Bassett Furniture Industries, Inc.

Company at a glance

Bassett Furniture Industries, Inc. is a U.S.-based designer, manufacturer, and marketer of branded home furnishings with a 123-year history (founded 1902; incorporated in Virginia 1930). The company operates two primary reportable segments: Wholesale and Retail (company-owned stores). A reconciling Corporate and Other category includes activities such as Noa Home, which was acquired in Q4 2022 and ceased operations with liquidation completed by the end of 2024. Non-cash impairment and other charges were recognized in 2024 related to Noa Home’s assets, remaining inventory, and translation losses.

Segments and primary activities

Wholesale

• Design, manufacture, and sourcing of furniture distributed through Bassett Home Furnishings (BHF) stores (company-owned and licensee-owned) and independent retailers.
• Product mix: Bassett Custom Upholstery, Bassett Leather, Bassett Custom Wood, Bassett Casegoods, and other items.
• Distribution channels:
  • 86 Bassett-branded stores (company-owned and licensee-owned) plus a network of over 1,000 open market accounts
  • Lane Venture outdoor brand
  • More than 30 independent sales representatives
• Sourcing and production:
  • Approximately 23% of wholesale sales were imported in 2025 (20% in 2024; 22% in 2023).
  • About 75% of wholesale revenue is from products manufactured in the United States, with a mix of domestic and globally sourced components.
• Backlog (orders received but not yet shipped):
  • $19,519 thousand as of November 29, 2025
  • $21,750 thousand as of November 30, 2024

Retail — Company-owned stores

• 57 company-owned Bassett Home Furnishings stores and 29 licensee-owned stores, for a total of 86 Bassett-branded locations.
• The store network ranks in the top 40 in U.S. retail furniture sales.
• Store count by state includes locations in AZ, CA, CO, and others.
• Net sales by major product category for company-owned stores (in thousands):
  • 2025:
    • Bassett Custom Upholstery: 117,231 (54.1% of total)
    • Bassett Leather: 9,121 (4.2%)
    • Bassett Custom Wood: 31,885 (14.7%)
    • Bassett Casegoods: 29,218 (13.5%)
    • Accessories/Mattresses/Other: 29,226 (13.5%)
    • Total: 216,681
  • 2024: Total net sales 204,563 (category details provided in company disclosures)
  • 2023: Total net sales 235,940 (category details provided in company disclosures)
• Fiscal year reporting has included 53–52 week differences affecting totals.

Corporate and Other

• Includes Noa Home activities prior to liquidation; all sales shown in Corporate and Other were attributable to Noa Home before liquidation.

Financial highlights

• Wholesale shipments (in thousands, excluding intercompany sales to retail):
  • 2025: Total 214,614 (external 118,599; intercompany 96,015)
  • 2024: Total 207,462 (external 120,441; intercompany 87,021)
  • 2023: Total 248,911 (external 145,392; intercompany 103,519)
• Retail — Company-owned stores net sales (in thousands):
  • 2025: 216,681
  • 2024: 204,563
  • 2023: 235,940
• Backlog:
  • November 29, 2025: $19,519 thousand
  • November 30, 2024: $21,750 thousand
• Employees (as of November 29, 2025):
  • Total: 1,194
  • Wholesale: 615
  • Retail: 444
  • Corporate: 135
• Number of stores:
  • Company-owned Bassett stores: 57
  • Licensee-owned Bassett stores: 29
  • Total Bassett Home Furnishings stores: 86
• Major customers and exposure:
  • Risk related to customers (trade accounts receivable and related guarantees) was approximately $18,528 thousand at November 29, 2025 and $18,281 thousand at November 30, 2024.
  • Approximately 41% of aggregate risk exposure (net of reserves) in 2025 and 43% in 2024 was attributable to the five largest customers.
  • No single customer accounted for more than 10% of total consolidated net sales in fiscal 2025, 2024, or 2023.

Sourcing, production, and manufacturing footprint

• Domestic production accounts for over 75% of wholesale revenue; remaining production is sourced from international suppliers, including Vietnam for certain casegoods and leather upholstery.
• Key materials: wood, foam, fabric, leather, and other components. Foam prices can be volatile due to oil market dynamics.
• Domestic facilities:
  • Bassett Wood Division — Martinsville, VA
  • Bassett Upholstery Division — Newton, NC
  • Bassett Upholstery Division — Haleyville, AL
  • Two warehouses in Bassett, VA
  • Corporate activities and some manufacturing/warehousing in Newton, NC for upholstery and outdoor furniture
• Foreign sourcing: primary production of certain casegoods and leather upholstery from Vietnam

E-commerce and digital

• Website (www.bassettfurniture.com) serves as the primary brand experience; customers can research products, buy online, or engage with an in-store design consultant.
• New web platform introduced in 2023 with improved customer research and navigation; this has driven higher page views, longer time on site, and higher average order value.
• 2025: website traffic declined 8%, while total web sales increased 25% due to higher conversion rates.
• The company plans to continue investing in website aesthetics and user experience while maintaining in-store design makeovers and in-home services.

Environmental and community initiatives

• Emphasis on sustainably sourced hardwoods and participation in Arbor Day planting efforts since 2021.
• Recycling programs for wood dust, fabric scraps, paper/cardboard, pallets, metal/electronics, finishing materials, foam, and other materials.
• Community and charitable involvement, including design contributions for veterans and partnerships with organizations such as Military Makeover.

Strategic notes

• The company plans ongoing refinement of its store footprint: one store closure in 2025, two new store openings in 2026, and one store relocation in 2026–2027.
• Emphasis on a blended channel strategy combining digital outreach with direct mail and television advertising in 2026.
• The company faces competitive pressures in the retail furniture market, including rising online competition, market fragmentation, and a mature risk environment around supply chain, tariffs, and changes in consumer demand.

Summary

Bassett operates as a vertically integrated home furnishings company with U.S. manufacturing facilities and overseas sourcing. It reports segment-specific revenue (wholesale shipments and retail net sales) for 2025, 2024, and 2023, maintains a network of 86 Bassett-branded stores (57 company-owned, 29 licensee-owned), and employs about 1,194 people as of late 2025. The business combines domestic production with imported components, monitors concentration in customer exposure, and continues investments in digital and store-based customer experiences.