Bassett Furniture Industries (BSET) 10-Q 9 Jul 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	May 30, 2020	Jun. 29, 2020
Document Information [Line Items]
Entity Central Index Key	0000010329
Entity Registrant Name	BASSETT FURNITURE INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--11-28
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 30, 2020
Document Transition Report	false
Entity File Number	000-00209
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-0135270
Entity Address, Address Line One	3525 Fairystone Park Highway
Entity Address, City or Town	Bassett
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24055
City Area Code	276
Local Phone Number	629-6000
Title of 12(b) Security	Common Stock ($5.00 par value)
Trading Symbol	BSET
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,995,356

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 30, 2020	Jun. 01, 2019	May 30, 2020	Jun. 01, 2019
Sales revenue:
Sales revenues	$ 63,801	$ 108,190	$ 175,921	$ 229,031
Cost of furniture and accessories sold	29,452	42,530	74,722	91,707
Selling, general and administrative expenses excluding new store pre-opening costs	50,373	64,590	115,013	133,976
New store pre-opening costs	0	369	0	863
Asset impairment charges	12,184	0	12,184	0
Goodwill impairment charge	1,971	0	1,971	0
Litigation expense	1,050	0	1,050	0
Early retirement program	0	0	0	835
Income (loss) from operations	(31,229)	701	(29,019)	1,650
Other loss, net	(765)	(145)	(1,127)	(268)
Income (loss) before income taxes	(31,994)	556	(30,146)	1,382
Income tax expense (benefit)	(11,642)	111	(11,004)	329
Net income (loss)	$ (20,352)	$ 445	$ (19,142)	$ 1,053
Basic earnings (loss) per share (in dollars per share)	$ (2.04)	$ 0.04	$ (1.92)	$ 0.10
Diluted earnings (loss) per share (in dollars per share)	(2.04)	0.04	(1.92)	0.10
Dividends per share (in dollars per share)	$ 0.125	$ 0.125	$ 0.125	$ 0.25
Furniture and Accessories [Member]
Sales revenue:
Sales revenues	$ 53,000	$ 95,824	$ 151,942	$ 203,181
Logistical Services [Member]
Sales revenue:
Sales revenues	$ 10,801	$ 12,366	$ 23,979	$ 25,850

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 30, 2020	Jun. 01, 2019	May 30, 2020	Jun. 01, 2019
Net income (loss)	$ (20,352)	$ 445	$ (19,142)	$ 1,053
Other comprehensive income:
Other comprehensive income, net of tax	25	57	49	114
Total comprehensive income (loss)	(20,327)	502	(19,093)	1,167
Pension Plan [Member]
Other comprehensive income:
Amortization associated with Retirement Plan	31	31	63	62
Income taxes related to Retirement Plan	(8)	(8)	(16)	(16)
Supplemental Employee Retirement Plan [Member]
Other comprehensive income:
Amortization associated with Retirement Plan	2	46	3	92
Income taxes related to Retirement Plan	$ 0	$ (12)	$ (1)	$ (24)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	May 30, 2020	Nov. 30, 2019
Current assets
Cash and cash equivalents	$ 11,435	$ 19,687
Short-term investments	17,673	17,436
Accounts receivable, net	17,799	21,378
Inventories	62,483	66,302
Recoverable income taxes	11,321	329
Other current assets	8,432	11,654
Total current assets	129,143	136,786
Property and equipment, net	91,128	101,724
Deferred income taxes	7,550	5,744
Goodwill and other intangible assets	24,016	26,176
Right of use assets under operating leases	130,042	0
Other	5,094	5,336
Total long-term assets	166,702	37,256
Total assets	386,973	275,766
Current liabilities
Accounts payable	14,286	23,677
Accrued compensation and benefits	12,090	11,308
Customer deposits	23,191	25,341
Dividends payable	1,249	0
Current portion operating lease obligations	29,009	0
Other current liabilities and accrued expenses	15,982	11,945
Total current liabilities	95,807	72,271
Long-term liabilities
Post employment benefit obligations	11,817	11,830
Long-term portion of operating lease obligations	126,036	0
Other long-term liabilities	1,132	12,995
Total long-term liabilities	138,985	24,825
Stockholders’ equity
Common stock	49,977	50,581
Retained earnings	103,391	129,130
Additional paid-in capital	0	195
Accumulated other comprehensive loss	(1,187)	(1,236)
Total stockholders' equity	152,181	178,670
Total liabilities and stockholders’ equity	$ 386,973	$ 275,766

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	May 30, 2020	Jun. 01, 2019
Operating activities:
Net income (loss)	$ (19,142)	$ 1,053
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	7,239	6,735
Gain on lease modification	(152)	0
(Gain) loss on sale of property and equipment	39	(3)
Asset impairment charges	12,184	0
Goodwill impairment charge	1,971	0
Inventory valuation charges	2,936	1,274
Bad debt valuation charges (recoveries)	1,074	(27)
Deferred income taxes	(521)	23
Other, net	634	(276)
Changes in operating assets and liabilities:
Accounts receivable	2,483	(1,797)
Inventories	883	(4,629)
Other current assets	(9,091)	(3,274)
Right of use assets under operating leases	14,810	0
Customer deposits	(2,150)	(2,247)
Accounts payable and other liabilities	(2,670)	(5,774)
Obligations under operating leases	(16,274)	0
Net cash used in operating activities	(5,747)	(8,942)
Investing activities:
Purchases of property and equipment	(1,791)	(8,313)
Proceeds from sales of property and equipment	2,345	11
Purchases of investments	(241)	0
Other	(211)	343
Net cash provided by (used in) investing activities	102	(7,959)
Financing activities:
Cash dividends	(1,258)	(2,603)
Proceeds from the exercise of stock options	0	25
Other issuance of common stock	157	159
Repurchases of common stock	(1,241)	(2,347)
Taxes paid related to net share settlement of equity awards	(215)	0
Repayments of finance lease obligations	(50)	0
Repayments of notes payable	0	(220)
Net cash used in financing activities	(2,607)	(4,986)
Change in cash and cash equivalents	(8,252)	(21,887)
Cash and cash equivalents - beginning of period	19,687	33,468
Cash and cash equivalents - end of period	$ 11,435	$ 11,581

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	May 30, 2020
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 not 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. In accordance with ASC Topic 810, none Revenue from the sale of furniture and accessories is reported in the accompanying condensed consolidated statements of operations net of estimates for returns and allowances. Revenues from logistical services are generated by our wholly-owned subsidiary, Zenith Freight Lines, LLC (“Zenith”). Sales of logistical services from Zenith to our wholesale and retail segments have been eliminated in consolidation, and Zenith’s operating costs and expenses are included in selling, general and administrative expenses in our condensed consolidated statements of operations. Our fiscal year, which ends on the last Saturday of November, 53 52 November 30, 2019 53 first 2019. 26 six May 30, 2020 27 six June 1, 2019. Recently Adopted Accounting Pronouncements Effective as of the beginning of fiscal 2020, No. 2016 02, 842 2016 02 2018 01, 2018 10, 2018 11 2018 20 11, Impact of the COVID- 19 On March 11, 2020, 19” 19 In response to these measures and for the protection of our employees and customers, we temporarily closed our dedicated stores, our manufacturing locations and many of our warehouses for several weeks during the second 2020. May 30, 2020, three six May 30, 2020. 6 9 Whereas most state and local governments have begun to ease restrictions on commercial retail activity, it is possible that a resurgence in COVID- 19 may 19

Note 2 - Interim Financial Pres

Note 2 - Interim Financial Presentation	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Condensed Financial Statements [Text Block]	2. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The results of operations for the three six May 30, 2020 not 10 November 30, 2019. Income Taxes 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. On March 27, 2020 2018, 2019 2020 five three six May 30, 2020 three six June 1, 2019 21%

Note 3 - Financial Instruments

Note 3 - Financial Instruments and Fair Value Measurements	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	3. 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, and accounts payable. 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. Investments Our short-term investments of $17,673 at May 30, 2020 November 30, 2019 May 30, 2020, eight May 30, 2020, three May 30, 2020 November 30, 2019 Fair Value Measurement The Company accounts for items measured at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures 820’s 820 Level 1 Level 2 not Level 3 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. Our primary non-recurring fair value estimates typically involve business acquisitions or the impairment of long-lived assets (see Note 6 9 11 842 2 3

Note 4 - Accounts Receivable

Note 4 - Accounts Receivable	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	4. Accounts receivable consists of the following: May 30, 2020 November 30, 2019 Gross accounts receivable $ 19,500 $ 22,193 Allowance for doubtful accounts (1,701 ) (815 ) Accounts receivable, net $ 17,799 $ 21,378 Activity in the allowance for doubtful accounts for the six May 30, 2020 Balance at November 30, 2019 $ 815 Additions charged to expense 1,074 Write-offs against allowance (188 ) Balance at May 30, 2020 $ 1,701 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 3 820, Fair Value Measurements and Disclosures 3.

