BASSETT, Va. – Bassett Furniture Industries announced it is in lease negotiations for a 123,000-square-foot manufacturing facility in Newton, North Carolina to increase its upholstery manufacturing capacity.
In addition to the four officers on the Executive Committee, the entire board of 18 directors will serve an extra year.
Both retail and wholesale segments saw double-digit declines thanks to disruptions caused by COVID.
The addition of Crimson Casual will help Bassett further penetrate the outdoor furniture market.
Bassett Furniture Industries has agreed to purchase certain Lane Venture operating assets for $15.5 million in cash. Owned by Heritage Home Group, Lane Venture specializes in outdoor home furnishings.
Bassett Furniture will be investing $1.5 million and adding 22 new jobs at its plants in Henry County, Virginia.
Bassett announced its results of operations for its fiscal fourth quarter. Consolidated sales were $113.8 million for the fourth quarter of 2016 compared to $115.6 million for the fourth quarter of 2015, a decrease of 1.5 percent.
Bassett Furniture's solid wood Bench Made furniture, much of it locally grown red maple, is produced in a traditional production line.
Wood sales were driven by growth in Bassett Furniture's recently introduced domestic Bench Made product line. The company invested in machinery and by increases in shipments of its imported wood products.
Bassett Furniture announced plans to open a new 86,000-square-foot residential furniture manufacturing plant in Grand Prairie, Texas, in 2016.