Bassett Furniture announces additional cost structure, workforce reductions

Bassett Furniture (BSET) Industries announced certain work force reductions designed to both streamline operations and better match the Company’s cost structure to the current rate of business. Through a combination of layoffs and retirements throughout the organization, this workforce reduction will result in approximately $2.5 million in annual savings. Including this action, Bassett has reduced its headcount by 11% over the past year. The Company expects to record an associated $500,000 severance charge in the current quarter. The Company further announced that it continues executing on its five-point restructuring plan announced on July 10, 2024 which is projected to provide between $5.5 million and $6.5 million of annual cost savings. Coupled with the work force reductions discussed above, annual savings are now projected to be between $8.0 million and $9.0 million.