Note 5 - Inventories

Note 5 - Inventories	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]	5 . Inventories Domestic furniture inventories are valued at the lower of cost, which is determined using the last-in, first first first Inventories were comprised of the following: May 30, 2020 November 30, 2019 Wholesale finished goods $ 27,532 $ 27,792 Work in process 441 733 Raw materials and supplies 17,173 17,293 Retail merchandise 30,873 31,534 Total inventories on first-in, first-out method 76,019 77,352 LIFO adjustment (8,836 ) (8,688 ) Reserve for excess and obsolete inventory (4,700 ) (2,362 ) $ 62,483 $ 66,302 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 not not not Activity in the reserves for excess quantities and obsolete inventory by segment are as follows: Wholesale Segment Retail Segment Total Balance at November 30, 2019 $ 2,054 $ 308 $ 2,362 Additions charged to expense 2,532 404 2,936 Write-offs (579 ) (19 ) (598 ) Balance at May 30, 2020 $ 4,007 $ 693 $ 4,700 Our estimates and assumptions have been reasonably accurate in the past. We have not 2020 not

Note 6 - Goodwill and Other Int

Note 6 - Goodwill and Other Intangible Assets	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	6 . Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following: May 30, 2020 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (1,217 ) $ 2,333 Technology - customized applications 834 (635 ) 199 Total intangible assets subject to amortization $ 4,384 $ (1,852 ) 2,532 Intangibles not subject to amortization: Trade names 9,338 Goodwill 12,146 Total goodwill and other intangible assets $ 24,016 November 30, 2019 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (1,088 ) $ 2,462 Technology - customized applications 834 (575 ) 259 Total intangible assets subject to amortization $ 4,384 $ (1,663 ) 2,721 Intangibles not subject to amortization: Trade names 9,338 Goodwill 14,117 Total goodwill and other intangible assets $ 26,176 We normally test the carrying amount of our goodwill on an annual basis as of the beginning of our fourth September 1, 2019 19 May 30, 2020. 350, Intangibles – Goodwill & Other 350” , first not 350. not 50 three six May 30, 2020. 3 820, Fair Value Measurements and Disclosure 3 19 19 Changes in the carrying amounts of goodwill by reportable segment are as follows: Wholesale Retail Logistics Total Balance as of November 30, 2019 $ 9,188 $ - $ 4,929 $ 14,117 Goodwill impairment (1,971 ) - - (1,971 ) Balance as of May 30, 2020 $ 7,217 $ - $ 4,929 $ 12,146 The carrying amounts of our goodwill at May 30, 2020 November 30, 2019 Wholesale Retail Logistics Total Balance as of November 30, 2019 $ - $ 1,926 $ - $ 1,926 Balance as of May 30, 2020 $ 1,971 $ 1,926 $ - $ 3,897 Amortization expense associated with intangible assets during the three six May 30, 2020 June 1, 2019 Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Intangible asset amortization expense $ 95 $ 95 $ 189 $ 190 Estimated future amortization expense for intangible assets that exist at May 30, 2020 Remainder of fiscal 2020 $ 189 Fiscal 2021 379 Fiscal 2022 279 Fiscal 2023 259 Fiscal 2024 259 Fiscal 2025 259 Thereafter 908 Total $ 2,532

Note 7 - Bank Credit Facility

Note 7 - Bank Credit Facility	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	7 . Bank Credit Facility Bank Credit Facility Our existing credit facility with our bank as of May 30, 2020 May 30, 2020, June 15, 2020, December 31, 2020, 2020, December 5, 2021 January 31, 2022.

Note 8 - Post Employment Benefi

Note 8 - Post Employment Benefit Obligations	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Postemployment Benefits Disclosure [Text Block]	8. Defined Benefit Plans We have an unfunded Supplemental Retirement Income Plan (the “Supplemental Plan”) that covers one May 30, 2020 November 30, 2019, We also have the Bassett Furniture Industries, Incorporated Management Savings Plan (the “Management Savings Plan”) which was established in the second 2017. May 30, 2020 November 30, 2019, The combined pension liability for the Supplemental Plan and LTC Awards is recorded as follows in the condensed consolidated balance sheets: May 30, 2020 November 30, 2019 Accrued compensation and benefits $ 655 $ 655 Post employment benefit obligations 9,406 9,435 Total pension liability $ 10,061 $ 10,090 Components of net periodic pension costs for our defined benefit plans for the three six May 30, 2020 June 1, 2019 Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Service cost $ 43 $ 47 $ 87 $ 94 Interest cost 67 110 134 221 Amortization of prior service costs 31 31 63 63 Amortization of loss 2 46 4 92 Net periodic pension cost $ 143 $ 234 $ 288 $ 470 The components of net periodic pension cost other than the service cost component are included in other loss, net in our condensed consolidated statements of operations. Deferred Compensation Plan s We have an unfunded deferred compensation plan that covers one no May 30, 2020 November 30, 2019, We also have an unfunded, nonqualified deferred compensation plan maintained for the benefit of certain highly compensated or management level employees which was established under the Management Savings Plan. Our liability under this plan, including both accrued Company contributions and participant salary deferrals, was $963 and $894 as of May 30, 2020 November 30, 2019, Our combined liability for all deferred compensation arrangements, including Company contributions and participant deferrals under the Management Savings Plan, is recorded as follows in the condensed consolidated balance sheets: May 30, 2020 November 30, 2019 Accrued compensation and benefits $ 266 $ 266 Post employment benefit obligations 2,411 2,395 Total deferred compensation liability $ 2,677 $ 2,661 We recognized expense under our deferred compensation arrangements during the three six May 30, 2020 June 1, 2019 Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Deferred compensation expense $ 198 $ 84 $ 294 $ 183

Note 9 - Other Operating Losses

Note 9 - Other Operating Losses	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Other Gains and Losses [Text Block]	9 . Other Operating Losses Fiscal 2020 Asset Impairment Charges During the three six May 30, 2020 five 3 820, Fair Value Measurement and Disclosure 3 During the three six May 30, 2020 May. Litigation Expense During the three six May 30, 2020 May 30, 2020, may Fiscal 2019 Early Retirement Program During the first 2019, one one six June 1, 2019. May 30, 2020 November 30, 2019

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	1 0 . 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 9

