Brief: Bassett Furniture Announces 25% Permanent Reduction In Workforce

Bassett Furniture Industries

11/05/2020 18:15

May 11 (Reuters) - Bassett Furniture Industries Inc
 BSET.O :
    * BASSETT FURNITURE INDUSTRIES INC - CONTINUED REOPENING ITS
STORES
    * BASSETT FURNITURE INDUSTRIES INC - TOTAL STORES REOPENED
FOR
BUSINESS ARE 43 OF ITS 66 CORPORATE-OWNED STORES
    * BASSETT FURNITURE INDUSTRIES INC - EXPECTS TO REOPEN 19
MORE
STORES BY WEEK OF MAY 18, 2020
    * BASSETT FURNITURE INDUSTRIES INC - 25% PERMANENT REDUCTION
IN
WORKFORCE
    * BASSETT FURNITURE INDUSTRIES INC - 42% OF REMAINING
WORKFORCE
WILL REMAIN ON FURLOUGH THROUGH AT LEAST MAY 31, 2020
    * BASSETT FURNITURE INDUSTRIES INC - PERMANENT CLOSURE OF
GRAND
PRAIRIE, TEXAS UPHOLSTERY MANUFACTURING OPERATION
    * BASSETT FURNITURE INDUSTRIES INC - PRODUCTION AT GRAND
PRAIRIE
SHIFTED TO MANUFACTURING LOCATION IN NEWTON, NORTH CAROLINA
    * BASSETT FURNITURE INDUSTRIES INC - NO SIGNIFICANT
SEVERANCE OR
RESTRUCTURING CHARGE IS EXPECTED
    * BASSETT FURNITURE INDUSTRIES INC - BASSETT'S WHOLESALE
REVENUE
FROM MARCH 23RD THROUGH END OF APRIL DECLINED BY MORE THAN 80%

Source text for Eikon:  ID:nGNX46lgFs 
Further company coverage:  BSET.O 

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