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Bassett Furniture suspends quarterly dividend

By Furniture Today Staff -- Furniture Today, February 9, 2009

BASSETT, Va. — Bassett Furniture Inds. announced last week that it has suspended its quarterly dividend of 10 cents per share, a move that will save the company about $1.1 million in the quarter.

The company said the step is one of several it is taking to preserve cash in the face of continued weak retail sales. Other measures include reducing inventory, suspending its share repurchase program, delaying some capital spending, and liquidating portions of its investment portfolio.

Bassett also said it is seeking a waiver on one of the loan covenants attached to its revolving credit line.

The company plans to announce fourth quarter and fiscal 2008 earnings this week. The company said it expects sales for the September-through-November fourth quarter to be down 18% from a year earlier and sales for the full year to be down 2.4%.

Bassett didn't make an earnings projection, but said its results will include several one-time charges.

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Bassett Furniture suspends stock dividend

Feb 3, 2009

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