Note 11 - Leases

Note 11 - Leases	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Lessee, Operating and Finance Leases [Text Block]	1 1 . Leases During the first 2020, 2016 02, 842 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 retail and logistical services segments. We also lease tractors and trailers used in our logistical services segment, and local delivery trucks used in our retail segment. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Our real estate lease terms range from one five Most of our leases do not not We adopted the standard utilizing the transition election to not 1 2 3 not not not one Adoption of the standard resulted in the recording of additional net lease-related assets and lease-related liabilities of $146,585 and $151,672, respectively, as of December 1, 2019. 3 820, Fair Value Measurement and Disclosure 3 not We are currently in negotiations with a number of our lessors to obtain relief in the form of rent deferrals or abatements from rents currently due as a result of the effects of COVID- 19 May 30, 2020, April May 842 840: 19 April 2020, 19 not no not no Supplemental balance sheet information related to leases as of May 30, 2020 Operating leases: Right of use assets $ 130,042 Lease liabilties, short-term 29,009 Lease liabilties, long-term 126,036 Finance leases: Right of use assets (1) $ 974 Lease liabilties, short-term (2) 155 Lease liabilties, long-term (3) 827 ( 1 Included in property & equipment, net in our condensed consolidated balance sheet. ( 2 Included in other current liabilites and accrued expenses in our condensed consolidated balance sheet. ( 3 Included in other long-term liabilites and accrued expenses in our condensed consolidated balance sheet. Our right-of-use assets under operating leases by segment as of May 30, 2020 Wholesale $ 11,039 Retail 99,895 Logistical services 19,108 Total right of use assets $ 130,042 The components of our lease cost for the three six May 30, 2020 Quarter Ended Six Months Ended May 30, 2020 May 30, 2020 Lease cost: Operating lease cost $ 8,792 $ 17,564 Financing lease cost: Amortization of right-of-use assets 43 57 Interest on lease liabilities 12 16 Short-term lease cost 304 798 Variable lease cost 28 64 Sublease income (394 ) (788 ) Total lease cost $ 8,785 $ 17,711 Supplemental lease disclosures as of May 30, 2020 six Operating Financing For the six months ended May 30, 2020: Cash paid for amounts included in the measurements of lease liabilities $ 14,533 $ 57 Lease liabilities arising from new right-of-use assets 5,052 1,031 As of May 30, 2020: Weighted average remaining lease terms (years) 6.4 5.7 Weighted average discount rates 5.01 % 4.72 % Future payments under our leases and the present value of the obligations as of May 30, 2020 Operating Leases Financing Leases Remainder of fiscal 2020 $ 18,530 $ 98 Fiscal 2021 34,079 197 Fiscal 2022 30,806 197 Fiscal 2023 25,626 197 Fiscal 2024 18,909 197 Fiscal 2025 15,626 197 Thereafter 38,351 33 Total lease payments 181,927 1,116 Less: interest 26,882 134 Total lease obligations $ 155,045 $ 982 We sublease a small number of our leased locations to our licensees for operation as BFH network stores. The terms of these leases generally match those of the lease we have with the lessor. Minimum future lease payments due to us under these subleases are as follows: Remainder of fiscal 2020 $ 699 Fiscal 2021 1,395 Fiscal 2022 1,429 Fiscal 2023 1,113 Fiscal 2024 1,007 Fiscal 2025 1,007 Thereafter 381 Total minimum future rental income $ 7,031 Lease Guarantees We also have guaranteed certain lease obligations of licensee operators. Lease guarantees range from one ten May 30, 2020 November 30, 2019, 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 May 30, 2020 November 30, 2019 not

Note 12 - Earnings (Loss) Per S

Note 12 - Earnings (Loss) Per Share	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	1 2 . Earnings (Loss) Per Share The following reconciles basic and diluted earnings (loss) per share: Net Income (Loss) Weighted Average Shares Net Income (Loss) Per Share For the quarter ended May 30, 2020: Basic loss per share $ (20,352 ) 9,956,975 $ (2.04 ) Add effect of dilutive securities: Options and restricted shares* - - - Diluted loss per share $ (20,352 ) 9,956,975 $ (2.04 ) For the quarter ended June 1, 2019: Basic earnings per share $ 445 10,433,492 $ 0.04 Add effect of dilutive securities: Options and restricted shares - 26,329 - Diluted earnings per share $ 445 10,459,821 $ 0.04 For the six months ended May 30, 2020: Basic loss per share $ (19,142 ) 9,992,101 $ (1.92 ) Add effect of dilutive securities: Options and restricted shares* - - - Diluted loss per share $ (19,142 ) 9,992,101 $ (1.92 ) For the six months ended June 1, 2019: Basic earnings per share $ 1,053 10,444,306 $ 0.10 Add effect of dilutive securities: Options and restricted shares - 27,530 - Diluted earnings per share $ 1,053 10,471,836 $ 0.10 *Due to the net loss, the potentially dilutive securities would have been anti-dilutive and are therefore excluded. For the three six May 30, 2020 June 1, 2019, Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Stock options 5,250 - 5,250 - Unvested shares 51,653 45,653 88,153 45,653 Total anti-dilutive securities 56,903 45,653 93,403 45,653

Note 13 - Segment Information

Note 13 - Segment Information	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	1 3 . Segment Information We have strategically aligned our business into three 280, Segment Reporting ● Wholesale. ● Retail – Company-owned s tores. ● Logistical services . third three six May 30, 2020, three six June 1, 2019, 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 The following table presents our segment information: Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Sales Revenue Wholesale $ 33,128 $ 63,131 $ 98,145 $ 135,912 Retail - Company-owned stores 33,171 62,568 99,017 132,197 Logistical services 15,259 20,093 36,574 41,844 Inter-company eliminations: Furniture and accessories (13,299 ) (29,875 ) (45,220 ) (64,929 ) Logistical services (4,458 ) (7,727 ) (12,595 ) (15,993 ) Consolidated $ 63,801 $ 108,190 $ 175,921 $ 229,031 Income (Loss) from Operations Wholesale $ (7,381 ) $ 3,173 $ (4,668 ) $ 7,355 Retail - Company-owned stores (9,170 ) (2,953 ) (10,419 ) (5,999 ) Logistical services (1,842 ) 252 (1,007 ) 964 Inter-company elimination 2,369 229 2,280 165 Early retirement program - - - (835 ) Asset impairment charges (12,184 ) - (12,184 ) - Goodwill impairment charge (1,971 ) - (1,971 ) - Litigation expense (1,050 ) - (1,050 ) - Consolidated $ (31,229 ) $ 701 $ (29,019 ) $ 1,650 Depreciation and Amortization Wholesale $ 782 $ 827 $ 1,591 $ 1,645 Retail - Company-owned stores 1,712 1,544 3,442 3,049 Logistical services 1,122 994 2,206 2,041 Consolidated $ 3,616 $ 3,365 $ 7,239 $ 6,735 Capital Expenditures Wholesale $ 271 $ 1,075 $ 693 $ 2,140 Retail - Company-owned stores 42 1,373 603 5,390 Logistical services 138 313 495 783 Consolidated $ 451 $ 2,761 $ 1,791 $ 8,313 As of As of Identifiable Assets May 30, 2020 November 30, 2019 Wholesale $ 144,580 $ 144,392 Retail - Company-owned stores 183,776 91,997 Logistical services 58,617 39,377 Consolidated $ 386,973 $ 275,766 Wholesale shipments by type Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Bassett Custom Upholstery $ 19,234 58.1 % $ 36,853 58.4 % $ 59,267 60.4 % $ 78,391 57.7 % Bassett Leather 3,055 9.2 % 4,463 7.1 % 7,755 7.9 % 10,234 7.5 % Bassett Custom Wood 5,632 17.0 % 10,526 16.7 % 16,922 17.2 % 22,201 16.3 % Bassett Casegoods 5,207 15.7 % 9,979 15.8 % 14,201 14.5 % 22,619 16.6 % Accessories (1) - 0.0 % 1,310 2.1 % - 0.0 % 2,467 1.8 % Total $ 33,128 100.0 % $ 63,131 100.0 % $ 98,145 100.0 % $ 135,912 100.0 % ( 1 third 2019, no third third

