Bassett Furniture News Release
April 24 2020 - 11:52AM
Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced
today that it will resume production at its manufacturing locations
next week following the temporary closures due to the COVID-19
pandemic. The Company is resuming production at a limited
capacity to work through its existing backlog and to be in a
position to service expected demand as the economy begins to reopen
for business.
The Company also announced the reopening of 20
of the 66 company-owned Bassett Home Furnishings stores this
weekend. Retail distribution centers have been reopened and
are making home deliveries. Additional stores are expected to
reopen in the coming weeks when permitted based on applicable state
and local guidelines.
“We are following the developing return to work
protocols on a daily basis as we seek to ramp up our retail network
and manufacturing facilities as they are permitted to do so,” said
Rob Spilman, Chairman and Chief Executive Officer. “Our plan
to reopen is driven by our mandate to comply with state and local
guidelines and to keep our work environments, our employees and our
customers safe while keeping mindful of our need to preserve cash
and ensure our future liquidity.”
The Company values the health and safety of its
employees and customers and has put in place stringent protocols
based on Centers for Disease Control and Prevention (CDC) and state
guidelines.
About Bassett Furniture Industries, Inc.Bassett
Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer
and marketer of high quality home furnishings. With 100 company-
and licensee-owned stores at the time of this release, 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 stylish, 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 wholesale business with more than 700 accounts on
the open market, across the United States and internationally and a
logistics business specializing in home furnishings. For more
information, visit the Company’s website at bassettfurniture.com.
(BSET-E)
Certain of the statements in this
release, particularly those preceded by, followed by or including
the words “believes,” “plans,” “expects,” “anticipates,” “intends,”
“should,” “estimates,” or similar expressions, or those relating to
or anticipating financial results or changes in operations for
periods beyond the date of this release, constitute “forward
looking statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended. For those statements,
Bassett claims the protection of the safe harbor for forward
looking statements contained in the Private Securities Litigation
Reform Act of 1995. In many cases, Bassett cannot predict
what factors would cause actual results to differ materially from
those indicated in the forward looking statements.
Expectations included in the forward-looking statements are based
on preliminary information as well as certain assumptions which
management believes to be reasonable at this time. The
following important factors affect Bassett and could cause actual
results to differ materially from those indicated in the forward
looking statements: the effects of national and global
economic or other conditions (including, without limitation, the
effects on revenue, supply and demand resulting from the duration
and extent of the COVID-19 pandemic) and future events on the
retail demand for home furnishings and the ability of Bassett’s
customers and consumers to obtain credit; the success of marketing,
logistics, retail and other initiatives; and the economic,
competitive, governmental and other factors identified in Bassett’s
filings with the Securities and Exchange Commission. Any
forward-looking statement that Bassett makes speaks only as of the
date of such statement, and Bassett undertakes no obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
J. Michael DanielSenior Vice President
and Chief Financial Officer(276)
629-6614 – Investors
Peter D. MorrisonVice President of
Communications(276) 629-6450 – Media
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