Bassett (BSET) Cuts 50 Positions
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Bassett Furniture Industries Inc. (Nasdaq: BSET) announced actions to reduce its overall cost structure that will result in lower expenditures for payroll, employee benefits, warehousing and distribution, marketing, and other miscellaneous items. As a result, the Company expects to realize annualized savings of $7 to $8 million.
Approximately 50 positions in departments throughout the Company will be affected including corporate retail, administration, customer service, manufacturing, and marketing resulting in an approximate 6% reduction in payroll. Additionally, the Company's Mt. Airy, N.C., distribution facility closed on March 1st and has been consolidated to other warehouses in the U.S. and Asia. Overall distribution costs will be reduced by 7%.
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Bassett Furniture Industries is a leading manufacturer and marketer of high quality, mid-priced home furnishings.
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