Bassett Furniture Industries (BSET) 10-Q 30 Jun 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	May 28, 2016	Jun. 17, 2016
Document Information [Line Items]
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES INC
Entity Central Index Key	10,329
Trading Symbol	bset
Current Fiscal Year End Date	--11-26
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		10,904,934
Document Type	10-Q
Document Period End Date	May 28, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Retained Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 28, 2016	May 30, 2015	May 28, 2016	May 30, 2015
Sales revenue:
Furniture and accessories	$ 92,990	$ 99,467	$ 185,392	$ 189,015
Logistics	13,677	12,086	28,148	15,345
Total sales revenue	106,667	111,553	213,540	204,360
Cost of furniture and accessories sold	42,419	46,921	84,405	88,851
Selling, general and administrative expenses excluding new store pre-opening costs	58,088	57,425	117,045	104,900
New store pre-opening costs	$ 307	$ 44	$ 446	44
Lease exit costs				419
Asset impairment charges				106
Management restructuring costs		$ 449		449
Income from operations	$ 5,853	$ 6,714	$ 11,644	9,591
Remeasurement gain on acquisition of affiliate				7,212
Income from Continued Dumping & Subsidy Offset Act		$ 1,066		1,066
Other loss, net	$ (600)	(597)	$ (1,257)	(1,220)
Income before income taxes	5,253	7,183	10,387	16,649
Income tax expense	1,868	2,654	3,768	6,164
Net income	3,385	4,529	6,619	10,485
Retained earnings-beginning of period	123,176	111,474	120,904	106,339
Cash dividends	(998)	(854)	(1,960)	(1,675)
Retained earnings-end of period	$ 125,563	$ 115,149	$ 125,563	$ 115,149
Basic earnings per share (in dollars per share)	$ 0.31	$ 0.42	$ 0.61	$ 0.99
Diluted earnings per share (in dollars per share)	0.31	0.42	0.61	0.98
Dividends per share (in dollars per share)	$ 0.09	$ 0.08	$ 0.18	$ 0.16

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 28, 2016	May 30, 2015	May 28, 2016	May 30, 2015
Net income	$ 3,385	$ 4,529	$ 6,619	$ 10,485
Other comprehensive income (loss):
Amortization associated with supplemental executive retirement defined benefit plan (SERP)	92	58	183	117
Income taxes related to SERP	(36)	(22)	(70)	(44)
Other comprehensive income, net of tax	56	36	113	73
Total comprehensive income	$ 3,441	$ 4,565	$ 6,732	$ 10,558

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	May 28, 2016	Nov. 28, 2015
Current assets
Cash and cash equivalents	$ 29,726	$ 36,268
Short-term investments	23,125	23,125
Accounts receivable, net	18,987	21,197
Inventories	54,834	59,896
Other current assets	8,249	6,798
Total current assets	134,921	147,284
Property and equipment, net	104,075	96,104
Deferred income taxes	12,205	13,471
Goodwill and other intangible assets	17,521	17,682
Other	7,525	8,002
Total long-term assets	37,251	39,155
Total assets	276,247	282,543
Current liabilities
Accounts payable	20,198	20,916
Accrued compensation and benefits	11,614	14,345
Customer deposits	$ 20,132	23,999
Dividends payable		2,184
Current portion of long-term debt	$ 6,438	5,273
Other accrued liabilities	10,907	13,133
Total current liabilities	69,289	79,850
Long-term liabilities
Post employment benefit obligations	12,654	12,694
Notes payable	9,220	8,500
Other long-term liabilities	4,151	4,133
Total long-term liabilities	26,025	25,327
Stockholders’ equity
Common stock	54,525	54,580
Retained earnings	125,563	120,904
Additional paid-in capital	3,409	4,560
Accumulated other comprehensive loss	(2,564)	(2,678)
Total stockholders' equity	180,933	177,366
Total liabilities and stockholders’ equity	$ 276,247	$ 282,543

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	May 28, 2016	May 30, 2015
Operating activities:
Net income	$ 6,619	$ 10,485
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	$ 5,611	4,729
Equity in undistributed income of investments and unconsolidated affiliated companies		(220)
Provision for restructuring and asset impairment charges		106
Non-cash portion of lease exit costs		419
Remeasurement gain on acquisition of affiliate		(7,212)
Tenant improvement allowance received from lessors	$ 590	330
Deferred income taxes	1,198	4,212
Excess tax benefits from stock-based compensation	41	1,032
Other, net	697	1,018
Changes in operating assets and liabilities:
Accounts receivable	2,436	(1,490)
Inventories	5,062	(5,706)
Other current assets	(1,451)	(2,121)
Customer deposits	(3,867)	763
Accounts payable and accrued liabilities	(5,926)	3,882
Net cash provided by operating activities	11,010	10,227
Investing activities:
Purchases of property and equipment	(14,116)	(7,942)
Proceeds from sales of property and equipment	$ 577	2,952
Cash paid for business acquisition, net of cash acquired		(7,323)
Capital contribution to affiliate		(1,345)
Net cash used in investing activities	$ (13,539)	(13,658)
Financing activities:
Cash dividends	(4,145)	(3,777)
Proceeds from the exercise of stock options	114	2,993
Other issuance of common stock	176	171
Repurchases of common stock	(1,930)	(255)
Repayments of notes payable	(4,920)	(1,214)
Proceeds from equipment loans	6,692	1,307
Net cash used in financing activities	(4,013)	(775)
Change in cash and cash equivalents	(6,542)	(4,206)
Cash and cash equivalents - beginning of period	36,268	26,673
Cash and cash equivalents - end of period	$ 29,726	$ 22,467

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	May 28, 2016
Notes to Financial Statements
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 (“FASB”) 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 a controlling interest. The equity method of accounting was used for our investment in an affiliated company in which we exercised significant influence but did not maintain a controlling interest prior to the Zenith acquisition mentioned below. 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. Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of income net of estimates for returns and allowances. Zenith Acquisition Prior to February 2, 2015 we held a 49% interest in Zenith Freight Lines, LLC (“Zenith”) for which we used the equity method of accounting. On February 2, 2015 we acquired the remaining 51% ownership interest (see Note 3, Business Combinations). Accordingly, the results of Zenith have been consolidated with our results since the date of the acquisition. Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated, and Zenith’s operating costs and expenses since the date of acquisition are included in selling, general and administrative expenses in our condensed consolidated statements of income. Our equity in the earnings of Zenith prior to the date of the acquisition is included in other loss, net, in the accompanying condensed consolidated statements of income. Adoption of Accounting Standards Update 2016-09 In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The impact of early adoption resulted in the following: ● We recorded an immaterial tax benefit within income tax expense for the three months ended May 28, 2016 related to the excess tax benefit on stock based compensation. Prior to adoption this amount this amount would have been recorded as additional paid-in capital. This change could create future volatility in our effective tax rate depending upon the amount of exercise or vesting activity from our stock based awards. ● We have elected to recognized forfeitures as they occur. There was no cumulative effect adjustment as a result of the adoption of this amendment on a modified retrospective basis. ● We have elected to apply the change in classification of cash flows resulting from excess tax benefits or deficiencies on a retrospective basis. Accordingly, $1,032 of excess tax benefits previously reported as a cash flow provided by financing activities during the six months ended May 30, 2015 has been reclassified to be included in cash flows provided by operating activities. ● We have excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of our diluted earnings per share for the three and six months ended May 28, 2016. The effect of this change on our diluted earnings per share was not significant. ● ASU 2016-09 also requires the presentation of employee taxes paid by the Company through the withholding of shares as a financing activity on the statement of cash flows, which is where we had previously reclassified these items. The impact of the adoption of this standard retroactively as of November 29, 2015 (the first day of our fiscal year 2016), was not significant as there was no significant award vesting or settlement activity during the first quarter of fiscal 2016. There were no other material impacts to our consolidated financial statements as a result of adopting this updated standard.

Note 2 - Interim Financial Pres

Note 2 - Interim Financial Presentation	6 Months Ended
	May 28, 2016
Notes to Financial Statements
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 and six months ended May 28, 2016 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 28, 2015. We calculate an anticipated effective tax rate for the year based on our annual estimates of pretax income and use that effective tax rate to record our year-to-date income tax provision. Any change in annual projections of pretax income could have a significant impact on our effective tax rate for the respective quarter. Our effective tax rates for the three and six month periods ended May 28, 2016 and May 30, 2015 differ from the federal statutory rate primarily due to the effects of state income taxes and various permanent differences including the favorable impact of the Section 199 manufacturing deduction.