Note 14 - Revenue Recognition

Note 14 - Revenue Recognition	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	14. We recognize revenue when we transfer promised goods or services to our customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services. For our wholesale and retail segments, revenue is recognized when the risks and rewards of ownership and title to the product have transferred to the buyer. At wholesale, transfer occurs and revenue is recognized upon the shipment of goods to independent dealers and licensee-owned BHF stores. At retail, transfer occurs and revenue is recognized upon delivery of goods to the customer. All wholesale and retail revenues are recorded net of estimated returns and allowances based on historical patterns. We typically collect a significant portion of the purchase price from our retail customers as a deposit upon order, with the balance typically collected upon delivery. These customer deposits are carried on our balance sheet as a current liability until delivery is fulfilled and amounted to $23,191 and $25,341 as of May 30, 2020 November 30, 2019, November 30, 2019 six May 30, 2020. For our logistical services segment, line-haul freight revenue is recognized as services are performed and are billed to the customer upon the completion of delivery to the destination. Because the customer receives the benefits of these services as the freight is in transit from point of origin to destination, we recognize revenue using a percentage of completion method based on our estimate of the amount of time freight has been in transit as of the reporting date compared with our estimate of the total required time for the deliveries. The balances of assets recognized for shipping revenues earned but not May 30, 2020 November 30, 2019 not We exclude from revenue all amounts collected from customers for sales tax. We do not one See Note 13,

Note 15 - Changes to Stockholde

Note 15 - Changes to Stockholders' Equity	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	15. The following changes in our stockholders’ equity occurred during the three six May 30, 2020 June 1, 2019: Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Common Stock: Beginning of period $ 50,173 $ 52,598 $ 50,581 $ 52,638 Issuance of common stock 89 64 118 281 Forfeited shares - - (35 ) Purchase and retirement of common stock (285 ) (400 ) (687 ) (657 ) End of period $ 49,977 $ 52,262 $ 49,977 $ 52,262 Common Shares Issued and Outstanding: Beginning of period 10,034,591 10,519,640 10,116,291 10,527,636 Issuance of common stock 17,765 12,729 23,508 56,201 Forfeited shares - - (7,000 ) - Purchase and retirement of common stock (57,000 ) (80,024 ) (137,443 ) (131,492 ) End of period 9,995,356 10,452,345 9,995,356 10,452,345 Additional Paid-in Capital: Beginning of period $ - $ - $ 195 $ - Issuance of common stock (7 ) 21 39 (97 ) Forfeited shares - - 35 - Purchase and retirement of common stock (102 ) (242 ) (463 ) (379 ) Stock based compensation 109 221 194 476 End of period $ - $ - $ - $ - Retained Earnings: Beginning of period $ 125,078 $ 138,687 $ 129,130 $ 140,009 Cumulative effect of a change in accounting principal - - (3,785 ) (21 ) Net income (loss) for the period (20,352 ) 445 (19,142 ) 1,053 Purchase and retirement of common stock (87 ) (693 ) (304 ) (1,311 ) Cash dividends declared (1,248 ) (1,312 ) (2,508 ) (2,603 ) End of period $ 103,391 $ 137,127 $ 103,391 $ 137,127 Accumulated Other Comprehensive Loss: Beginning of period $ (1,211 ) $ (2,280 ) $ (1,236 ) $ (2,338 ) Amortization of pension costs, net of tax 24 57 49 115 End of period $ (1,187 ) $ (2,223 ) $ (1,187 ) $ (2,223 )

Note 16 - Recent Accounting Pro

Note 16 - Recent Accounting Pronouncements	6 Months Ended
	May 30, 2020
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	1 6 . Recent Accounting Pronouncements In June 2016, No. 2016 13, 326 2016 13” 2016 13 2016 13 December 15, 2019, 2016 13 2021 In August 2018, No. 2018 15, Accounting Standards Update No. 2018 15 – Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 , 2018 15 not 2018 15. 2018 15 2021 In December 2019, No. 2019 12 740 2019 12 2019 12 2019 12 2022

Note 4 - Accounts Receivable (T

Note 4 - Accounts Receivable (Tables)	6 Months Ended
	May 30, 2020
Notes Tables
Schedule Of Accounts Receivable [Table Text Block]	May 30, 2020 November 30, 2019 Gross accounts receivable $ 19,500 $ 22,193 Allowance for doubtful accounts (1,701 ) (815 ) Accounts receivable, net $ 17,799 $ 21,378
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]	Balance at November 30, 2019 $ 815 Additions charged to expense 1,074 Write-offs against allowance (188 ) Balance at May 30, 2020 $ 1,701

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	6 Months Ended
	May 30, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	May 30, 2020 November 30, 2019 Wholesale finished goods $ 27,532 $ 27,792 Work in process 441 733 Raw materials and supplies 17,173 17,293 Retail merchandise 30,873 31,534 Total inventories on first-in, first-out method 76,019 77,352 LIFO adjustment (8,836 ) (8,688 ) Reserve for excess and obsolete inventory (4,700 ) (2,362 ) $ 62,483 $ 66,302
Activity In Reserves For Excess Quantities And Obsolete Inventory By Segment [Table Text Block]	Wholesale Segment Retail Segment Total Balance at November 30, 2019 $ 2,054 $ 308 $ 2,362 Additions charged to expense 2,532 404 2,936 Write-offs (579 ) (19 ) (598 ) Balance at May 30, 2020 $ 4,007 $ 693 $ 4,700

Note 6 - Goodwill and Other I_2

Note 6 - Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	May 30, 2020
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	May 30, 2020 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (1,217 ) $ 2,333 Technology - customized applications 834 (635 ) 199 Total intangible assets subject to amortization $ 4,384 $ (1,852 ) 2,532 Intangibles not subject to amortization: Trade names 9,338 Goodwill 12,146 Total goodwill and other intangible assets $ 24,016 November 30, 2019 Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Intangibles subject to amortization Customer relationships $ 3,550 $ (1,088 ) $ 2,462 Technology - customized applications 834 (575 ) 259 Total intangible assets subject to amortization $ 4,384 $ (1,663 ) 2,721 Intangibles not subject to amortization: Trade names 9,338 Goodwill 14,117 Total goodwill and other intangible assets $ 26,176
Schedule of Goodwill [Table Text Block]	Wholesale Retail Logistics Total Balance as of November 30, 2019 $ 9,188 $ - $ 4,929 $ 14,117 Goodwill impairment (1,971 ) - - (1,971 ) Balance as of May 30, 2020 $ 7,217 $ - $ 4,929 $ 12,146 Wholesale Retail Logistics Total Balance as of November 30, 2019 $ - $ 1,926 $ - $ 1,926 Balance as of May 30, 2020 $ 1,971 $ 1,926 $ - $ 3,897
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Intangible asset amortization expense $ 95 $ 95 $ 189 $ 190
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Remainder of fiscal 2020 $ 189 Fiscal 2021 379 Fiscal 2022 279 Fiscal 2023 259 Fiscal 2024 259 Fiscal 2025 259 Thereafter 908 Total $ 2,532

Note 8 - Post Employment Bene_2

Note 8 - Post Employment Benefit Obligations (Tables)	6 Months Ended
	May 30, 2020
Notes Tables
Schedule of Pension Liability [Table Text Block]	May 30, 2020 November 30, 2019 Accrued compensation and benefits $ 655 $ 655 Post employment benefit obligations 9,406 9,435 Total pension liability $ 10,061 $ 10,090
Schedule of Net Benefit Costs [Table Text Block]	Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Service cost $ 43 $ 47 $ 87 $ 94 Interest cost 67 110 134 221 Amortization of prior service costs 31 31 63 63 Amortization of loss 2 46 4 92 Net periodic pension cost $ 143 $ 234 $ 288 $ 470
Schedule of Deferred Compensation Liability [Table Text Block]	May 30, 2020 November 30, 2019 Accrued compensation and benefits $ 266 $ 266 Post employment benefit obligations 2,411 2,395 Total deferred compensation liability $ 2,677 $ 2,661
Recognized Deferred Compensation Expense [Table Text Block]	Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Deferred compensation expense $ 198 $ 84 $ 294 $ 183

Note 11 - Leases (Tables)

