BASSETT FURNITURE INDUSTRIES, INC. TO INVEST $1.5 MILLION TO EXPAND MANUFACTURING OPERATION
Commonwealth of Virginia
Office of Governor Bob McDonnell
FOR IMMEDIATE RELEASE
December 18, 2013
Governor McDonnell Announces 25 New Jobs in Henry County
Bassett Furniture Industries, Inc. to invest $1.5 million to expand manufacturing operation
RICHMOND – Governor Bob McDonnell today announced that Bassett Furniture Industries, Inc. (Nasdaq:BSET), a leading manufacturer and marketer of high quality, mid-priced home furnishings, will invest $1.5 million to expand its operations in Henry County. Over a three year period, the project will increase local manufacturing capacity and support operations, to grow the company’s custom casual dining business. The project will create 25 new jobs.
Speaking about today’s announcement, Governor McDonnell said, “Bassett Furniture Industries is a true Virginia success story, and we are glad the company has called the Commonwealth home since its founding in 1902. Bassett employs hundreds of Virginians and has grown its business to serve customers across the United States and internationally. With a successful history in Henry County dating back more than 100 years, it is fitting for Bassett to expand here and demonstrates its utmost confidence in the local community and workforce. This expansion will continue to allow Bassett to leverage its customization capabilities and innovation and maintain its lead in the furniture industry.”
“Bassett Furniture Industries is an important employer and a great ambassador of Henry County and the surrounding region,” said Jim Cheng, Virginia Secretary of Commerce and Trade. “We welcome the addition of 25 new jobs paying above the prevailing average wage and celebrate a homegrown company that continues to thrive in Virginia.”
With 90 company-and licensee-owned stores, Bassett Furniture Industries, Inc. has leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. The most significant growth opportunity for Bassett continues to be the company’s dedicated retail store program. Headquartered in Bassett, Virginia, Bassett Furniture’s retail strategy includes affordable custom-built furniture that is ready for delivery in the home within 30 days. The stores also feature the latest on-trend furniture styles, more than 1,000 upholstery fabrics, free in-home design visits, coordinated decorating accessories, and an exclusive HGTV Design Studio. Bassett is also growing its traditional wholesale business with more than 500 accounts on the open market, across the United States and internationally.
“This investment will expand our production capacities, provide improved service for our customers, and position the facility for future growth,” said Robert H. Spilman, Jr., Bassett’s president and chief executive officer. “This expansion underscores the importance of our local workforce and its ability to meet our customers’ needs, and build upon our founders’ legacy that began in 1902. Bassett Furniture is committed to this community and greatly values our partnership with local and state officials, who were instrumental in helping get the project underway. Bassett Furniture is Henry County born and bred and we owe a large part of our success to the superior workforce that you find right here in southwest Virginia.”
The Virginia Economic Development Partnership worked with the Martinsville-Henry County Economic Development Corporation to secure the project for Virginia. The Mid-Atlantic Broadband Communities Corporation also offered vital assistance. Governor McDonnell approved a $50,000 grant from the Governor’s Opportunity Fund to assist Henry County with the project. Henry County will contribute $25,000 for site development. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s recruitment and training activities.
“Bassett Furniture has called Henry County home for more than a century, and I cannot fathom what this community would be without it,” said Henry County Board of Supervisors Chairman Jim Adams. “Today’s announcement underscores the company’s commitment to this community. Our commitment to the company is just as strong. This is a great day.”
“We are proud that our open-access fiber optic network now connects Bassett Furniture to unlimited technology possibilities,” says Tad Deriso, President & CEO of Mid-Atlantic Broadband Communities Corporation. “We’re glad to be part of the team that ensures Bassett Furniture has the infrastructure, connectivity and resources they need to continue growing in Southern Virginia.”