Note 3 - Business Combination -

Note 3 - Business Combination - Acquisition of Zenith	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Business Combination Disclosure [Text Block]	3. Business Combination – Acquisition of Zenith Prior to February 2, 2015 we held a 49% interest in Zenith for which we used the equity method of accounting. Zenith provides domestic transportation and warehousing services primarily to furniture manufacturers and distributors and also provides home delivery services to furniture retailers. We historically have contracted with Zenith to provide substantially all of our domestic freight, transportation and warehousing needs for the wholesale business. In addition, Zenith provides home delivery services for many of our Company-owned retail stores. On February 2, 2015, we acquired the remaining 51% of Zenith in exchange for cash, Bassett common stock and a note payable with a total fair value of $19,111. The value of the Bassett common stock was based on the closing market price of our shares on the acquisition date, discounted for lack of marketability due to restrictions on the seller’s ability to transfer the shares. The restrictions on one half of the shares expired on the first anniversary of the acquisition, with the remainder expiring on the second anniversary. The note is payable in three annual installments of $3,000 each beginning February 2, 2016, and has been discounted to its fair value as of the date of the acquisition based on our estimated borrowing rate. The carrying value of our 49% interest in Zenith prior to the acquisition was $9,480 (see Note 8, unconsolidated affiliated company). In connection with the acquisition, this investment was remeasured to a fair value of $16,692 resulting in the recognition of a gain of $7,212 during the six months ended May 30, 2015. The impact of this gain upon our basic and diluted earnings per share was approximately $0.42, net of the related tax expense. The remeasured fair value of our prior interest in Zenith was estimated based on the fair value of the consideration transferred to acquire the remaining 51% of Zenith less an estimated control premium. Under the acquisition method of accounting, the fair value of the consideration transferred along with the fair value of our previous 49% interest in Zenith was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values as of the acquisition date with the remaining unallocated amount recorded as goodwill. The total fair value of the acquired business was determined as follows: Fair value of consideration transferred in exchange for 51% of Zenith: Cash $ 9,000 Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share 1,675 Note payable 8,436 Total fair value of consideration transferred to seller 19,111 Less effective settlement of previous amounts payable to Zenith at acquisition (3,622 ) Total fair value of consideration net of effective settlement 15,489 Fair value of Bassett's previous 49% interest in Zenith 16,692 Total fair value of acquired business $ 32,181 The allocation of the fair value of the acquired business is as follows: Allocation of the fair value of consideration transferred: Identifiable assets acquired: Acquired cash and cash equivalents $ 1,677 Accounts receivable, net 3,399 Prepaid expenses and other current assets 496 Property and equipment 18,110 Other long-term assets 646 Intangible assets 6,362 Total identifiable assets acquired 30,690 Liabilities assumed: Accounts payable and accrued liabilities (4,038 ) Notes payable (4,329 ) Total liabilities assumed (8,367 ) Net identifiable assets acquired 22,323 Goodwill 9,858 Total net assets acquired $ 32,181 Goodwill was determined based on the residual difference between the fair value of the consideration transferred and the value assigned to tangible and intangible assets and liabilities. Approximately $6,982 of the acquired goodwill is deductible for tax purposes. Among the factors that contributed to a purchase price resulting in the recognition of goodwill were Zenith’s reputation for best-in-class, fully integrated logistical services which are uniquely tailored to the needs of the furniture industry, as well as their ability to provide expedited delivery service which is increasingly in demand in the furniture industry. A portion of the fair value of consideration transferred was assigned to identifiable intangible assets as follows: Useful Life Description: In Years Fair Value Customer relationships 15 $ 3,038 Trade names Indefinite 2,490 Technology - customized applications 7 834 Total acquired intangible assets $ 6,362 The finite-lived intangible assets are being amortized on a straight-line basis over their useful lives. The indefinite-lived intangible asset and goodwill are not amortized but will be tested for impairment annually or between annual tests if an indicator of impairment exists. The fair values of consideration transferred and net assets acquired were determined using a combination of Level 2 and Level 3 inputs as specified in the fair value hierarchy in ASC 820, Fair Value Measurements and Disclosures Acquisition costs related to the Zenith acquisition totaled $88 and $209 during the three and six months ended May 28, 2015, respectively, and are included in selling, general and administrative expenses in the condensed consolidated statements of income. The acquisition costs are primarily related to legal, accounting and valuation services. The revenue and pre-tax profit of Zenith that is included in our condensed consolidated statements of income is as follows: Quarter Ended Six Months Ended May 28, 2016 May 30, 2015 May 28, 2016 May 30, 2015 (1) Zenith revenue (2) $ 13,677 $ 12,086 $ 28,148 $ 15,345 Zenith pre-tax income $ 614 $ 982 $ 1,309 $ 962 (1) From date of acquisition, February 2, 2015. (2) Net of eliminated inter-company transactions. See Note 14. The pro forma results of operations for the acquisition of Zenith have not been presented because they are not material to our consolidated results of operations.

Note 4 - Financial Instruments

Note 4 - Financial Instruments and Fair Value Measurements	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. 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 method investments, accounts payable and notes payable/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 method investments generally involve entities for which it is not practical to determine fair values. Investments Our short-term investments of $23,125 at both May 28, 2016 and November 28, 2015 consisted of certificates of deposit (CDs) with original terms of twelve months, bearing interest at rates ranging from 0.28% to 1.00%. At May 28, 2016, the weighted average remaining time to maturity of the CDs was approximately two months and the weighted average yield of the CDs was approximately 0.42%. 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 28, 2016 and November 28, 2015 approximates their fair value. Fair Value Measurement The Company accounts for items measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures Level 1 Inputs Level 2 Inputs Level 3 Inputs 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 notes payable for disclosure purposes (see Note 9) involves Level 3 inputs. Our primary non-recurring fair value estimates typically involve business acquisitions (Note 3) which involve a combination of Level 2 and Level 3 inputs, and asset impairments (Note 11) which utilize Level 3 inputs.

Note 5 - Accounts Receivable

Note 5 - Accounts Receivable	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	5. Accounts Receivable Accounts receivable consists of the following: May 28, 2016 November 28, 2015 Gross accounts receivable $ 19,993 $ 22,372 Allowance for doubtful accounts (1,006 ) (1,175 ) Accounts receivable, net $ 18,987 $ 21,197 Activity in the allowance for doubtful accounts for the six months ended May 28, 2016 was as follows: 2016 Balance at November 28, 2015 $ 1,175 Reductions to allowance (169 ) Balance at May 28, 2016 $ 1,006 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

Note 6 - Inventories

Note 6 - Inventories	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	6 . 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 28, 2016 November 28, 2015 Wholesale finished goods $ 25,066 $ 31,253 Work in process 348 318 Raw materials and supplies 11,321 9,793 Retail merchandise 27,470 27,680 Total inventories on first-in, first-out method 64,205 69,044 LIFO adjustment (7,985 ) (7,751 ) Reserve for excess and obsolete inventory (1,386 ) (1,397 ) $ 54,834 $ 59,896 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 Segment Retail Segment Total Balance at November 28, 2015 $ 1,087 $ 310 $ 1,397 Additions charged to expense 1,048 261 1,309 Write-offs (1,053 ) (267 ) (1,320 ) Balance at May 28, 2016 $ 1,082 $ 304 $ 1,386 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 2016 and do not anticipate that our methodology is likely to change in the future.

