Bassett to Pay Special Dividend

November 17, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on November 18, 2011

Bassett Furniture (NASDAQ: BSET) has declared a special dividend of $0.50 per share of common stock outstanding payable Jan. 3 to holders of record on Dec. 23.

Earlier this year, after the sale of its interest in High Point's International Home Furnishings Center, the company reinstated its regular quarterly dividend.

"Given the uncertainty in overall economic conditions and an adverse credit climate, we believe it is prudent to be conservative with our cash position," said Robert H. Spilman, Jr. CEO and president. "However, as the company reviewed and updated its plans for the future while weighing the company's improved balance sheet against economic and market uncertainties, the company and board of directors felt that payment of a special dividend would be appropriate at this time and would be welcomed by a significant segment of its long-term shareholders."