BASSETT, VA – Bassett Furniture Ind. posted a net loss of $8.7 million in its first fiscal quarter of 2009.

Sales were $59.4 million in 1Q, representing a 27.2% decline from the same period a year ago. In response, the company said it plans to close 10 to 12 of its 115 retail stores.

“The worldwide economic slump continued to take its toll on our results in the first quarter of fiscal 2009, negatively affecting every aspect of our business," said Robert Spilman Jr., president and CEO. "We are reacting across multiple fronts to cope with the fallout from historic low levels of consumer confidence. We believe our cost containment program and conservative balance sheet stewardship will enable us to capitalize on the eventual uptick in the economy when it finally does occur.

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