Note 7 - Goodwill and Other Int

Note 7 - Goodwill and Other Intangible Assets	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	7. Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following: May 28, 2016 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (270 ) $ 2,768 Technology - customized applications 834 (159 ) 675 Total intangible assets subject to amortization 3,872 (429 ) 3,443 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,588 - 11,588 Total goodwill and other intangible assets $ 17,950 $ (429 ) $ 17,521 November 28, 2015 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (169 ) $ 2,869 Technology - customized applications 834 (99 ) 735 Total intangible assets subject to amortization 3,872 (268 ) 3,604 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,588 - 11,588 Total goodwill and other intangible assets $ 17,950 $ (268 ) $ 17,682 The carrying amounts of goodwill by reportable segment at both May 28, 2016 and November 28, 2015 were as follows: Wholesale $ 4,839 Retail 1,820 Logistical services 4,929 Total goodwill $ 11,588 There were no accumulated impairment losses on goodwill as of May 28, 2016 or November 28, 2015. Amortization expense associated with intangible assets during the three and six months ended May 28, 2016 and May 30, 2015 was as follows: Quarter Ended Six Months Ended May 28, 2016 May 30, 2015 May 28, 2016 May 30, 2015 Intangible asset amortization expense $ 80 $ 66 $ 161 $ 108

Note 8 - Unconsolidated Affilia

Note 8 - Unconsolidated Affiliated	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	8. Unconsolidated Affiliate Prior to February 2, 2015 we owned 49% of Zenith and accounted for our investment under the equity method. The balance of our investment in Zenith was adjusted for our equity in the earnings of Zenith through February 2, 2015 of $220 (included in other loss, net in our condensed consolidated statement of income for the six months ended May 30, 2015), and increased by $1,345 representing our 49% share of a $2,745 capital contribution made to Zenith, a portion of which was used for retirement of certain of Zenith’s debt prior to the acquisition. This activity resulted in a carrying value for our investment in Zenith of $9,480 on the date of acquisition. See Note 3 regarding the remeasurement of this carrying value to fair value in connection with the acquisition and the resulting remeasurement gain of $7,212.

Note 9 - Notes Payable and Bank

Note 9 - Notes Payable and Bank Credit Facility	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	9 . Notes Payable and Bank Credit Facility Our notes payable consist of the following: May 28, 2016 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 6,000 $ (200 ) $ 5,800 Transportation equipment notes payable 7,207 - 7,207 Real estate notes payable 2,651 - 2,651 Total Debt 15,858 (200 ) 15,658 Less current portion (6,586 ) 148 (6,438 ) Total long-term debt $ 9,272 $ (52 ) $ 9,220 November 28, 2015 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 9,000 $ (312 ) $ 8,688 Transportation equipment notes payable 2,152 - 2,152 Real estate notes payable 2,933 - 2,933 Total Debt 14,085 (312 ) 13,773 Less current portion (5,477 ) 204 (5,273 ) Total long-term debt $ 8,608 $ (108 ) $ 8,500 The future maturities of our notes payable are as follows: Remainder of fiscal 2016 $ 2,290 Fiscal 2017 5,415 Fiscal 2018 5,137 Fiscal 2019 2,148 Fiscal 2020 868 Fiscal 2021 - Thereafter - $ 15,858 Zenith Acquisition Note Payable As part of the consideration given for our acquisition of Zenith on February 2, 2015, we issued an unsecured note payable to the former owner in the amount of $9,000, payable in three annual installments of $3,000 due on each anniversary of the note, the first installment having been paid on February 2, 2016. Interest is payable annually at the one year LIBOR rate, which was established at 0.62% on February 2, 2015 and resets on each anniversary of the note, having reset to the current rate of 1.14% on February 2, 2016. The note was recorded at its fair value in connection with the acquisition resulting in a debt discount that is amortized to the principal amount through the recognition of non-cash interest expense over the term of the note. Interest expense resulting from the amortization of the discount was $46 and $112 for the three and six months ended May 28, 2016, respectively, and $78 and $101 for the three and six months ended May 30, 2015, respectively. The current portion of the note due within one year, including unamortized discount, was $2,852 and $2,796 at May 28, 2016 and November 28, 2015, respectively. Transportation Equipment Notes Payable Certain of the transportation equipment operated in our logistical services segment is financed by notes payable in the amount of $7,207 and $2,152 at May 28, 2016 and November 28, 2015, respectively. These notes are payable in fixed monthly payments of principal and interest at fixed and variable rates ranging from 2.63% to 3.75% at May 28, 2016, with remaining terms of twelve to fifty months. The current portion of these notes due within one year was $2,108 and $901 at May 28, 2016 and November 28, 2015, respectively. The notes are secured by tractors, trailers and local delivery trucks with a total net book value of $9,260 and $3,796 at May 28, 2016 and November 28, 2015, respectively. Real Estate Notes Payable Certain of our retail real estate properties have been financed through commercial mortgages with outstanding principal totaling $1,536 and $1,709 at May 28, 2016 and November 28, 2015, respectively. The mortgages bear interest at fixed rates of 6.73%. They are collateralized by the respective properties with net book values totaling approximately $5,925 and $5,993 at May 28, 2016 and November 28, 2015, respectively. The current portion of these mortgages due within one year was $363 and $351 as of May 28, 2016 and November 28, 2015, respectively. Certain of the real estate located in Conover, North Carolina and operated in our logistical services segment is subject to a note payable in the amount of $1,115 and $1,224 at May 28, 2016 and November 28, 2015, respectively. The note is payable in monthly installments of principal and interest at the fixed rate of 3.75% through October 2016, at which time the remaining balance on the note of approximately $1,005 will be due. Therefore, the entire balance of this note is included in the current portion of our long-term debt at May 28, 2016 and November 28, 2015. The note is secured by land and buildings with a total net book value of $6,157 and $6,226 at May 28, 2016 and November 28, 2015, respectively. Fair Value We believe that the carrying amount of our notes payable approximates fair value at both May 28, 2016 and November 28, 2015. In estimating the fair value, we utilize 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 Bank Credit Facility Effective December 5, 2015, we entered into a new credit facility with our bank which provides for a line of credit of up to $15,000. This credit facility, which matures in December of 2018, is unsecured and 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 28, 2016, we had $1,970 outstanding under standby letters of credit against our line, leaving availability under our credit line of $13,030. In addition, we have outstanding standby letters of credit with another bank totaling $356.

Note 10 - Post Employment Benef

Note 10 - Post Employment Benefit Obligations	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Postemployment Benefits Disclosure [Text Block]	10. 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 $11,688 and $11,678 as of May 28, 2016 and November 28, 2015, respectively, and is recorded as follows in the condensed consolidated balance sheets: May 28, 2016 November 28, 2015 Accrued compensation and benefits $ 749 $ 749 Post employment benefit obligations 10,939 10,929 Total pension liability $ 11,688 $ 11,678 Components of net periodic pension costs are as follows: Quarter Ended Six Months Ended May 28, 2016 May 30, 2015 May 28, 2016 May 30, 2015 Service cost $ 36 $ 26 $ 73 $ 52 Interest cost 106 94 211 187 Amortization of transition obligation 11 11 21 21 Amortization of loss 81 49 162 97 Net periodic pension cost $ 234 $ 180 $ 467 $ 357 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. Our liability under this plan was $2,035 and $2,085 as of May 28, 2016 and November 28, 2015, respectively, and is recorded as follows in the condensed consolidated balance sheets: May 28, 2016 November 28, 2015 Accrued compensation and benefits $ 320 $ 320 Post employment benefit obligations 1,715 1,765 Total deferred compensation liability $ 2,035 $ 2,085 We recognized expense under this plan during the three and six months ended May 28, 2016 and May 30, 2015 as follows: Quarter Ended Six Months Ended May 28, 2016 May 30, 2015 May 28, 2016 May 30, 2015 Deferred compensation expense $ 57 $ 54 $ 114 $ 108

Note 11 - Impairment Charges an

Note 11 - Impairment Charges and Accrued Lease Exit Costs	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Restructuring, Impairment, and Other Activities Disclosure [Text Block]	11 . Impairment Charges and Accrued Lease Exit Costs During the first quarter of fiscal 2015 we announced the closing of our Company-owned retail store location in Memphis, Tennessee. In connection with this closing, we recognized non-cash charges during the six months ended May 30, 2015 of $419 for the accrual of lease exit costs and $106 for the write off of abandoned leasehold improvements and other store assets. The following table summarized the activity related to our accrued lease exit costs: Balance at November 28, 2015 $ 566 Provisions made to adjust previous estimates 54 Payments and other (260 ) Accretion of interest on obligations 5 Balance at May 28, 2016 $ 365 Current portion included in other accrued liabilities $ 203 Long-term portion included in other long-term liabilities 162 Total accrued lease exit costs at May 28, 2016 $ 365 Management Restructuring Costs During the three and six months ended May 30, 2015, we recognized $449 of expense related to severance payable to a former executive, who left the Company in April, 2015. As of November 28, 2015, all required payments of severance had been disbursed. These management restructuring costs were incurred within our wholesale segment. Income from Continue Dumping & Subsidy Offset Act During the three and six months ended May 30, 2015, we recognized income of $1,066 arising from distributions received from U.S. Customs and Border Protection (“Customs”) under the Continued Dumping and Subsidy Offset Act of 2000 (“CDSOA”). These distributions primarily represent amounts previously withheld by Customs pending the resolution of claims filed by certain manufacturers who did not support the antidumping petition (“Non-Supporting Producers”) challenging certain provisions of the CDSOA and seeking to share in the distributions. The Non-Supporting Producers’ claims were dismissed by the courts and all appeals were exhausted in 2014. While it is possible that we may receive additional distributions from Customs, we cannot estimate the likelihood or amount of any future distributions.

