UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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WASHINGTON, D.C. 20599
FORM 8-K
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CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of Report (Date of earliest event reported) May 14, 2002
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BASSETT FURNITURE INDUSTRIES, INCORPORATED
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(Exact name of registrant as specified in its charter)
VIRGINIA 0-209 54-0135270
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(State or other jurisdiction of (Comission File No.) (I.R.S. Employer
incorporation or organization) Identification No.)
3525 FAIRYSTONE PARK HIGHWAY
BASSETT, VIRGINIA 24055
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 276/629-6000
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Item 4. Changes in Registrant's Certifying Accountant
On May 13, 2002, the Board of Directors of Bassett Furniture Industries,
Inc. (the "Company"), upon recommendation of its Audit Committee,
decided to dismiss Arthur Andersen as the Company's independent public
accountants and engaged Ernst & Young LLP ("Ernst & Young") to serve as
the Company's independent public accountants for the Company's fiscal
year 2002, effective immediately.
Arthur Andersen's reports on the Company's consolidated financial
statements for each of the years ended 2001 and 2000 did not contain an
adverse opinion or disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope or accounting principles.
During the fiscal years ended November 25, 2000, and November 24, 2001,
and through the date hereof, there were no disagreements with Arthur
Andersen on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure which, if not
resolved to Arthur Andersen's satisfaction, would have caused them to
make reference to the subject matter of any such disagreement in
connection with their report on the Company's consolidated financial
statements for such years; and there were no reportable events as
defined in Item 304 (a) (1) (v) of Regulation S-K.
The Company provided Arthur Andersen with a copy of the foregoing
disclosures. Attached, as Exhibit 16, is a copy of Arthur Andersen's
letter, dated May 13, 2002, stating its agreement with such statements.
During the fiscal years ended November 25, 2000 and November 24, 2001,
and through the date hereof, the Company did not consult Ernst & Young
with respect to the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion
that might be rendered on the Company's consolidated financial
statements, or any other matters or reportable events as set forth in
Items 304 (a) (2) (i) and (ii) of Regulation S-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
(16) Letter from Arthur Andersen LLP to the Securities and Exchange
Commission, dated May 13, 2002, regarding change in certifying
accountant.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BASSETT FURNITURE INDUSTRIES, INCORPORATED
Date: May 14, 2002 By: /s/ BARRY C. SAFRIT
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Barry C. Safrit
Title: Vice President, Chief Financial Officer
EXHIBIT INDEX
Description
Exhibit No. 16 Letter from Arthur Andersen LLP to the Securities and
Exchange Commission, dated May 13, 2002, regarding change in
certifying accountant.