Last legs: Bassett store closing on Seminole
With signs loudly proclaiming "All Must Go," the Bassett Home Furnishings store on Seminole Trail, opened just less than five years ago, will now be closing its doors.
An invitation-only sale that started July 16 opened to the public Monday, August 3, and the store has hired a liquidator to handle the closing. While no final date has been set for the closure, the store's owner Cort Kirkley said the store may remain open into early September for Labor Day weekend.
The stock for Bassett Furniture Industries, traded on the Nasdaq stock exchange as BSET, has seen substantial drops since trading around $16 in early 2007. The stock closed July 30 at a price of just $2.43.
"Since what has happened this past fall, it's been a tough time for the entire industry," says Kirkley, whose company, Longview Designs, owns four Bassett stores including the Seminole Trail location.
On July 10, Bassett Furniture Industries announced it would delay the filing of its second quarter report to the end of the month as a result of comments made by the SEC during the company's tri-annual accounting review. First quarter results from the company suggested that 10 to 12 licensed stores would be closed.
"This was a fairly recent decision," says Kirkley, noting that the Seminole Trail store's closure was not connected to any previous announcements.
Despite the loss of the store, which previously housed Ron Martin Appliance, Kirkley intends to keep his other three stores open, and he even says he feels some optimism.
"I do think over the next few months we'll see improvements in the industry," says Kirkley, adding that Charlottesville is a market that he remains interested in for the future.
"In the meantime," he says, "we hope people will come from Charlottesville to our Richmond stores."
The local furniture market has undergone a shakeup in the past few years, including the closure of Gilmore, Hamm & Snyder, the relocation to Waynesboro of Under the Roof, and the recent opening of antique purveyor Ryal’s.
With Bassett's departure, the major furniture players in Charlottesville include Grand Home Furnishings, Schewel's, Better Living, Kane, the Artful Lodger, and Classic Furniture.
–last updated 12:52pm, August 11