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	1 2 . Commitments and 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. 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, and we lease land and buildings at various locations throughout the continental United States for warehousing and distribution hubs used in our logistical services segment. We also lease tractors, trailers and local delivery trucks used in our logistical services segment. Our real estate lease terms range from one to 15 years and generally have renewal options of between five and 15 years. Some store leases contain contingent rental provisions based upon sales volume. Our transportation equipment leases have terms ranging from two to seven years with fixed monthly rental payments plus variable charges based upon mileage. The following schedule shows future minimum lease payments under non-cancellable operating leases with terms in excess of one year as of May 28, 2016: Retail Stores Distribution Centers Transportation Equipment Total Remainder of fiscal 2016 $ 9,473 $ 2,085 $ 1,835 $ 13,393 Fiscal 2017 20,519 4,041 3,060 27,620 Fiscal 2018 18,350 2,736 1,835 22,921 Fiscal 2019 16,501 1,745 1,808 20,054 Fiscal 2020 15,206 1,230 1,743 18,179 Fiscal 2021 12,927 1,254 1,169 15,350 Thereafter 37,460 3,023 1,217 41,700 Total future minimum lease payments $ 130,436 $ 16,114 $ 12,667 $ 159,217 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 $2,254 and $2,494 at May 28, 2016 and November 28, 2015, 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 28, 2016 and November 28, 2015 was not material.

Note 13 - Earnings Per Share

Note 13 - Earnings Per Share	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	1 3 . Earnings Per Share The following reconciles basic and diluted earnings per share: Net Income Weighted Average Shares Net Income Per Share For the quarter ended May 28, 2016: Basic earnings per share $ 3,385 10,767,082 $ 0.31 Add effect of dilutive securities: Options and restricted shares - 145,609 - Diluted earnings per share $ 3,385 10,912,691 $ 0.31 For the quarter ended May 30, 2015: Basic earnings per share $ 4,529 10,678,298 $ 0.42 Add effect of dilutive securities: Options and restricted shares - 165,918 - Diluted earnings per share $ 4,529 10,844,216 $ 0.42 For the six months ended May 28, 2016: Basic earnings per share $ 6,619 10,773,656 $ 0.61 Add effect of dilutive securities: Options and restricted shares 142,584 - Diluted earnings per share $ 6,619 10,916,240 $ 0.61 For the nine months ended May 30, 2015: Basic earnings per share $ 10,485 10,579,477 $ 0.99 Add effect of dilutive securities: Options and restricted shares - 171,720 (0.01 ) Diluted earnings per share $ 10,485 10,751,197 $ 0.98 For the three and six months ended May 28, 2016 and May 30, 2015, the following potentially dilutive shares were excluded from the computations as their effect was anti-dilutive: Quarter Ended Six Months Ended May 28, 2016 May 30, 2015 May 28, 2016 May 30, 2015 Unvested shares 5,814 6,354 7,814 46,354

Note 14 - Segment Information

Note 14 - Segment Information	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	14. Segment Information We have strategically aligned our business into three reportable segments as defined in ASC 280, Segment Reporting ● Wholesale. ● Retail – Company-owned s tores. ● Logistical services . Inter-company net sales elimination represents the elimination of wholesale sales to our Company-owned stores and the elimination of Zenith logistics revenue from our wholesale and retail segments. 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, and the elimination of shipping and handling charges from Zenith for services provided to our wholesale and retail operations. The following table presents our segment information: Quarter Ended Six Months Ended May 28, 2016 May 30, 2015 May 28, 2016 May 30, 2015 Sales Revenue Wholesale $ 59,906 $ 66,705 $ 119,482 $ 125,510 Retail - Company-owned stores 61,943 63,921 123,538 121,104 Logistical services 23,810 21,958 48,489 27,957 Inter-company eliminations: Furniture and accessories (28,859 ) (31,159 ) (57,628 ) (57,599 ) Logistical services (10,133 ) (9,872 ) (20,341 ) (12,612 ) Consolidated $ 106,667 $ 111,553 $ 213,540 $ 204,360 Income from Operations Wholesale $ 4,334 $ 4,796 $ 8,732 $ 7,723 Retail - Company-owned stores 381 1,971 697 1,929 Logistical services 661 1,027 1,405 1,019 Inter-company elimination 477 (631 ) 810 (106 ) Management restructuring costs - (449 ) - (449 ) Lease exit costs - - - (419 ) Asset impairment charges - - - (106 ) Consolidated $ 5,853 $ 6,714 $ 11,644 $ 9,591 Depreciation and Amortization Wholesale $ 459 $ 504 $ 915 $ 1,038 Retail - Company-owned stores 1,529 1,343 3,060 2,698 Logistical services 806 736 1,636 993 Consolidated $ 2,794 $ 2,583 $ 5,611 $ 4,729 Capital Expenditures Wholesale $ 1,454 $ 1,384 $ 2,991 $ 2,345 Retail - Company-owned stores 959 1,767 2,980 3,878 Logistical services 3,135 873 8,145 1,719 Consolidated $ 5,548 $ 4,024 $ 14,116 $ 7,942 As of As of May 28, 2016 November 28, 2015 Identifiable Assets Wholesale $ 133,608 $ 146,878 Retail - Company-owned stores 90,254 88,878 Logistical services 52,385 46,787 Consolidated $ 276,247 $ 282,543

Note 15 - Recent Accounting Pro

Note 15 - Recent Accounting Pronouncements	6 Months Ended
	May 28, 2016
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	1 5 . Recent Accounting Pronouncements 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 to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. In addition, during 2016 the FASB has issued ASU 2016-08, ASU 2016-10 and ASU 2016-12, all of which clarify certain implementation guidance within ASU 2014-09. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, 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 2019 fiscal year. We are currently evaluating the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements and have not made any decision on the method of adoption. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU 2015-11 requires that inventory within the scope of this Update be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in this Update do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. Therefore the amendments in ASU 2015-11 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. In July 2015, the FASB issued Accounting Standards Update No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments. ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Any current period adjustments to provisional amounts that would have impacted a prior period’s earnings had they been recognized at the acquisition date are required to be presented separately on the face of the income statement or disclosed in the notes. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this Update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this Update with earlier application permitted for financial statements that have not been issued. Therefore the amendments in ASU 2015-16 will become effective for us as of the beginning of our 2017 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 requires that equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Furthermore, equity investments without readily determinable fair values are to be assessed for impairment using a quantitative approach. The amendments in ASU 2016-01 should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, with other amendments related specifically to equity securities without readily determinable fair values applied prospectively. The amendments in ASU 2016-01 will become effective for us as of the beginning of our 2019 fiscal year. The adoption of this guidance is not expected to have a material impact upon our financial condition or results of operations. PART I-FINANCIAL INFORMATION-CONTINUED BASSETT FURNITURE INDUSTRIES, INCORPORATED AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-UNAUDITED MAY 28 2016 (Dollars in thousands except share and per share data) In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842). The guidance in ASU 2016-02 requires that a lessee recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. As with previous guidance, there continues to be a differentiation between finance leases and operating leases, however this distinction now primarily relates to differences in the manner of expense recognition over time and in the classification of lease payments in the statement of cash flows. Lease assets and liabilities arising from both finance and operating leases will be recognized in the statement of financial position. ASU 2016-02 leaves the accounting for leases by lessors largely unchanged from previous GAAP. The transitional guidance for adopting the requirements of ASU 2016-02 calls for a modified retrospective approach that includes a number of optional practical expedients that entities may elect to apply. The guidance in ASU 2016-02 will become effective for us as of the beginning of our 2020 fiscal year. We are currently evaluating the impact that the adoption of ASU 2016-02 will have on our consolidated financial statements, which we expect will have a material effect on our statement of financial position, and have not made any decision on the method of adoption with respect to the optional practical expedients. See Note 1 regarding our adoption of ASU 2016-09, issued by the FASB in March 2016.

