Benefits, Period Increase (Decrease)	$111	$221	$111	$221
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	'	'	($190,000)	'
Income Tax Examination, Year under Examination	'	'	'2012	'

Note_3_Accounts_Receivable_Det

Note 3 - Accounts Receivable (Details)	Aug. 30, 2014	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	68.00%	64.00%

Note_3_Accounts_Receivable_Det1

Note 3 - Accounts Receivable (Details) - Accounts Receivable (USD $)	Aug. 30, 2014	Nov. 30, 2013	Nov. 24, 2012
In Thousands, unless otherwise specified
Accounts Receivable [Abstract]	'	'	'
Gross accounts receivable	$17,440	$17,687	'
Allowance for doubtful accounts	-1,543	-1,607	-1,789
Accounts receivable, net	$15,897	$16,080	'

Note_3_Accounts_Receivable_Det2

Note 3 - Accounts Receivable (Details) - Activity in the Allowance for Doubtful Accounts (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Aug. 30, 2014	Nov. 30, 2013
Activity in the Allowance for Doubtful Accounts [Abstract]	'	'
Balance at November 30, 2013	$1,607	$1,789
Additions charged to expense	164	361
Write-offs and other deductions	-228	-543
Balance at August 30, 2014	$1,543	$1,607

Note_4_Inventories_Details_Inv

Note 4 - Inventories (Details) - Inventories (USD $)	Aug. 30, 2014	Nov. 30, 2013
In Thousands, unless otherwise specified
Inventories [Abstract]	'	'
Wholesale finished goods	$27,801	$28,450
Work in process	311	277
Raw materials and supplies	8,398	8,029
Retail merchandise	26,949	25,167
Total inventories on first-in, first-out method	63,459	61,923
LIFO adjustment	-7,943	-7,561
Reserve for excess and obsolete inventory	-1,296	-1,293
	$54,220	$53,069

Note_4_Inventories_Details_Act

Note 4 - Inventories (Details) - Activity in the Reserves for Excess Quantities and Obsolete Inventory by Segment (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Aug. 30, 2014
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
Additions charged to expense	1,239
Write-offs	-1,236
Balance at August 30, 2014	1,296
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	923
Write-offs	-984
Balance at August 30, 2014	940
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	316
Write-offs	-252
Balance at August 30, 2014	$356

Note_5_Unconsolidated_Affiliat2

Note 5 - Unconsolidated Affiliated Companies (Details) (USD $)	Aug. 30, 2014	Nov. 30, 2013
In Thousands, unless otherwise specified
Note 5 - Unconsolidated Affiliated Companies (Details) [Line Items]	'	'
Equity Method Investments	$7,787	$7,254
Due to Affiliate	2,234	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		9 Months Ended
In Thousands, unless otherwise specified	Aug. 30, 2014	Aug. 31, 2013	Aug. 30, 2014	Aug. 31, 2013
Earnings Recognized [Member] | Zenith Freight Lines [Member]	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'
Earnings recognized	$190	$184	$534	$466

Note_6_Real_Estate_Notes_Payab2

Note 6 - Real Estate Notes Payable and Bank Credit Facility (Details) (USD $)	Aug. 30, 2014	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	$6,390	$10,435
Secured Debt, Current	293	279
Secured Long-term Debt, Noncurrent	2,245	2,467
Loans Payable, Fair Value Disclosure	2,498	2,684
Line of Credit Facility, Maximum Borrowing Capacity	15,000	'
Letters of Credit Outstanding, Amount	216	'
Line of Credit Facility, Remaining Borrowing Capacity	14,784	'
Financed Through Commercial Mortgages [Member]	'	'
Note 6 - Real Estate Notes Payable and Bank Credit Facility (Details) [Line Items]	'	'
Real Estate Investment Property, Net	$6,161	$6,262

Note_6_Real_Estate_Notes_Payab3

Note 6 - Real Estate Notes Payable and Bank Credit Facility (Details) - Real Estate Notes Payable (USD $)	Aug. 30, 2014	Nov. 30, 2013
In Thousands, unless otherwise specified
Real Estate Notes Payable [Abstract]	'	'
Real estate notes payable	$2,538	$2,746
Less:	'	'
Current portion of real estate notes payable	-293	-279
	$2,245	$2,467

