Week of March 9, 2020
• Disseminated COVID-19 protocols to stores, offices, and factories.
Week of March 16, 2020
• Began to close retail stores on a market-by-market basis early in the week. By Friday, March 20, all corporate stores had closed.
• Temporarily laid off 140 manufacturing associates and announced reduced work schedules for remaining manufacturing employees.
Week of March 23, 2020
• Ran limited production schedules through the week.
• Reduced salaries from 20 to 50 percent.
• Suspended travel and non-essential expenditures.
Week of March 30, 2020
• Furloughed 1,392 associates (58 percent of total); closed all manufacturing facilities; and instituted “work from home” model for corporate headquarters unless physical presence was required.
• Announced full payment of compensation to furloughed employees for two weeks.
• Suspended Company 401K match.
• Suspended May 29th dividend pending further evaluation.
• Negotiated expansion of bank credit facility to $50 million.
• Released 1st quarter earnings.
Week of April 6, 2020
• Announced that factories and stores would remain closed indefinitely.
Week of April 13, 2020
• Human resources team guided furloughed employees through unemployment benefits enrollment.
Week of April 20, 2020
• Recalled a limited number of furloughed Lane Venture employees and returned to production.
• Re-opened 20 of 66 stores in the Corporate retail fleet.
Week of April 27, 2020
• Recalled a limited number of furloughed employees and returned all Bassett facilities to work.
• Re-opened another 17 Corporate retail stores.
Week of May 4, 2020
• Announced permanent layoff of almost 600 associates across all segments, representing 25 percent of total work force.
• Announced permanent closing of Grand Prairie, Texas upholstery facility.
Weeks of May 11, 2020 through May 25, 2020
• Re-opened 16 more Corporate retail stores to end the quarter with 53 of the 66 in operation. As of the week of June 15, 2020, all Corporate stores were open.
• At quarter end, Bassett was operating with 1,300 associates, or 54 percent of its pre-COVID work force. Another 575 employees remained on furlough, of which 125 have been recalled since the end of the quarter.