Note 3 - Business Combination21

Note 3 - Business Combination - Acquisition of Zenith (Tables)	6 Months Ended
	May 28, 2016
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Fair value of consideration transferred in exchange for 51% of Zenith: Cash $ 9,000 Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share 1,675 Note payable 8,436 Total fair value of consideration transferred to seller 19,111 Less effective settlement of previous amounts payable to Zenith at acquisition (3,622 ) Total fair value of consideration net of effective settlement 15,489 Fair value of Bassett's previous 49% interest in Zenith 16,692 Total fair value of acquired business $ 32,181
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Allocation of the fair value of consideration transferred: Identifiable assets acquired: Acquired cash and cash equivalents $ 1,677 Accounts receivable, net 3,399 Prepaid expenses and other current assets 496 Property and equipment 18,110 Other long-term assets 646 Intangible assets 6,362 Total identifiable assets acquired 30,690 Liabilities assumed: Accounts payable and accrued liabilities (4,038 ) Notes payable (4,329 ) Total liabilities assumed (8,367 ) Net identifiable assets acquired 22,323 Goodwill 9,858 Total net assets acquired $ 32,181
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	Useful Life Description: In Years Fair Value Customer relationships 15 $ 3,038 Trade names Indefinite 2,490 Technology - customized applications 7 834 Total acquired intangible assets $ 6,362
Business Acquisition, Pro Forma Information [Table Text Block]	Quarter Ended Six Months Ended May 28, 2016 May 30, 2015 May 28, 2016 May 30, 2015 (1) Zenith revenue (2) $ 13,677 $ 12,086 $ 28,148 $ 15,345 Zenith pre-tax income $ 614 $ 982 $ 1,309 $ 962

Note 5 - Accounts Receivable (T

Note 5 - Accounts Receivable (Tables)	6 Months Ended
	May 28, 2016
Notes Tables
Schedule Of Accounts Receivable [Table Text Block]	May 28, 2016 November 28, 2015 Gross accounts receivable $ 19,993 $ 22,372 Allowance for doubtful accounts (1,006 ) (1,175 ) Accounts receivable, net $ 18,987 $ 21,197
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]	2016 Balance at November 28, 2015 $ 1,175 Reductions to allowance (169 ) Balance at May 28, 2016 $ 1,006

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	6 Months Ended
	May 28, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	May 28, 2016 November 28, 2015 Wholesale finished goods $ 25,066 $ 31,253 Work in process 348 318 Raw materials and supplies 11,321 9,793 Retail merchandise 27,470 27,680 Total inventories on first-in, first-out method 64,205 69,044 LIFO adjustment (7,985 ) (7,751 ) Reserve for excess and obsolete inventory (1,386 ) (1,397 ) $ 54,834 $ 59,896
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block]	Wholesale Segment Retail Segment Total Balance at November 28, 2015 $ 1,087 $ 310 $ 1,397 Additions charged to expense 1,048 261 1,309 Write-offs (1,053 ) (267 ) (1,320 ) Balance at May 28, 2016 $ 1,082 $ 304 $ 1,386

Note 7 - Goodwill and Other I24

Note 7 - Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	May 28, 2016
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	May 28, 2016 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (270 ) $ 2,768 Technology - customized applications 834 (159 ) 675 Total intangible assets subject to amortization 3,872 (429 ) 3,443 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,588 - 11,588 Total goodwill and other intangible assets $ 17,950 $ (429 ) $ 17,521 November 28, 2015 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,038 $ (169 ) $ 2,869 Technology - customized applications 834 (99 ) 735 Total intangible assets subject to amortization 3,872 (268 ) 3,604 Intangibles not subject to amortization: Trade names 2,490 - 2,490 Goodwill 11,588 - 11,588 Total goodwill and other intangible assets $ 17,950 $ (268 ) $ 17,682
Schedule of Goodwill [Table Text Block]	Wholesale $ 4,839 Retail 1,820 Logistical services 4,929 Total goodwill $ 11,588
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Quarter Ended Six Months Ended May 28, 2016 May 30, 2015 May 28, 2016 May 30, 2015 Intangible asset amortization expense $ 80 $ 66 $ 161 $ 108

Note 9 - Notes Payable and Ba25

Note 9 - Notes Payable and Bank Credit Facility (Tables)	6 Months Ended
	May 28, 2016
Notes Tables
Schedule of Debt [Table Text Block]	May 28, 2016 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 6,000 $ (200 ) $ 5,800 Transportation equipment notes payable 7,207 - 7,207 Real estate notes payable 2,651 - 2,651 Total Debt 15,858 (200 ) 15,658 Less current portion (6,586 ) 148 (6,438 ) Total long-term debt $ 9,272 $ (52 ) $ 9,220 November 28, 2015 Principal Balance Unamortized Discount Net Carrying Amount Zenith acquisition note payable $ 9,000 $ (312 ) $ 8,688 Transportation equipment notes payable 2,152 - 2,152 Real estate notes payable 2,933 - 2,933 Total Debt 14,085 (312 ) 13,773 Less current portion (5,477 ) 204 (5,273 ) Total long-term debt $ 8,608 $ (108 ) $ 8,500
Schedule of Maturities of Long-term Debt [Table Text Block]	Remainder of fiscal 2016 $ 2,290 Fiscal 2017 5,415 Fiscal 2018 5,137 Fiscal 2019 2,148 Fiscal 2020 868 Fiscal 2021 - Thereafter - $ 15,858

Note 10 - Post Employment Ben26

Note 10 - Post Employment Benefit Obligations (Tables)	6 Months Ended
	May 28, 2016
Notes Tables
Schedule of Pension Liability [Table Text Block]	May 28, 2016 November 28, 2015 Accrued compensation and benefits $ 749 $ 749 Post employment benefit obligations 10,939 10,929 Total pension liability $ 11,688 $ 11,678 May 28, 2016 November 28, 2015 Accrued compensation and benefits $ 320 $ 320 Post employment benefit obligations 1,715 1,765 Total deferred compensation liability $ 2,035 $ 2,085
Schedule of Net Benefit Costs [Table Text Block]	Quarter Ended Six Months Ended May 28, 2016 May 30, 2015 May 28, 2016 May 30, 2015 Service cost $ 36 $ 26 $ 73 $ 52 Interest cost 106 94 211 187 Amortization of transition obligation 11 11 21 21 Amortization of loss 81 49 162 97 Net periodic pension cost $ 234 $ 180 $ 467 $ 357
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits [Table Text Block]	Quarter Ended Six Months Ended May 28, 2016 May 30, 2015 May 28, 2016 May 30, 2015 Deferred compensation expense $ 57 $ 54 $ 114 $ 108

Note 11 - Impairment Charges 27

Note 11 - Impairment Charges and Accrued Lease Exit Costs (Tables)	6 Months Ended
	May 28, 2016
Notes Tables
Schedule Of Activity Related To Accrued Lease Exit Costs [Table Text Block]	Balance at November 28, 2015 $ 566 Provisions made to adjust previous estimates 54 Payments and other (260 ) Accretion of interest on obligations 5 Balance at May 28, 2016 $ 365 Current portion included in other accrued liabilities $ 203 Long-term portion included in other long-term liabilities 162 Total accrued lease exit costs at May 28, 2016 $ 365

Note 12 - Commitments and Con28

Note 12 - Commitments and Contingencies (Tables)	6 Months Ended
	May 28, 2016
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Retail Stores Distribution Centers Transportation Equipment Total Remainder of fiscal 2016 $ 9,473 $ 2,085 $ 1,835 $ 13,393 Fiscal 2017 20,519 4,041 3,060 27,620 Fiscal 2018 18,350 2,736 1,835 22,921 Fiscal 2019 16,501 1,745 1,808 20,054 Fiscal 2020 15,206 1,230 1,743 18,179 Fiscal 2021 12,927 1,254 1,169 15,350 Thereafter 37,460 3,023 1,217 41,700 Total future minimum lease payments $ 130,436 $ 16,114 $ 12,667 $ 159,217