Note 11 - Leases (Tables)	6 Months Ended
	May 30, 2020
Notes Tables
Lessee, Supplemental Balance Sheet Information [Table Text Block]	Operating leases: Right of use assets $ 130,042 Lease liabilties, short-term 29,009 Lease liabilties, long-term 126,036 Finance leases: Right of use assets (1) $ 974 Lease liabilties, short-term (2) 155 Lease liabilties, long-term (3) 827 Wholesale $ 11,039 Retail 99,895 Logistical services 19,108 Total right of use assets $ 130,042
Lease, Cost [Table Text Block]	Quarter Ended Six Months Ended May 30, 2020 May 30, 2020 Lease cost: Operating lease cost $ 8,792 $ 17,564 Financing lease cost: Amortization of right-of-use assets 43 57 Interest on lease liabilities 12 16 Short-term lease cost 304 798 Variable lease cost 28 64 Sublease income (394 ) (788 ) Total lease cost $ 8,785 $ 17,711 Operating Financing For the six months ended May 30, 2020: Cash paid for amounts included in the measurements of lease liabilities $ 14,533 $ 57 Lease liabilities arising from new right-of-use assets 5,052 1,031 As of May 30, 2020: Weighted average remaining lease terms (years) 6.4 5.7 Weighted average discount rates 5.01 % 4.72 %
Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block]	Operating Leases Financing Leases Remainder of fiscal 2020 $ 18,530 $ 98 Fiscal 2021 34,079 197 Fiscal 2022 30,806 197 Fiscal 2023 25,626 197 Fiscal 2024 18,909 197 Fiscal 2025 15,626 197 Thereafter 38,351 33 Total lease payments 181,927 1,116 Less: interest 26,882 134 Total lease obligations $ 155,045 $ 982
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]	Remainder of fiscal 2020 $ 699 Fiscal 2021 1,395 Fiscal 2022 1,429 Fiscal 2023 1,113 Fiscal 2024 1,007 Fiscal 2025 1,007 Thereafter 381 Total minimum future rental income $ 7,031

Note 12 - Earnings (Loss) Per_2

Note 12 - Earnings (Loss) Per Share (Tables)	6 Months Ended
	May 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Net Income (Loss) Weighted Average Shares Net Income (Loss) Per Share For the quarter ended May 30, 2020: Basic loss per share $ (20,352 ) 9,956,975 $ (2.04 ) Add effect of dilutive securities: Options and restricted shares* - - - Diluted loss per share $ (20,352 ) 9,956,975 $ (2.04 ) For the quarter ended June 1, 2019: Basic earnings per share $ 445 10,433,492 $ 0.04 Add effect of dilutive securities: Options and restricted shares - 26,329 - Diluted earnings per share $ 445 10,459,821 $ 0.04 For the six months ended May 30, 2020: Basic loss per share $ (19,142 ) 9,992,101 $ (1.92 ) Add effect of dilutive securities: Options and restricted shares* - - - Diluted loss per share $ (19,142 ) 9,992,101 $ (1.92 ) For the six months ended June 1, 2019: Basic earnings per share $ 1,053 10,444,306 $ 0.10 Add effect of dilutive securities: Options and restricted shares - 27,530 - Diluted earnings per share $ 1,053 10,471,836 $ 0.10
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Stock options 5,250 - 5,250 - Unvested shares 51,653 45,653 88,153 45,653 Total anti-dilutive securities 56,903 45,653 93,403 45,653

Note 13 - Segment Information (

Note 13 - Segment Information (Tables)	6 Months Ended
	May 30, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Sales Revenue Wholesale $ 33,128 $ 63,131 $ 98,145 $ 135,912 Retail - Company-owned stores 33,171 62,568 99,017 132,197 Logistical services 15,259 20,093 36,574 41,844 Inter-company eliminations: Furniture and accessories (13,299 ) (29,875 ) (45,220 ) (64,929 ) Logistical services (4,458 ) (7,727 ) (12,595 ) (15,993 ) Consolidated $ 63,801 $ 108,190 $ 175,921 $ 229,031 Income (Loss) from Operations Wholesale $ (7,381 ) $ 3,173 $ (4,668 ) $ 7,355 Retail - Company-owned stores (9,170 ) (2,953 ) (10,419 ) (5,999 ) Logistical services (1,842 ) 252 (1,007 ) 964 Inter-company elimination 2,369 229 2,280 165 Early retirement program - - - (835 ) Asset impairment charges (12,184 ) - (12,184 ) - Goodwill impairment charge (1,971 ) - (1,971 ) - Litigation expense (1,050 ) - (1,050 ) - Consolidated $ (31,229 ) $ 701 $ (29,019 ) $ 1,650 Depreciation and Amortization Wholesale $ 782 $ 827 $ 1,591 $ 1,645 Retail - Company-owned stores 1,712 1,544 3,442 3,049 Logistical services 1,122 994 2,206 2,041 Consolidated $ 3,616 $ 3,365 $ 7,239 $ 6,735 Capital Expenditures Wholesale $ 271 $ 1,075 $ 693 $ 2,140 Retail - Company-owned stores 42 1,373 603 5,390 Logistical services 138 313 495 783 Consolidated $ 451 $ 2,761 $ 1,791 $ 8,313 As of As of Identifiable Assets May 30, 2020 November 30, 2019 Wholesale $ 144,580 $ 144,392 Retail - Company-owned stores 183,776 91,997 Logistical services 58,617 39,377 Consolidated $ 386,973 $ 275,766
Wholesale Revenue by Major Product Category [Table Text Block]	Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Bassett Custom Upholstery $ 19,234 58.1 % $ 36,853 58.4 % $ 59,267 60.4 % $ 78,391 57.7 % Bassett Leather 3,055 9.2 % 4,463 7.1 % 7,755 7.9 % 10,234 7.5 % Bassett Custom Wood 5,632 17.0 % 10,526 16.7 % 16,922 17.2 % 22,201 16.3 % Bassett Casegoods 5,207 15.7 % 9,979 15.8 % 14,201 14.5 % 22,619 16.6 % Accessories (1) - 0.0 % 1,310 2.1 % - 0.0 % 2,467 1.8 % Total $ 33,128 100.0 % $ 63,131 100.0 % $ 98,145 100.0 % $ 135,912 100.0 %

Note 15 - Changes to Stockhol_2

Note 15 - Changes to Stockholders' Equity (Tables)	6 Months Ended
	May 30, 2020
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Quarter Ended Six Months Ended May 30, 2020 June 1, 2019 May 30, 2020 June 1, 2019 Common Stock: Beginning of period $ 50,173 $ 52,598 $ 50,581 $ 52,638 Issuance of common stock 89 64 118 281 Forfeited shares - - (35 ) Purchase and retirement of common stock (285 ) (400 ) (687 ) (657 ) End of period $ 49,977 $ 52,262 $ 49,977 $ 52,262 Common Shares Issued and Outstanding: Beginning of period 10,034,591 10,519,640 10,116,291 10,527,636 Issuance of common stock 17,765 12,729 23,508 56,201 Forfeited shares - - (7,000 ) - Purchase and retirement of common stock (57,000 ) (80,024 ) (137,443 ) (131,492 ) End of period 9,995,356 10,452,345 9,995,356 10,452,345 Additional Paid-in Capital: Beginning of period $ - $ - $ 195 $ - Issuance of common stock (7 ) 21 39 (97 ) Forfeited shares - - 35 - Purchase and retirement of common stock (102 ) (242 ) (463 ) (379 ) Stock based compensation 109 221 194 476 End of period $ - $ - $ - $ - Retained Earnings: Beginning of period $ 125,078 $ 138,687 $ 129,130 $ 140,009 Cumulative effect of a change in accounting principal - - (3,785 ) (21 ) Net income (loss) for the period (20,352 ) 445 (19,142 ) 1,053 Purchase and retirement of common stock (87 ) (693 ) (304 ) (1,311 ) Cash dividends declared (1,248 ) (1,312 ) (2,508 ) (2,603 ) End of period $ 103,391 $ 137,127 $ 103,391 $ 137,127 Accumulated Other Comprehensive Loss: Beginning of period $ (1,211 ) $ (2,280 ) $ (1,236 ) $ (2,338 ) Amortization of pension costs, net of tax 24 57 49 115 End of period $ (1,187 ) $ (2,223 ) $ (1,187 ) $ (2,223 )

