Bassett Cuts Workforce to Drive Cost Savings & Restructuring Progress [Yahoo! Finance]
Bassett Furniture Industries, Incorporated (BSET)
Last bassett furniture industries, incorporated earnings: 4/2 09:00 am
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investors.bassettfurniture.com/investor-relations
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Source: Yahoo! Finance
These reductions, achieved through layoffs and retirements, are expected to generate annual savings of approximately $2.5 million. The company has reduced its headcount by 11% in the past year, indicating ongoing efforts to streamline operations. It anticipates recording a $500,000 severance charge related to this initiative in the current quarter. The company also stated that BSET is progressing with its five-point restructuring plan announced on July 10, 2024. This initiative is expected to result in annual cost savings between $5.5 million and $6.5 million. The plan focuses on driving organic growth through Bassett-branded retail locations, expanding omni-channel capabilities and enhancing customization options. BSET has completed the consolidation of its Virginia-based wood production facilities and has seen improved performance from the remaining operations in the past two months. Bassett plans to optimize inventory, drop underperforming product lines and invest in upgrad
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News
- Bassett Furniture Industries, Incorporated (NASDAQ:BSET) is favoured by institutional owners who hold 59% of the company [Yahoo! Finance]Yahoo! Finance
- Bassett Announces Additional Cost Structure Reductions and Updates Progress on Restructuring Plan [Yahoo! Finance]Yahoo! Finance
- Bassett Announces Additional Cost Structure Reductions and Updates Progress on Restructuring PlanGlobeNewswire
- Bassett Furniture Industries, Incorporated (NASDAQ: BSET) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
- Bassett Furniture Industries, Incorporated (NASDAQ: BSET) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
BSET
Earnings
- 10/9/24 - Miss
BSET
Sec Filings
- 11/20/24 - Form 8-K
- 10/10/24 - Form 10-Q
- 10/10/24 - Form 8-K
- BSET's page on the SEC website