Note 13 - Earnings Per Share (T

Note 13 - Earnings Per Share (Tables)	6 Months Ended
	May 28, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Net Income Weighted Average Shares Net Income Per Share For the quarter ended May 28, 2016: Basic earnings per share $ 3,385 10,767,082 $ 0.31 Add effect of dilutive securities: Options and restricted shares - 145,609 - Diluted earnings per share $ 3,385 10,912,691 $ 0.31 For the quarter ended May 30, 2015: Basic earnings per share $ 4,529 10,678,298 $ 0.42 Add effect of dilutive securities: Options and restricted shares - 165,918 - Diluted earnings per share $ 4,529 10,844,216 $ 0.42 For the six months ended May 28, 2016: Basic earnings per share $ 6,619 10,773,656 $ 0.61 Add effect of dilutive securities: Options and restricted shares 142,584 - Diluted earnings per share $ 6,619 10,916,240 $ 0.61 For the nine months ended May 30, 2015: Basic earnings per share $ 10,485 10,579,477 $ 0.99 Add effect of dilutive securities: Options and restricted shares - 171,720 (0.01 ) Diluted earnings per share $ 10,485 10,751,197 $ 0.98
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Quarter Ended Six Months Ended May 28, 2016 May 30, 2015 May 28, 2016 May 30, 2015 Unvested shares 5,814 6,354 7,814 46,354

Note 14 - Segment Information (

Note 14 - Segment Information (Tables)	6 Months Ended
	May 28, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended Six Months Ended May 28, 2016 May 30, 2015 May 28, 2016 May 30, 2015 Sales Revenue Wholesale $ 59,906 $ 66,705 $ 119,482 $ 125,510 Retail - Company-owned stores 61,943 63,921 123,538 121,104 Logistical services 23,810 21,958 48,489 27,957 Inter-company eliminations: Furniture and accessories (28,859 ) (31,159 ) (57,628 ) (57,599 ) Logistical services (10,133 ) (9,872 ) (20,341 ) (12,612 ) Consolidated $ 106,667 $ 111,553 $ 213,540 $ 204,360 Income from Operations Wholesale $ 4,334 $ 4,796 $ 8,732 $ 7,723 Retail - Company-owned stores 381 1,971 697 1,929 Logistical services 661 1,027 1,405 1,019 Inter-company elimination 477 (631 ) 810 (106 ) Management restructuring costs - (449 ) - (449 ) Lease exit costs - - - (419 ) Asset impairment charges - - - (106 ) Consolidated $ 5,853 $ 6,714 $ 11,644 $ 9,591 Depreciation and Amortization Wholesale $ 459 $ 504 $ 915 $ 1,038 Retail - Company-owned stores 1,529 1,343 3,060 2,698 Logistical services 806 736 1,636 993 Consolidated $ 2,794 $ 2,583 $ 5,611 $ 4,729 Capital Expenditures Wholesale $ 1,454 $ 1,384 $ 2,991 $ 2,345 Retail - Company-owned stores 959 1,767 2,980 3,878 Logistical services 3,135 873 8,145 1,719 Consolidated $ 5,548 $ 4,024 $ 14,116 $ 7,942
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	As of As of May 28, 2016 November 28, 2015 Identifiable Assets Wholesale $ 133,608 $ 146,878 Retail - Company-owned stores 90,254 88,878 Logistical services 52,385 46,787 Consolidated $ 276,247 $ 282,543

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	May 30, 2016	Feb. 28, 2015	Feb. 02, 2015	Feb. 01, 2015
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage				49.00%
Business Acquisition, Percentage of Voting Interests Acquired		51.00%	51.00%
Reclassification from Financing Activities to Operating Activities [Member] | Six Months Ended May 30, 2015 [Member]
Prior Period Reclassification Adjustment	$ 1,032

Note 3 - Business Combination32

Note 3 - Business Combination - Acquisition of Zenith (Details Textual) $ / shares in Units, $ in Thousands	Feb. 02, 2015USD ($)	Feb. 01, 2015USD ($)	May 28, 2016USD ($)	May 30, 2015USD ($)	Feb. 28, 2015USD ($)$ / shares	May 28, 2016USD ($)	May 30, 2015USD ($)	Nov. 28, 2015USD ($)
Zenith Freight Lines [Member] | Long-term Debt [Member]
Debt Instrument, Periodic Payment	$ 3,000
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage		49.00%
Business Acquisition, Percentage of Voting Interests Acquired	51.00%				51.00%
Business Combination, Consideration Transferred	$ 19,111				$ 19,111
Debt Instrument, Periodic Payment, Number of Installments	3
Equity Method Investments, Carrying Value Prior to Step Acquisition Remeasurement		$ 9,480
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value					$ 16,692		$ 16,692
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain							7,212
Basic Earnings Per Share Adjustment | $ / shares					$ 0.42
Business Acquisition, Goodwill, Expected Tax Deductible Amount								$ 6,982
Business Combination, Acquisition Related Costs				$ 88			209
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain							$ 7,212

Note 3 - Fair Value of Acquired

Note 3 - Fair Value of Acquired Business (Details) - Zenith Freight Lines [Member] - USD ($) $ in Thousands	Feb. 02, 2015	Feb. 28, 2015	May 30, 2015
Cash		$ 9,000
Bassett common stock, 89,485 shares, par value $5.00 per share, fair value at closing $18.72 per share		1,675
Note payable		8,436
Total fair value of consideration transferred to seller	$ 19,111	19,111
Less effective settlement of previous amounts payable to Zenith at acquisition		(3,622)
Total fair value of consideration net of effective settlement		15,489
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value		16,692	$ 16,692
Total fair value of acquired business		$ 32,181

Note 3 - Fair Value of Acquir34

Note 3 - Fair Value of Acquired Business (Details) (Parentheticals) - Zenith Freight Lines [Member] - $ / shares	3 Months Ended
	Feb. 28, 2015	Feb. 02, 2015
Business Acquisition, Percentage of Voting Interests Acquired	51.00%	51.00%
Bassett common stock, shares (in shares)	89,485
Bassett common stock, par value (in dollars per share)	$ 5
Bassett comon stock, fair value at closing, per share (in dollars per share)	$ 18.72
Fair value of Bassett's previous interest in Zenith, percentage	49.00%

Note 3 - Allocation of Fair Val

Note 3 - Allocation of Fair Value of the Acquired Business (Details) - USD ($) $ in Thousands	May 28, 2016	Feb. 02, 2015
Zenith Freight Lines [Member]
Acquired cash and cash equivalents		$ 1,677
Accounts receivable, net		3,399
Prepaid expenses and other current assets		496
Property and equipment		18,110
Other long-term assets		646
Intangible assets		6,362
Total identifiable assets acquired		30,690
Accounts payable and accrued liabilities		(4,038)
Notes payable		(4,329)
Total liabilities assumed		(8,367)
Net identifiable assets acquired		22,323
Goodwill		9,858
Total net assets acquired		$ 32,181
Goodwill	$ 11,588

Note 3 - Acquired Identifiable

Note 3 - Acquired Identifiable Intangible Assets (Details) - Zenith Freight Lines [Member] $ in Thousands	3 Months Ended
	Feb. 28, 2015USD ($)
Customer Relationships [Member]
Useful Life In Years	15 years
Fair Value	$ 3,038
Technology-Based Intangible Assets [Member]
Useful Life In Years	7 years
Fair Value	$ 834
Trade Names [Member]
Fair Value	2,490
Fair Value	$ 6,362

Note 3 - Revenue and Pre-tax Pr

Note 3 - Revenue and Pre-tax Profit included in Condensed Consolidated Statements of Income (Details) - Zenith Freight Lines [Member] - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 28, 2016	May 30, 2015	May 28, 2016	May 30, 2015
Zenith revenue (2)	[1],[2]	$ 13,677	$ 12,086	$ 28,148	$ 15,345
Zenith pre-tax income		$ 614	$ 982	$ 1,309	$ 962	[1]
[1]	From date of acquisition, February 2, 2015.
[2]	Net of eliminated inter-company transactions. See Note 14.