Note_7_Contingencies_Details

Note 7 - Contingencies (Details) (USD $)	12 Months Ended					9 Months Ended
In Thousands, unless otherwise specified	Nov. 24, 2012	Aug. 30, 2014	Nov. 30, 2013	Aug. 30, 2014	Nov. 30, 2013	Aug. 30, 2014	Aug. 30, 2014	Jun. 30, 2014
				Lease Obligations of Licensee Operators [Member]	Lease Obligations of Licensee Operators [Member]	Minimum [Member]	Maximum [Member]	Other Current Assets [Member]
Note 7 - Contingencies (Details) [Line Items]	'	'	'	'	'	'	'	'
Income from Continued Dumping and Subsidy Offset Act	$9,010	'	'	'	'	'	'	'
Operating Leases, Future Minimum Payments Due	'	94,427	96,421	'	'	'	'	'
Lease Guarantees Term	'	'	'	'	'	'1 year	'10 years	'
Loss Contingency, Estimate of Possible Loss	'	'	'	3,795	3,698	'	'	'
Deposits Assets, Current	'	'	'	'	'	'	'	$1,150

Note_8_Post_Employment_Benefit2

Note 8 - Post Employment Benefit Obligations (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Aug. 30, 2014	Aug. 30, 2014	Nov. 30, 2013	Aug. 30, 2014	Nov. 30, 2013
		Supplemental Employee Retirement Plan [Member]	Supplemental Employee Retirement Plan [Member]	Unfunded Deferred Compensation Plan [Member]	Unfunded Deferred Compensation Plan [Member]
Note 8 - Post Employment Benefit Obligations (Details) [Line Items]	'	'	'	'	'
Postemployment Benefits Liability	'	$9,305	$9,775	$2,232	$2,555
Increase (Decrease) in Deferred Compensation	($124)	'	'	'	'

Note_8_Post_Employment_Benefit3

Note 8 - Post Employment Benefit Obligations (Details) - Pension Liability (USD $)	Aug. 30, 2014	Nov. 30, 2013
In Thousands, unless otherwise specified
Note 8 - Post Employment Benefit Obligations (Details) - Pension Liability [Line Items]	'	'
Post employment benefit obligations	$10,354	$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	8,495	8,965
Total pension liability	9,305	9,775
Unfunded Deferred Compensation Plan [Member]	'	'
Note 8 - Post Employment Benefit Obligations (Details) - Pension Liability [Line Items]	'	'
Accrued compensation and benefits	373	373
Post employment benefit obligations	1,859	2,182
Total pension liability	$2,232	$2,555

Note_8_Post_Employment_Benefit4

Note 8 - Post Employment Benefit Obligations (Details) - Components of Net Periodic Pension Costs (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Aug. 30, 2014	Aug. 31, 2013	Aug. 30, 2014	Aug. 31, 2013
Components of Net Periodic Pension Costs [Abstract]	'	'	'	'
Service cost	$20	$18	$59	$53
Interest cost	93	87	279	262
Amortization of transition obligation	10	11	32	32
Amortization of loss	31	20	92	61
Net periodic pension cost	$154	$136	$462	$408

Note_8_Post_Employment_Benefit5

Note 8 - Post Employment Benefit Obligations (Details) - Deferred Compensation Arrangement Expenses (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Aug. 30, 2014	Aug. 31, 2013	Aug. 30, 2014	Aug. 31, 2013
Deferred Compensation Arrangement Expenses [Abstract]	'	'	'	'
Deferred compensation plan expense (income)	($52)	$72	$92	$216

Note_9_Earnings_Per_Share_Deta

Note 9 - Earnings Per Share (Details) - Reconciliation of Basic and Diluted Earnings Per Share (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Aug. 30, 2014	Aug. 31, 2013	Aug. 30, 2014	Aug. 31, 2013
Reconciliation of Basic and Diluted Earnings Per Share [Abstract]	'	'	'	'
Net income (in Dollars)	$2,256	$556	$5,650	$3,489
Weighted average shares	10,475,945	10,742,625	10,596,433	10,717,506
Net income per share (in Dollars per share)	$0.22	$0.05	$0.54	$0.33
Weighted Average Shares	135,209	163,204	138,627	161,679
Net Income Per Share (in Dollars per share)	($0.01)	'	($0.01)	($0.01)
Net income (in Dollars)	$2,256	$556	$5,650	$3,489
Weighted average shares	10,611,154	10,905,829	10,735,060	10,879,185
Net income per share (in Dollars per share)	$0.21	$0.05	$0.53	$0.32

