Bassett Furniture (BSET) Announces Bassett, VA Plant Closing
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Bassett Furniture Industries Inc. (NASDAQ: BSET) announced today that it is closing its fiberboard facility in Bassett, Va. he closure of the facility will occur by the end of the year, affecting approximately 45 employees.
In connection with the closing of this facility, the Company expects to record a charge of approximately $1.0 million in the fourth quarter primarily associated with the writedown of property and equipment.
"We have struggled with this decision for some time and regret the impact it will have on our employees," said Robert H. Spilman Jr., President and CEO. "Unfortunately, the local demand for medium density fiberboard has been depressed and no longer supports our long-term strategy. The Bassett fiberboard employees have been extremely dedicated and loyal for many years. We will provide them with outplacement assistance and severance to make the transition as smooth as possible under the circumstances."
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