BASSETT FURNITURE INDUSTRIES INC
For the period ended Nov 30, 2024. Filed Feb 10, 2025.
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FY2024 · Filed Feb 10, 2025
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Item 2. PROPERTIES
We own the following facilities, by segment:
Wholesale Segment:
| Facility | Location |
|---|---|
| Bassett Wood Division | Martinsville, Va. |
| Bassett Upholstery Division | Newton, N.C. |
| Bassett Upholstery Division | Haleyville, Alabama |
| 2 Warehouses | Bassett, Va. |
In general, these facilities are suitable and are considered to be adequate for the continuing operations involved. All facilities are in regular use and provide adequate capacity for our manufacturing and warehousing needs. In addition to the owned properties shown above, we lease facilities in Newton, North Carolina for the manufacturing of upholstered furniture and the manufacturing and warehousing operations of Lane Venture and Bassett Outdoor.
Retail Segment:
Real estate associated with our retail segment consists of eight owned locations with an aggregate square footage of 203,465 and a net book value of $24,137. These stores are located as follows:
| Concord, North Carolina | Greensboro, North Carolina |
|---|---|
| Greenville, South Carolina | Fredericksburg, Virginia |
| Houston, Texas | Louisville, Kentucky |
| Knoxville, Tennessee | Tampa, Florida |
Of these locations, two are subject to land leases. Our remaining 50 store locations are leased from third parties. In addition to retail stores, we also lease eleven locations for use as regional warehouses and home delivery distribution centers.
Corporate and Other:
We own our corporate office building, which includes an annex, located in Bassett, Va.
See Note 15 to the Consolidated Financial Statements included under Item 8 of this Annual Report for more information with respect to our operating lease obligations.
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