Note 4 - Financial Instrument38

Note 4 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	May 28, 2016	Nov. 28, 2015
Maximum [Member]
Certificates of Deposit Terms	1 year
Interest Rate of Certificates of Deposit	1.00%
Minimum [Member]
Interest Rate of Certificates of Deposit	0.28%
Weighted Average [Member]
Interest Rate of Certificates of Deposit	0.42%
Short-term Investments	$ 23,125	$ 23,125

Note 5 - Accounts Receivable (D

Note 5 - Accounts Receivable (Details) - USD ($) $ in Thousands	May 28, 2016	Nov. 28, 2015
Gross accounts receivable	$ 19,993	$ 22,372
Allowance for doubtful accounts	(1,006)	(1,175)
Accounts receivable, net	$ 18,987	$ 21,197

Note 5 - Activity in Allowance

Note 5 - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	6 Months Ended
	May 28, 2016USD ($)
Balance	$ 1,175
Reductions to allowance	(169)
Balance	$ 1,006

Note 6 - Inventories (Details)

Note 6 - Inventories (Details) - USD ($) $ in Thousands	May 28, 2016	Nov. 28, 2015
Wholesale finished goods	$ 25,066	$ 31,253
Work in process	348	318
Raw materials and supplies	11,321	9,793
Retail merchandise	27,470	27,680
Total inventories on first-in, first-out method	64,205	69,044
LIFO adjustment	(7,985)	(7,751)
Reserve for excess and obsolete inventory	(1,386)	(1,397)
Inventory, net	$ 54,834	$ 59,896

Note 6 - Activity in Reserves f

Note 6 - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) $ in Thousands	6 Months Ended
	May 28, 2016USD ($)
Operating Segments [Member] | Wholesale Segment [Member]
Balance	$ 1,087
Additions charged to expense	1,048
Write-offs	(1,053)
Balance	1,082
Operating Segments [Member] | Retail Segment [Member]
Balance	310
Additions charged to expense	261
Write-offs	(267)
Balance	304
Balance	1,397
Additions charged to expense	1,309
Write-offs	(1,320)
Balance	$ 1,386

Note 7 - Goodwill and Other I43

Note 7 - Goodwill and Other Intangible Assets (Details Textual) - USD ($)	Feb. 27, 2016	Nov. 28, 2015
Goodwill, Impaired, Accumulated Impairment Loss	$ 0	$ 0

Note 7 - Goodwill and Other I44

Note 7 - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	May 28, 2016	Nov. 28, 2015
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	$ 3,038	$ 3,038
Intangibles subject to amortization, Accumulated Amortization	(270)	(169)
Intangibles subject to amortization, Intangible Assets, Net	2,768	2,869
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(159)	(99)
Intangibles subject to amortization, Intangible Assets, Net	675	735
Intangibles subject to amortization, Gross Carrying Amount	3,872	3,872
Intangibles subject to amortization, Accumulated Amortization	(429)	(268)
Intangibles subject to amortization, Intangible Assets, Net	3,443	3,604
Trade names	2,490	2,490
Goodwill	11,588	11,588
Total goodwill and other intangible assets	17,950	17,950
Total goodwill and other intangible assets	$ 17,521	$ 17,682

Note 7 - Carrying Amount of Goo

Note 7 - Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands	May 28, 2016USD ($)
Wholesale Segment [Member]
Goodwill	$ 4,839
Retail Segment [Member]
Goodwill	1,820
Logistical Services [Member]
Goodwill	4,929
Goodwill	$ 11,588

Note 7 - Intangible Assets Amor

Note 7 - Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 28, 2016	May 30, 2015	May 28, 2016	May 30, 2015
Intangible asset amortization expense	$ 80	$ 66	$ 161	$ 108

Note 8 - Unconsolidated Affil47

Note 8 - Unconsolidated Affiliated (Details Textual) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		6 Months Ended
	Feb. 02, 2015	May 28, 2016	May 30, 2015	May 28, 2016	May 30, 2015	Feb. 01, 2015
Zenith Freight Lines [Member]
Equity Method Investment, Ownership Percentage						49.00%
Income (Loss) from Equity Method Investments	$ 220
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	1,345
Capital Contributions Made to Unconsolidated Affiliated Companies	2,745
Equity Method Investments	9,480
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 7,212
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain					$ 7,212

Note 9 - Notes Payable and Ba48

Note 9 - Notes Payable and Bank Credit Facility (Details Textual) $ in Thousands	Feb. 02, 2015USD ($)	May 28, 2016USD ($)	May 30, 2015USD ($)	May 28, 2016USD ($)	May 30, 2015USD ($)	Feb. 27, 2016	Feb. 02, 2016	Dec. 05, 2015USD ($)	Nov. 28, 2015USD ($)
Zenith Freight Lines [Member] | Unsecured Debt [Member]
Debt Instrument, Face Amount	$ 9,000
Debt Instrument, Number of Annual Payments	3
Debt Instrument, Periodic Payment	$ 3,000
Debt Instrument, Interest Rate, Stated Percentage	0.62%						1.14%
Amortization of Debt Discount (Premium)		$ 46	$ 78	$ 112	$ 101
Long-term Debt, Current Maturities		$ 2,852		$ 2,852					$ 2,796
Transportation Equipment Notes Payable [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage		2.63%		2.63%
Debt Instrument, Term				1 year
Transportation Equipment Notes Payable [Member] | Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage		3.75%		3.75%
Debt Instrument, Term				4 years 60 days
Transportation Equipment Notes Payable [Member]
Long-term Debt		$ 7,207		$ 7,207					2,152
Secured Debt, Current		2,108		2,108					901
Debt Instrument, Collateral Amount		9,260		9,260					3,796
Real Estate Notes Payable Operated in Retail Segment [Member] | Financed Through Commercial Mortgages [Member]
Debt Instrument, Collateral Amount		5,925		5,925					$ 5,993
Real Estate Notes Payable Operated in Retail Segment [Member]
Debt Instrument, Interest Rate, Stated Percentage									6.73%
Long-term Debt		1,536		1,536					$ 1,709
Secured Debt, Current		363		363					351
Real Estate Notes Payable Operated in Logistical Services Segment [Member]
Debt Instrument, Interest Rate, Stated Percentage						3.75%
Debt Instrument, Collateral Amount		6,157		6,157					6,226
Secured Debt		1,115		1,115					1,224
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		1,005		1,005
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 15,000
Letters of Credit Outstanding, Amount		1,970		1,970
Line of Credit Facility, Remaining Borrowing Capacity		13,030		13,030
Bank Two [Member]
Letters of Credit Outstanding, Amount		356		356
Long-term Debt, Current Maturities		6,438		6,438					5,273
Long-term Debt		$ 15,658		$ 15,658					$ 13,773

Note 9 - Real Estate Notes Paya

Note 9 - Real Estate Notes Payable and Bank Debt (Details) - USD ($) $ in Thousands	May 28, 2016	Nov. 28, 2015
Zenith Note Payable [Member]
Principal Balance	$ 6,000	$ 9,000
Unamortized Discount	(200)	(312)
Long-term Debt	5,800	8,688
Transportation Equipment Notes Payable [Member]
Principal Balance	7,207	2,152
Long-term Debt	7,207	2,152
Real Estate Notes Payable [Member]
Principal Balance	2,651	2,933
Long-term Debt	2,651	2,933
Principal Balance	15,858	14,085
Unamortized Discount	(200)	(312)
Long-term Debt	15,658	13,773
Principal Balance, less current portion	(6,586)	(5,477)
Unamortized discount, current portion	148	204
Net Carrying Amount, less current portion	(6,438)	(5,273)
Principal Balance, excluding current portion	9,272	8,608
Unamortized discount, noncurrent portion	(52)	(108)
Net Carrying Amount, noncurrent	$ 9,220	$ 8,500

Note 9 - Maturities of Notes Pa

Note 9 - Maturities of Notes Payable (Details) - USD ($) $ in Thousands	May 28, 2016	Nov. 28, 2015
Remainder of fiscal 2016	$ 2,290
Fiscal 2,017	5,415
Fiscal 2,018	5,137
Fiscal 2,019	2,148
Fiscal 2,020	868
Total repayments of principal	$ 15,858	$ 14,085

Note 10 - Post Employment Ben51

Note 10 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	May 28, 2016	Nov. 28, 2015
Supplemental Employee Retirement Plan [Member]
Postemployment Benefits Liability	$ 11,688	$ 11,678
Postemployment Benefits Liability, Noncurrent	10,939	10,929
Unfunded Deferred Compensation Plan [Member]
Postemployment Benefits Liability, Noncurrent	2,035	2,085
Postemployment Benefits Liability, Noncurrent	$ 12,654	$ 12,694