Note 2 - Interim Financial Pr_2

Note 2 - Interim Financial Presentation (Details Textual)	3 Months Ended		6 Months Ended		12 Months Ended
	May 30, 2020	Jun. 01, 2019	May 30, 2020	Jun. 01, 2019	Nov. 30, 2019	Nov. 24, 2018
Effective Income Tax Rate Reconciliation, Percent, Total	(36.40%)	20.00%	(36.50%)	23.80%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					21.00%	35.00%

Note 3 - Financial Instrument_2

Note 3 - Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended	15 Months Ended
	May 30, 2020	May 30, 2020	Nov. 30, 2019
Short-term Investments, Total	$ 17,673	$ 17,673	$ 17,436
Certificates of Deposit, Original Terms, Weighted Average (Month)	8 months
Minimum [Member]
Interest Rate of Certificates of Deposit	0.30%
Maximum [Member]
Interest Rate of Certificates of Deposit	2.00%
Weighted Average [Member]
Interest Rate of Certificates of Deposit		1.19%
Certificates of Deposit [Member]
Short-term Investments, Total	$ 17,673	$ 17,673	$ 17,436

Note 4 - Accounts Receivable -

Note 4 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	May 30, 2020	Nov. 30, 2019
Gross accounts receivable	$ 19,500	$ 22,193
Allowance for doubtful accounts	(1,701)	(815)
Accounts receivable, net	$ 17,799	$ 21,378

Note 4 - Accounts Receivable _2

Note 4 - Accounts Receivable - Activity in Allowance for Doubtful Accounts (Details) $ in Thousands	6 Months Ended
	May 30, 2020USD ($)
Balance at November 30, 2019	$ 815
Additions charged to expense	1,074
Write-offs against allowance	(188)
Balance at May 30, 2020	$ 1,701

Note 5 - Inventories - Inventor

Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands	May 30, 2020	Nov. 30, 2019
Wholesale finished goods	$ 27,532	$ 27,792
Work in process	441	733
Raw materials and supplies	17,173	17,293
Retail merchandise	30,873	31,534
Total inventories on first-in, first-out method	76,019	77,352
LIFO adjustment	(8,836)	(8,688)
Reserve for excess and obsolete inventory	(4,700)	(2,362)
Inventory, net	$ 62,483	$ 66,302

Note 5 - Inventories - Activity

Note 5 - Inventories - Activity in Reserves for Excess Quantities and Obsolete Inventory by Segment (Details) - USD ($) $ in Thousands	6 Months Ended
	May 30, 2020	Jun. 01, 2019
Balance	$ 2,362
Additions charged to expense	2,936	$ 1,274
Write-offs	(598)
Balance	4,700
Operating Segments [Member] | Wholesale Segment [Member]
Balance	2,054
Additions charged to expense	2,532
Write-offs	(579)
Balance	4,007
Operating Segments [Member] | Retail Segment [Member]
Balance	308
Additions charged to expense	404
Write-offs	(19)
Balance	$ 693

Note 6 - Goodwill and Other I_3

Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	May 30, 2020	Jun. 01, 2019	Jun. 01, 2019	May 30, 2020	Jun. 01, 2019
Goodwill, Impairment Loss	$ 1,971	$ 0	$ 0	$ 1,971	$ 0

Note 6 - Goodwill and Other I_4

Note 6 - Goodwill and Other Intangible Assets - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	May 30, 2020	Nov. 30, 2019
Intangibles subject to amortization, Gross Carrying Amount	$ 4,384	$ 4,384
Intangibles subject to amortization, Accumulated Amortization	(1,852)	(1,663)
Intangibles subject to amortization, Intangible Assets, Net	2,532	2,721
Trade names	9,338	9,338
Goodwill	12,146	14,117
Total goodwill and other intangible assets	24,016	26,176
Customer Relationships [Member]
Intangibles subject to amortization, Gross Carrying Amount	3,550	3,550
Intangibles subject to amortization, Accumulated Amortization	(1,217)	(1,088)
Intangibles subject to amortization, Intangible Assets, Net	2,333	2,462
Technology-Based Intangible Assets [Member]
Intangibles subject to amortization, Gross Carrying Amount	834	834
Intangibles subject to amortization, Accumulated Amortization	(635)	(575)
Intangibles subject to amortization, Intangible Assets, Net	$ 199	$ 259

Note 6 - Goodwill and Other I_5

Note 6 - Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	May 30, 2020	Jun. 01, 2019	Jun. 01, 2019	May 30, 2020	Jun. 01, 2019	Nov. 30, 2019
Balance				$ 14,117
Goodwill impairment	$ (1,971)	$ 0	$ 0	(1,971)	$ 0
Balance	12,146			12,146
Goodwill, accumulated impairment loss	3,897			3,897		$ 1,926
Wholesale Segment [Member]
Balance				9,188
Goodwill impairment				(1,971)
Balance	7,217			7,217
Goodwill, accumulated impairment loss	1,971			1,971		0
Retail Segment [Member]
Balance				0
Goodwill impairment				0
Balance	0			0
Goodwill, accumulated impairment loss	1,926			1,926		1,926
Logistical Services [Member]
Balance				4,929
Goodwill impairment				0
Balance	4,929			4,929
Goodwill, accumulated impairment loss	$ 0			$ 0		$ 0

Note 6 - Goodwill and Other I_6

Note 6 - Goodwill and Other Intangible Assets - Amortization Expense With Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 30, 2020	Jun. 01, 2019	May 30, 2020	Jun. 01, 2019
Intangible asset amortization expense	$ 95	$ 95	$ 189	$ 190

Note 6 - Goodwill and Other I_7

Note 6 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	May 30, 2020	Nov. 30, 2019
Remainder of fiscal 2020	$ 189
Fiscal 2021	379
Fiscal 2022	279
Fiscal 2023	259
Fiscal 2024	259
Fiscal 2025	259
Thereafter	908
Total	$ 2,532	$ 2,721

Note 7 - Bank Credit Facility (

Note 7 - Bank Credit Facility (Details Textual) - USD ($) $ in Thousands	Jun. 15, 2020	May 30, 2020
Bank One [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 25,000
Letters of Credit Outstanding, Amount		4,773
Line of Credit Facility, Remaining Borrowing Capacity		20,227
Bank One [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Bank One [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.90%
Bank Two [Member]
Letters of Credit Outstanding, Amount		$ 325

Note 8 - Post Employment Bene_3

Note 8 - Post Employment Benefit Obligations (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	May 27, 2017	May 30, 2020	Nov. 30, 2019
Unfunded Deferred Compensation Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		$ 1,714	$ 1,767
Deferred Compensation, Management Savings Plan [Member]
Deferred Compensation Arrangement with Individual, Recorded Liability		963	894
Management Savings Plan [member]
Defined Benefit Plan, Fixed Future Benefit Award	$ 2,000
Defined Benefit Plan, Fixed Future Benefit Award, Individual Participants	$ 400
Deferred Compensation Arrangement with Individual, Recorded Liability		1,366	1,311
Supplemental Employee Retirement Plan [Member]
Liability, Other Postretirement Defined Benefit Plan		$ 8,695	$ 8,779

Note 8 - Post Employment Bene_4

Note 8 - Post Employment Benefit Obligations - Pension Liability (Details) - Pension Plans Defined Benefit and Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	May 30, 2020	Nov. 30, 2019
Combined pension liability	$ 10,061	$ 10,090
Accrued Compensation and Benefits [Member]
Combined pension liability	655	655
Post Employment Benefit Obligations [Member]
Combined pension liability	$ 9,406	$ 9,435

Note 8 - Post Employment Bene_5

Note 8 - Post Employment Benefit Obligations - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 30, 2020	Jun. 01, 2019	May 30, 2020	Jun. 01, 2019
Service cost	$ 43	$ 47	$ 87	$ 94
Interest cost	67	110	134	221
Amortization of prior service costs	31	31	63	63
Amortization of loss	2	46	4	92
Net periodic pension cost	$ 143	$ 234	$ 288	$ 470

