Bassett Furniture cuts workforce, projects $8M-$9M annual savings from restructuring

BASSETT FURNITURE INDUSTRIES INC

Workforce reduction yields ~$2.5M annual savings; headcount down 11% over past year.
Severance charge of $500,000 recorded in current quarter.
Combined annual savings now $8.0M-$9.0M, up from prior $5.5M-$6.5M plan.
Virginia wood production consolidation completed; Noa Home e-commerce closed and inventory liquidated.
No measurable uptick in orders; new products expected on floors in early 2025.

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