Note 10 - Pension Liability (De

Note 10 - Pension Liability (Details) - USD ($) $ in Thousands	May 28, 2016	Nov. 28, 2015
Supplemental Employee Retirement Plan [Member]
Accrued compensation and benefits	$ 749	$ 749
Postemployment Benefits Liability, Noncurrent	10,939	10,929
Postemployment Benefits Liability	11,688	11,678
Unfunded Deferred Compensation Plan [Member]
Accrued compensation and benefits	320	320
Postemployment Benefits Liability, Noncurrent	1,715	1,765
Postemployment Benefits Liability	2,035	2,085
Postemployment Benefits Liability, Noncurrent	$ 12,654	$ 12,694

Note 10 - Components of Net Per

Note 10 - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 28, 2016	May 30, 2015	May 28, 2016	May 30, 2015
Service cost	$ 36	$ 26	$ 73	$ 52
Interest cost	106	94	211	187
Amortization of transition obligation	11	11	21	21
Amortization of loss	81	49	162	97
Net periodic pension cost	$ 234	$ 180	$ 467	$ 357

Note 10 - Deferred Compensation

Note 10 - Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 28, 2016	May 30, 2015	May 28, 2016	May 30, 2015
Unfunded Deferred Compensation Plan [Member]
Deferred compensation expense	$ 57	$ 54	$ 114	$ 108

Note 11 - Impairment Charges 55

Note 11 - Impairment Charges and Accrued Lease Exit Costs (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 28, 2016	May 30, 2015	May 28, 2016	May 30, 2015
Leasehold Improvements [Member]
Gain (Loss) on Contract Termination				$ 419
Asset Impairment Charges				106
Employee Severance [Member]
Restructuring Charges				449
Income from Continued Dumping and Subsidy Offset Act		$ 1,066		1,066
Gain (Loss) on Contract Termination				(419)
Asset Impairment Charges				106
Restructuring Charges		$ 449		$ 449

Note 11 - Activity Related to A

Note 11 - Activity Related to Accrued Lease Exit Costs (Details) - USD ($) $ in Thousands	6 Months Ended
	May 28, 2016	May 28, 2016
Balance	$ 566
Provisions made to adjust previous estimates	54
Payments and other	(260)
Accretion of interest on obligations	5
Balance	365
Current portion included in other accrued liabilities		$ 203
Long-term portion included in other long-term liabilities		162
Total accrued lease exit costs at May 28, 2016	$ 566	$ 365

Note 12 - Commitments and Con57

Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	May 28, 2016	Nov. 28, 2015
Minimum [Member] | Transportation Equipment [Member]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	2 years
Minimum [Member]
Operating Lease, Lease Term	1 year
Renewal Term On Operating Lease	5 years
Lease Guarantees Term	1 year
Maximum [Member] | Transportation Equipment [Member]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	7 years
Maximum [Member]
Operating Lease, Lease Term	15 years
Renewal Term On Operating Lease	15 years
Lease Guarantees Term	10 years
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	$ 2,254	$ 2,494

Note 12 - Future Minimum Lease

Note 12 - Future Minimum Lease Payments under the Non-Cancellable Operating Leases (Details) $ in Thousands	May 28, 2016USD ($)
Retail Stores [Member]
Remainder of fiscal 2016	$ 9,473
Fiscal 2,017	20,519
Fiscal 2,018	18,350
Fiscal 2,019	16,501
Fiscal 2,020	15,206
Fiscal 2,021	12,927
Thereafter	37,460
Total future minimum lease payments	130,436
Distribution Centers [Member]
Remainder of fiscal 2016	2,085
Fiscal 2,017	4,041
Fiscal 2,018	2,736
Fiscal 2,019	1,745
Fiscal 2,020	1,230
Fiscal 2,021	1,254
Thereafter	3,023
Total future minimum lease payments	16,114
Transportation Equipment Leases [Member]
Remainder of fiscal 2016	1,835
Fiscal 2,017	3,060
Fiscal 2,018	1,835
Fiscal 2,019	1,808
Fiscal 2,020	1,743
Fiscal 2,021	1,169
Thereafter	1,217
Total future minimum lease payments	12,667
Remainder of fiscal 2016	13,393
Fiscal 2,017	27,620
Fiscal 2,018	22,921
Fiscal 2,019	20,054
Fiscal 2,020	18,179
Fiscal 2,021	15,350
Thereafter	41,700
Total future minimum lease payments	$ 159,217

Note 13 - Reconciliation of Bas

Note 13 - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	May 28, 2016	May 30, 2015	May 28, 2016	May 30, 2015
Basic earnings per share	$ 3,385	$ 4,529	$ 6,619	$ 10,485
Basic earnings per share (in shares)	10,767,082	10,678,298	10,773,656	10,579,477
Basic earnings per share (in dollars per share)	$ 0.31	$ 0.42	$ 0.61	$ 0.99
Options and restricted shares (in shares)	145,609	165,918	142,584	171,720
Diluted earnings per share	$ 3,385	$ 4,529	$ 6,619	$ 10,485
Diluted earnings per share (in shares)	10,912,691	10,844,216	10,916,240	10,751,197
Diluted earnings per share (in dollars per share)	$ 0.31	$ 0.42	$ 0.61	$ 0.98

Note 13 - Antidilutive Securiti

Note 13 - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	May 28, 2016	May 30, 2015	May 28, 2016	May 30, 2015
Restricted Stock [Member]
Unvested shares (in shares)	5,814	6,354	7,814	46,354

Note 14 - Segment Information61

Note 14 - Segment Information (Details Textual) $ in Thousands	3 Months Ended			6 Months Ended
	May 28, 2016USD ($)	Feb. 27, 2016	May 30, 2015USD ($)	May 28, 2016USD ($)	May 30, 2015USD ($)
Zenith Freight Lines [Member]
Business Combination, Pro Forma Information Operating Costs of Acquiree Since Acquisition Date, Actual	$ 23,149		$ 20,931	$ 47,084	$ 26,938
Number of Reportable Segments		3

Note 14 - Segment Information b

Note 14 - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 28, 2016	May 30, 2015	May 28, 2016	May 30, 2015
Operating Segments [Member] | Wholesale Segment [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	$ 1,454	$ 1,384	$ 2,991	$ 2,345
Operating Segments [Member] | Wholesale Segment [Member]
Sales revenue	59,906	66,705	119,482	125,510
Income (loss) from Operations	4,334	4,796	8,732	7,723
Depreciation and amortization	459	504	915	1,038
Operating Segments [Member] | Company-owned Retail Stores [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	959	1,767	2,980	3,878
Operating Segments [Member] | Company-owned Retail Stores [Member]
Sales revenue	61,943	63,921	123,538	121,104
Income (loss) from Operations	381	1,971	697	1,929
Depreciation and amortization	1,529	1,343	3,060	2,698
Operating Segments [Member] | Logistical Services [Member] | Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	3,135	873	8,145	1,719
Operating Segments [Member] | Logistical Services [Member]
Sales revenue	23,810	21,958	48,489	27,957
Income (loss) from Operations	661	1,027	1,405	1,019
Depreciation and amortization	806	736	1,636	993
Intersegment Eliminations [Member] | Logistical Services [Member]
Sales revenue	(10,133)	(9,872)	(20,341)	(12,612)
Intersegment Eliminations [Member] | Furniture and Accessories [Member]
Sales revenue	(28,859)	(31,159)	(57,628)	(57,599)
Intersegment Eliminations [Member]
Income (loss) from Operations	477	(631)	810	(106)
Non-cash Change in Accounts Payable Related to Property, Plant, and Equipment [Member]
Capital expenditures	5,548	4,024	14,116	7,942
Sales revenue	106,667	111,553	213,540	204,360
Income (loss) from Operations	$ 5,853	6,714	$ 11,644	9,591
Management restructuring costs		$ (449)		(449)
Lease exit costs				(419)
Asset impairment charges				(106)
Depreciation and amortization	$ 2,794	$ 2,583	$ 5,611	$ 4,729

Note 14 - Segment Information -

Note 14 - Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands	May 28, 2016	Nov. 28, 2015
Operating Segments [Member] | Wholesale Segment [Member]
Identifiable assets	$ 133,608	$ 146,878
Operating Segments [Member] | Company-owned Retail Stores [Member]
Identifiable assets	90,254	88,878
Operating Segments [Member] | Logistical Services [Member]
Identifiable assets	52,385	46,787
Identifiable assets	$ 276,247	$ 282,543