Bassett Furniture to pay quarterly dividend; special dividend payment put on hold

By Lisa Kerner

Charlotte, N.C., Oct. 20 - The board of directors of Bassett Furniture Industries Inc. declared a quarterly dividend of $0.10 per share payable on Dec. 1 to shareholders of record on Nov. 17.

However, the Bassett, Va., home furnishings company's board suspended making any decision with respect to the $0.50-per-share second special dividend that it had planned to make during 2008, citing turmoil in the financial markets and the erosion of home furnishings sales, a company news release said.

"Despite these difficult conditions, we remain committed to our core retail strategies, are encouraged by the early results of our new prototype stores, and are confident we can gain market share through this period," president and chief executive officer Robert H. Spilman Jr. said in the release.

"The actions taken by our board reflect a desire to maintain the strength of our balance sheet, to ensure we stay on solid terms with our lender, and to do what is in the best long-term interests of our shareholders."

According to Bassett, it has returned over $22 million of capital to its shareholders in fiscal 2008 through dividends and its share repurchase program.

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