Note_9_Earnings_Per_Share_Deta1

Note 9 - Earnings Per Share (Details) - Antidilutive Securities	3 Months Ended		9 Months Ended
	Aug. 30, 2014	Aug. 31, 2013	Aug. 30, 2014	Aug. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities	207,500	485,000	273,839	553,795
Equity Option [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities	207,500	415,000	207,500	472,500
Restricted Stock [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities	'	70,000	66,339	81,295

Note_10_Financial_Instruments_1

Note 10 - Financial Instruments and Fair Value Measurements (Details) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Aug. 30, 2014	Aug. 30, 2014	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	0.21%	0.21%	'
Gain (Loss) on Investments	$18	$207	'
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	0.10%	0.10%	'
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	'	'8 months	'

Note_11_Asset_Disposition_and_2

Note 11 - Asset Disposition and Accured Lease Exit Costs (Details) (USD $)	3 Months Ended	9 Months Ended		3 Months Ended
In Thousands, unless otherwise specified	Aug. 30, 2014	Aug. 30, 2014	Aug. 31, 2013	Mar. 01, 2014	Aug. 30, 2014
				Henderson, Nevada [Member]	Denver, Colorado [Member]
Note 11 - Asset Disposition and Accured Lease Exit Costs (Details) [Line Items]	'	'	'	'	'
Proceeds from Sale of Property Held-for-sale	$3,750	$5,157	$958	$1,407	$3,750

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 $)	9 Months Ended
In Thousands, unless otherwise specified	Aug. 30, 2014	Nov. 30, 2013
Activity Related to Our Accrued Lease Exit Costs [Abstract]	'	'
Accrued lease exit costs	$483	$907
Current portion included in other accrued liabilities	140	'
Long-term portion included in other long-term liabilities	343	'
	483	'
Payments on unexpired leases	-456	'
Accretion of interest on obligations and other	$32	'

Note_13_Segment_Information_De

Note 13 - Segment Information (Details)	9 Months Ended
	Aug. 30, 2014
Segment Reporting [Abstract]	'
Number of Reportable Segments	3

Note_13_Segment_Information_De1

Note 13 - Segment Information (Details) - Segment information (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Aug. 30, 2014	Aug. 31, 2013	Aug. 30, 2014	Aug. 31, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	$85,186	$77,152	$246,018	$238,224
Income (Loss) from Operations	3,399	823	8,376	6,597
Depreciation and Amortization	1,990	1,556	5,428	4,445
Capital Expenditures	3,478	4,363	15,687	9,547
Operating Segments [Member] | Wholesale Segment [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	56,069	52,927	163,339	160,820
Income (Loss) from Operations	3,216	2,367	9,821	8,218
Depreciation and Amortization	447	325	1,108	998
Capital Expenditures	788	731	4,013	2,853
Operating Segments [Member] | Retail Segment [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	53,987	46,245	154,401	147,672
Income (Loss) from Operations	-167	-1,509	-2,605	-1,803
Depreciation and Amortization	1,451	1,114	4,008	3,080
Capital Expenditures	2,690	3,632	11,674	6,694
Operating Segments [Member] | Investments or Real Estate [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Depreciation and Amortization	92	117	312	367
Intersegment Eliminations [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Net Sales	-24,870	-22,020	-71,722	-70,268
Income (Loss) from Operations	$350	($35)	$1,160	$182

Note_13_Segment_Information_De2

Note 13 - Segment Information (Details) - Identifiable assets (USD $)	Aug. 30, 2014	Nov. 30, 2013
In Thousands, unless otherwise specified
Identifiable Assets	'	'
Indentifiable Assets	$230,786	$225,849
Operating Segments [Member] | Wholesale Segment [Member]	'	'
Identifiable Assets	'	'
Indentifiable Assets	113,017	109,958
Operating Segments [Member] | Retail Segment [Member]	'	'
Identifiable Assets	'	'
Indentifiable Assets	88,254	77,331
Operating Segments [Member] | Investments or Real Estate [Member]	'	'
Identifiable Assets	'	'
Indentifiable Assets	$29,515	$38,560