Bassett to Purchase Assets of Crimson Casual, Inc.
October 17 2019 - 9:00AM
Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today
that it is finalizing an agreement to purchase certain assets of
Crimson Casual, Inc. for $2,250,000 in cash and stock. Crimson
Casual is a manufacturer and marketer of luxury aluminum outdoor
furniture located in Haleyville, Alabama. With a state-of-the-art
powder-coat finishing process, Crimson Casual can customize the
frames with a number of different colors and finish textures.
Bassett expects the transaction to be completed in early November
2019.
“We are excited to add a U.S.-based metal
fabricating and finishing facility to our growing portfolio of
capabilities in the outdoor furniture space,” said Rob Spilman,
Bassett’s Chairman and CEO. “Crimson Casual produces high quality
product that will provide us with new opportunities to expand our
outdoor presence and we welcome their associates to the Bassett
team. Adding domestically manufactured aluminum product with custom
finishing options will be a wonderful complement to our existing
woven wicker, teak, and fully upholstered assortments. Looking
ahead, we plan to further penetrate the outdoor market on three
fronts. Lane Venture, acquired in late 2017, has grown at a
double-digit rate in 2019 as the Bassett speed to market model has
reinvigorated the venerable 47-year-old Lane Venture brand. We have
added over 200 new dealers this year as our standard for service
has been embraced by new and established dealers alike. A second
initiative that is still in the planning stages will be our entry
into the outdoor contract furniture channel under the name Bassett
Outdoor Contract. We are gearing up to call on hospitality
organizations and country clubs as we pursue this significant
portion of the overall outdoor furniture industry. And, in
February, our third approach will commence with the launch of the
new Bassett Outdoor line that will be sold exclusively in the 100
Bassett Home Furnishings stores across the country. In development
for over one year, this launch will make our stores a complete home
resource and will leverage our investment in our existing North
Carolina manufacturing facility with more volume and greater
efficiencies.”
Bassett Furniture Industries, Inc. (NASDAQ:
BSET), is a leading manufacturer and marketer of high quality home
furnishings. With 103 company- and licensee-owned stores, Bassett
has leveraged its strong brand name in furniture into a network of
corporate and licensed stores that focus on providing consumers
with a friendly environment for buying furniture and accessories.
Bassett’s retail strategy includes custom-built furniture that is
ready for delivery in the home within 30 days. The stores also
feature the latest on-trend furniture styles, free in-home design
visits, and coordinated decorating accessories. Bassett also has a
traditional branded and non-branded wholesale business with more
than 700 accounts in the open market, across the United States and
internationally. In addition, Bassett manufactures and markets
outdoor furniture under the Lane Venture brand to over 300 accounts
in the open market. For more information, visit the Company’s
website at bassettfurniture.com. (BSET-E)
J. Michael Daniel, Senior Vice President and Chief
Financial Officer (276) 629-6614 – Investors
Peter D. Morrison, Vice President of
Communications(276) 629-6387 – Media
Bassett Furniture Indust... (NASDAQ:BSET)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bassett Furniture Indust... (NASDAQ:BSET)
Historical Stock Chart
From Apr 2023 to Apr 2024