Note 8 - Post Employment Bene_6

Note 8 - Post Employment Benefit Obligations - Deferred Compensation Liability (Details) - Deferred Compensation Plans [Member] - USD ($) $ in Thousands	May 30, 2020	Nov. 30, 2019
Liability for all deferred compensation arrangements	$ 2,677	$ 2,661
Accrued Compensation and Benefits [Member]
Liability for all deferred compensation arrangements	266	266
Post Employment Benefit Obligations [Member]
Liability for all deferred compensation arrangements	$ 2,411	$ 2,395

Note 8 - Post Employment Bene_7

Note 8 - Post Employment Benefit Obligations - Recognized Deferred Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 30, 2020	Jun. 01, 2019	May 30, 2020	Jun. 01, 2019
Deferred compensation expense	$ 198	$ 84	$ 294	$ 183

Note 9 - Other Operating Loss_2

Note 9 - Other Operating Losses (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	May 31, 2020	May 30, 2020	Jun. 01, 2019	Jun. 01, 2019	Mar. 02, 2019	May 30, 2020	Jun. 01, 2019	Nov. 30, 2019
Legal Fees		$ 1,050	$ 0	$ 0		$ 1,050	$ 0
Estimated Litigation Liability		1,750				1,750
Early Retirement Program, Benefits Payment Period (Year)					1 year
Early Retirement Program Expense		0	$ 0	$ 0		0	$ 835
Other Current Liabilities [Member]
Liability, Other Retirement Benefits		35				35		$ 374
Underperforming Retail Stores [Member]
Operating Lease, Impairment Loss		6,239				6,239
Underperforming Retail Stores [Member]
Asset Impairment Charges, Total		11,114				$ 11,114
Closed Custom Upholstery Manufacturing Facility in Grand Prairie, Texas [Member]
Asset Impairment Charges, Total	$ 1,070	$ 1,070

Note 11 - Leases (Details Textu

Note 11 - Leases (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	May 30, 2020	Dec. 01, 2019	Nov. 30, 2019
Retained Earnings (Accumulated Deficit), Ending Balance	$ 103,391		$ 129,130
Lease Obligations of Licensee Operators [Member]
Loss Contingency, Estimate of Possible Loss	1,793		$ 1,776
Other Current Liabilities and Accrued Expenses [Member] | Effect of Covid-19 Pandemic [Member]
Past Due Rents Subject to Negotiation with Lessors	$ 4,470
Accounting Standards Update 2016-02 [Member]
Lease, Right-of-Use Asset, Net		$ 146,585
Lease, Liability, Net		151,672
Deferred Income Tax Liabilities, Net, Total		1,302
Retained Earnings (Accumulated Deficit), Ending Balance		$ 3,785
Minimum [Member]
Lease Guarantees Term (Year)	1 year
Minimum [Member] | Real Estate Lease [Member]
Lessee, Operating Lease, Term of Contract (Year)	1 year
Lessee, Operating Lease, Renewal Term (Year)	5 years
Maximum [Member]
Lease Guarantees Term (Year)	10 years
Maximum [Member] | Real Estate Lease [Member]
Lessee, Operating Lease, Term of Contract (Year)	15 years
Lessee, Operating Lease, Renewal Term (Year)	15 years

Note 11 - Leases - Supplemental

Note 11 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands		May 30, 2020	Nov. 30, 2019
Right of use assets		$ 130,042	$ 0
Lease liabilties, short-term		29,009	0
Lease liabilties, long-term		126,036	$ 0
Right of use assets (1)	[1]	974
Lease liabilties, short-term (2)	[2]	155
Lease liabilties, long-term (3)	[3]	827
Wholesale Segment [Member]
Right of use assets		11,039
Retail Segment [Member]
Right of use assets		99,895
Logistical Services [Member]
Right of use assets		$ 19,108
[1]	Included in property & equipment, net in our condensed consolidated balance sheet.
[2]	Included in other current liabilites and accrued expenses in our condensed consolidated balance sheet.
[3]	Included in other long-term liabilites and accrued expenses in our condensed consolidated balance sheet.

Note 11 - Leases - Lease Cost (

Note 11 - Leases - Lease Cost (Details) $ in Thousands	3 Months Ended	6 Months Ended
	May 30, 2020USD ($)	May 30, 2020USD ($)
Operating lease cost	$ 8,792	$ 17,564
Amortization of right-of-use assets	43	57
Interest on lease liabilities	12	16
Short-term lease cost	304	798
Variable lease cost	28	64
Sublease income	(394)	(788)
Total lease cost	$ 8,785	17,711
Cash paid for amounts included in the measurements of lease liabilities, operating		14,533
Cash paid for amounts included in the measurements of lease liabilities, financing		57
Lease liabilities arising from new right-of-use assets, operating		5,052
Lease liabilities arising from new right-of-use assets, financing		$ 1,031
Weighted average remaining lease terms (years), operating (Year)	6 years 4 months 24 days	6 years 4 months 24 days
Weighted average remaining lease terms (years), financing (Year)	5 years 8 months 12 days	5 years 8 months 12 days
Weighted average discount rates, operating	5.01%	5.01%
Weighted average discount rates, financing	4.72%	4.72%

Note 11 - Leases - Lease Maturi

Note 11 - Leases - Lease Maturities (Details) $ in Thousands	May 30, 2020USD ($)
Remainder of fiscal 2020, operating lease	$ 18,530
Remainder of fiscal 2020, finance lease	98
Fiscal 2021, operating lease	34,079
Fiscal 2021, finance lease	197
Fiscal 2022, operating lease	30,806
Fiscal 2022, finance lease	197
Fiscal 2023, operating lease	25,626
Fiscal 2023, finance lease	197
Fiscal 2024, operating lease	18,909
Fiscal 2024, finance lease	197
Fiscal 2025, operating lease	15,626
Fiscal 2025, finance lease	197
Thereafter, operating lease	38,351
Thereafter, finance lease	33
Total lease payments, operating lease	181,927
Total lease payments, finance lease	1,116
Less: interest, operating lease	26,882
Less: interest, finance lease	134
Total operating lease obligations	155,045
Total finance lease obligations	$ 982

Note 11 - Leases - Minimum Futu

Note 11 - Leases - Minimum Future Rental Income (Details) $ in Thousands	May 30, 2020USD ($)
Remainder of fiscal 2020	$ 699
Fiscal 2021	1,395
Fiscal 2022	1,429
Fiscal 2023	1,113
Fiscal 2024	1,007
Fiscal 2025	1,007
Thereafter	381
Total minimum future rental income	$ 7,031

Note 12 - Earnings (Loss) Per_3

Note 12 - Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	May 30, 2020		Jun. 01, 2019	Jun. 01, 2019	May 30, 2020		Jun. 01, 2019
Basic earnings per share, net income	$ (20,352)		$ 445		$ (19,142)		$ 1,053
Basic earnings per share, weighted average shares (in shares)	9,956,975		10,433,492		9,992,101		10,444,306
Basic earnings (loss) per share (in dollars per share)	$ (2.04)		$ 0.04	$ 0.04	$ (1.92)		$ 0.10
Options and restricted shares, net income	$ 0	[1]	$ 0		$ 0	[1]	$ 0
Options and restricted shares, weighted average shares (in shares)	0	[1]	26,329		0	[1]	27,530
Diluted earnings per share, net income	$ (20,352)		$ 445		$ (19,142)		$ 1,053
Diluted earnings per share, weighted average shares (in shares)	9,956,975		10,459,821		9,992,101		10,471,836
Diluted earnings (loss) per share (in dollars per share)	$ (2.04)		$ 0.04	$ 0.04	$ (1.92)		$ 0.10
[1]	Due to the net loss, the potentially dilutive securities would have been anti-dilutive and are therefore excluded.

