Bassett Completes Sale of Zenith Assets to JB Hunt Transport

Bassett Furniture Industries, Incorporated

BASSETT, Va., March 01, 2022 (GLOBE NEWSWIRE) — Bassett Furniture Industries, Inc. (NASDAQ: BSET) today announced that it has completed the sale of substantially all of the assets of Zenith Freight Lines, LLC, a wholly owned by Bassett, to a wholly owned subsidiary of JB Hunt Transport Services, Inc. (NASDAQ: JBHT), one of North America’s largest supply chain solutions providers. As previously announced, the selling price is approximately $87 million, subject to customary post-closing working capital adjustment. Bassett and JB Hunt have also entered into a long-term agreement whereby JB Hunt agrees to provide Bassett with the exceptional service that Zenith has provided Bassett for nearly 50 years.

“We are delighted that the transaction has been completed and we are ready to move forward in reaping the strategic benefits of partnering with JB Hunt to meet our midstream transportation and warehousing needs,” said Rob Spilman, President and CEO. “We will provide additional information on our capital allocation strategy after our board meeting next week.”

About Bassett Furniture Industries, Inc.
Bassett Furniture Industries, Inc. (NASDAQ: BSET), is a leading manufacturer and marketer of high quality home furnishings. With 96 corporate and licensee-owned stores at the time of this publication, Bassett has leveraged its strong furniture brand into a network of corporate and licensee stores that focus on providing consumers with a friendly environment for the purchase of furniture and accessories. Bassett’s retail strategy includes stylish, bespoke furniture that features the latest on-trend furniture styles, free in-home design tours, and coordinating home accessories. Bassett also has a traditional wholesale business with over 700 accounts in the open market, both in the United States and abroad, and a logistics business specializing in furniture. For more information, visit the company’s website at bassettfurniture.com. (BSET-E)

Some of the statements in this release, particularly those preceded, followed by, or including the words “believes”, “plans”, “expects”, “anticipates”, “intends”, “should”, ” estimates” or similar expressions, or those relating to or anticipating financial results or changes in operations for periods beyond the end of the fourth fiscal quarter of 2021, constitute “forward-looking statements” within the meaning of Article 27A of the Securities Act of 1933, as amended. For these statements, Bassett claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. In many cases, Bassett cannot predict what factors would cause actual results to differ materially. those set forth in the forward-looking statements. statements. The expectations included in the forward-looking statements are based on preliminary information and certain assumptions that management believes are reasonable at this time. The following important factors affect Bassett and could cause actual results to differ materially from those set forth in the forward-looking statements: the effects of domestic and global economic or other conditions (including, without limitation, the effects on , supply and demand resulting from the duration and extent of the COVID-19 pandemic) and future events on home furnishings retail demand and the ability of customers and consumers to Bassett to get credit; the success of marketing, logistics, retail and other initiatives; and economic, competitive, governmental and other factors identified in Bassett’s filings with the Securities and Exchange Commission. Any forward-looking statements made by Bassett speak only as of the date of such statement, and Bassett undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and prior periods are not intended to express future trends or an indication of future performance, unless expressed as such, and should be considered historical data only.

J.Michael Daniel
Senior Vice President and
Financial director
(276) 629-6614 – Investors
[email protected]

Peter D. Morrison
Vice President of Communications
(276) 629-6450 – Media

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