0001437749-11-002842.txt : 20110505 0001437749-11-002842.hdr.sgml : 20110505 20110505161736 ACCESSION NUMBER: 0001437749-11-002842 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110502 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110505 DATE AS OF CHANGE: 20110505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BASSETT FURNITURE INDUSTRIES INC CENTRAL INDEX KEY: 0000010329 STANDARD INDUSTRIAL CLASSIFICATION: WOOD HOUSEHOLD FURNITURE, (NO UPHOLSTERED) [2511] IRS NUMBER: 540135270 STATE OF INCORPORATION: VA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00209 FILM NUMBER: 11814898 BUSINESS ADDRESS: STREET 1: PO BOX 626 CITY: BASSETT STATE: VA ZIP: 24055 BUSINESS PHONE: 5406296209 MAIL ADDRESS: STREET 1: MAIN ST STREET 2: P O BOX 626 CITY: BASSETT STATE: VA ZIP: 24055 8-K 1 bassett_8k-050211.htm CURRENT REPORT bassett_8k-050211.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported) May 2, 2011
 
BASSETT FURNITURE INDUSTRIES, INCORPORATED
(Exact name of registrant as specified in its charter)
 
VIRGINIA
  
0-209
  
54-0135270
(State or other jurisdiction of
incorporation or organization)
  
(Commission File No.)
  
(I.R.S. Employer
Identification No.)
 
3525 FAIRYSTONE PARK HIGHWAY
BASSETT, VIRGINIA
  
24055
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code 276/629-6000
  
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
Item 2.01.
Completion of Acquisition or Disposition of Assets
 
On May 2, 2011 Bassett Furniture Industries, Inc. (“the Company”) sold the Company’s 46.9% interest in International Home Furnishings Center, Inc. to International Market Centers, L.P. (“IMC”).  In consideration for the sale, the Company received approximately $74 million in cash proceeds.  Approximately $7 million in additional Company proceeds were placed in escrow to indemnify the purchaser with respect to various contingencies.  Any unused portions of the escrowed funds will be released over a three year period.  In connection with the sale, the Company acquired a minority equity stake in IMC in exchange for $2.4 million.  IMC is majority owned by funds managed by Bain Capital Partners and a subsidiary of certain investment funds managed by Oaktree Capital Management, L.P.
 
Item 9.01.
Financial Statements and Exhibits
 
Pro forma financial information with respect to the sale of the Company’s interest in International Home Furnishings Center, Inc. will be provided by amendment to this Current Report on Form 8-K no later than July 18, 2011.
 
 
 
 
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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
  BASSETT FURNITURE INDUSTRIES, INCORPORATED  
       
Date:  May 5, 2011
By:
/s/ J. Michael Daniel  
    J. Michael Daniel  
    Title: Vice President – Chief Accounting Officer  

 
 
 
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