Note 12 - Earnings (Loss) Per_4

Note 12 - Earnings (Loss) Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	May 30, 2020	Jun. 01, 2019	May 30, 2020	Jun. 01, 2019
Antidilutive securities (in shares)	56,903	45,653	93,403	45,653
Share-based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	5,250	0	5,250	0
Unvested Shares [Member]
Antidilutive securities (in shares)	51,653	45,653	88,153	45,653

Note 13 - Segment Information_2

Note 13 - Segment Information (Details Textual) $ in Thousands	3 Months Ended			6 Months Ended
	May 30, 2020USD ($)	Jun. 01, 2019USD ($)	Jun. 01, 2019USD ($)	May 30, 2020USD ($)	Jun. 01, 2019USD ($)
Number of Reportable Segments				3
SGA Expenses Excluding New Store Pre-opening Costs	$ 50,373		$ 64,590	$ 115,013	$ 133,976
Zenith Freight Lines [Member]
SGA Expenses Excluding New Store Pre-opening Costs	$ 17,101	$ 19,841		$ 37,581	$ 40,880

Note 13 - Segment Information -

Note 13 - Segment Information - Segment Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	May 30, 2020	Jun. 01, 2019	Jun. 01, 2019	May 30, 2020	Jun. 01, 2019	Nov. 30, 2019
Sales revenues	$ 63,801	$ 108,190	$ 108,190	$ 175,921	$ 229,031
Income (loss) from Operations	(31,229)	701	701	(29,019)	1,650
Early retirement program	0	0	0	0	(835)
Asset impairment charges	(12,184)	0	0	(12,184)	0
Goodwill impairment	(1,971)	0	0	(1,971)	0
Litigation expense	(1,050)	0	$ 0	(1,050)	0
Depreciation and amortization	3,616	3,365		7,239	6,735
Capital expenditures	451	2,761		1,791	8,313
Identifiable Assets	386,973			386,973		$ 275,766
Wholesale Segment [Member]
Sales revenues	33,128	63,131		98,145	135,912
Goodwill impairment				(1,971)
Retail Segment [Member]
Goodwill impairment				0
Logistical Services [Member]
Goodwill impairment				0
Operating Segments [Member] | Wholesale Segment [Member]
Sales revenues	33,128	63,131		98,145	135,912
Income (loss) from Operations	(7,381)	3,173		(4,668)	7,355
Depreciation and amortization	782	827		1,591	1,645
Capital expenditures	271	1,075		693	2,140
Identifiable Assets	144,580			144,580		144,392
Operating Segments [Member] | Retail Segment [Member]
Sales revenues	33,171	62,568		99,017	132,197
Income (loss) from Operations	(9,170)	(2,953)		(10,419)	(5,999)
Depreciation and amortization	1,712	1,544		3,442	3,049
Capital expenditures	42	1,373		603	5,390
Identifiable Assets	183,776			183,776		91,997
Operating Segments [Member] | Logistical Services [Member]
Sales revenues	15,259	20,093		36,574	41,844
Income (loss) from Operations	(1,842)	252		(1,007)	964
Depreciation and amortization	1,122	994		2,206	2,041
Capital expenditures	138	313		495	783
Identifiable Assets	58,617			58,617		$ 39,377
Intersegment Eliminations [Member]
Income (loss) from Operations	2,369	229		2,280	165
Intersegment Eliminations [Member] | Logistical Services [Member]
Sales revenues	(4,458)	(7,727)		(12,595)	(15,993)
Intersegment Eliminations [Member] | Furniture and Accessories [Member]
Sales revenues	$ (13,299)	$ (29,875)		$ (45,220)	$ (64,929)

Note 13 - Segment Information_3

Note 13 - Segment Information - Wholesale Shipments by Type (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		May 30, 2020	Jun. 01, 2019	Jun. 01, 2019	May 30, 2020	Jun. 01, 2019
Sales revenue		$ 63,801	$ 108,190	$ 108,190	$ 175,921	$ 229,031
Wholesale Segment [Member]
Sales revenue		$ 33,128	$ 63,131		$ 98,145	$ 135,912
Sales, revenue, percent		100.00%	100.00%		100.00%	100.00%
Wholesale Segment [Member] | Upholstery [Member]
Sales revenue		$ 19,234	$ 36,853		$ 59,267	$ 78,391
Sales, revenue, percent		58.10%	58.40%		60.40%	57.70%
Wholesale Segment [Member] | Bassett Leather [Member]
Sales revenue		$ 3,055	$ 4,463		$ 7,755	$ 10,234
Sales, revenue, percent		9.20%	7.10%		7.90%	7.50%
Wholesale Segment [Member] | Bassett Custom Wood [Member]
Sales revenue		$ 5,632	$ 10,526		$ 16,922	$ 22,201
Sales, revenue, percent		17.00%	16.70%		17.20%	16.30%
Wholesale Segment [Member] | Bassett Casegoods [Member]
Sales revenue		$ 5,207	$ 9,979		$ 14,201	$ 22,619
Sales, revenue, percent		15.70%	15.80%		14.50%	16.60%
Wholesale Segment [Member] | Accessories [Member]
Sales revenue	[1]	$ 0	$ 1,310		$ 0	$ 2,467
Sales, revenue, percent	[1]	0.00%	2.10%		0.00%	1.80%
[1]	Beginning with the third quarter of fiscal 2019, our wholesale segment no longer purchases accessory items for resale to our retail segment or to third party customers such as licensees or independent furniture retailers. Our retail segment and third party customers now source their accessory items directly from the accessory vendors.

Note 14 - Revenue Recognition (

Note 14 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	May 30, 2020	Nov. 30, 2019
Contract with Customer, Liability, Total	$ 23,191	$ 25,341
Maximum [Member]
Contract with Customer, Timing of Payment (Year)	1 year

Note 15 - Changes to Stockhol_3

Note 15 - Changes to Stockholders' Equity - Changes Occurred in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	May 30, 2020	Jun. 01, 2019	Jun. 01, 2019	May 30, 2020	Jun. 01, 2019
Balance				$ 178,670
Balance	$ 152,181			152,181
Net income (loss) for the period	(20,352)	$ 445	$ 445	(19,142)	$ 1,053
Cash dividends declared	(1,248)	(1,312)		(2,508)	(2,603)
Common Stock [Member]
Balance	50,173	52,598		50,581	52,638
Issuance of common stock	89	64		118	281
Forfeited shares	0	0		(35)
Purchase and retirement of common stock	(285)	(400)		(687)	(657)
Balance	$ 49,977	$ 52,262	$ 52,262	$ 49,977	$ 52,262
Balance, shares (in shares)	10,034,591	10,519,640		10,116,291	10,527,636
Issuance of common stock, shares (in shares)	17,765	12,729		23,508	56,201
Forfeited shares (in shares)	0	0		(7,000)	0
Purchase and retirement of common stock, shares (in shares)	(57,000)	(80,024)		(137,443)	(131,492)
Balance, shares (in shares)	9,995,356	10,452,345	10,452,345	9,995,356	10,452,345
Paid in Capital [Member]
Balance	$ 0	$ 0		$ 195	$ 0
Issuance of common stock	(7)	21		39	(97)
Forfeited shares	0	0		35	0
Purchase and retirement of common stock	(102)	(242)		(463)	(379)
Balance	0	0	$ 0	0	0
Stock based compensation	109	221		194	476
Retained Earnings [Member]
Balance	125,078	138,687		129,130	140,009
Purchase and retirement of common stock	(87)	(693)		(304)	(1,311)
Balance	103,391	137,127	137,127	103,391	137,127
Cumulative effect of a change in accounting principal	0	0		(3,785)	(21)
Net income (loss) for the period	(20,352)	445		(19,142)	1,053
AOCI Attributable to Parent [Member]
Balance	(1,211)	(2,280)		(1,236)	(2,338)
Balance	(1,187)	(2,223)	$ (2,223)	(1,187)	(2,223)
Amortization of pension costs, net of tax	$ 24	$ 57		$ 49	$ 115