Bassett Furniture Files 8-K Amendment

TL;DR

Bassett Furniture filed an amendment to a prior 8-K. Details TBD.

AI Summary

Bassett Furniture Industries, Inc. filed an amendment (8-K/A) on August 6, 2024, to its report originally filed on July 15, 2024. This amendment pertains to Item 1.05, which typically covers material events. The filing does not provide specific details about the event itself but indicates an update or correction to the original disclosure.

Why It Matters

This filing is an amendment to a previous report, suggesting a clarification or update to a material event that Bassett Furniture Industries, Inc. previously disclosed.

Risk Assessment

Risk Level: low — This is an amendment to a previous filing and does not introduce new material information or significant changes on its own.

Key Players & Entities

• BASSETT FURNITURE INDUSTRIES, INC. (company) — Registrant
• August 6, 2024 (date) — Filing date of the amendment
• July 15, 2024 (date) — Date of the original report being amended
• Item 1.05 (other) — Section of the 8-K filing being amended

FAQ

Key Financial Figures

• $5.00 — ange on which registered Common Stock ($5.00 par value) BSET NASDAQ Indicate by

Filing Documents

• bset20240805_8ka.htm (8-K/A) — 31KB
• 0001437749-24-024679.txt ( ) — 164KB
• bset-20240715.xsd (EX-101.SCH) — 3KB
• bset-20240715_def.xml (EX-101.DEF) — 12KB
• bset-20240715_lab.xml (EX-101.LAB) — 15KB
• bset-20240715_pre.xml (EX-101.PRE) — 12KB
• bset20240805_8ka_htm.xml (XML) — 3KB

05

Item 1.05 Material Cybersecurity Incidents. As disclosed in the Original Report, on July 10, 2024, Bassett detected unauthorized occurrences on a portion of its information technology (IT) systems. Upon detecting the unauthorized occurrences, Bassett immediately began taking steps to contain, assess and remediate the cyber incident, including beginning an investigation with leading external cybersecurity specialists, activating its incident response plan, and shutting down some systems. As a result of these and other measures, and while Bassett's investigation and remediation efforts remain ongoing, Bassett believes the threat actor was ejected from Bassett's IT systems on July 10, 2024. As of the date of this Amendment, Bassett-operated retail stores, e-commerce site, manufacturing facilities and distribution centers are operating. After Bassett shut down some of its systems, Bassett experienced disruption to certain of its operations, including interrupted manufacturing at Bassett's domestic plants and delayed order fulfillment for its retail network and delay of some wholesale shipments. Since the filing of the Original Report, Bassett resumed retail order fulfillment and caught up on fulfilling wholesale orders that were delayed as a result of the cyber incident. Since the filing of the Original Report, Bassett has restored the IT systems and data that were impacted by the cyber incident, and continues to work through minor operational impacts. Bassett's investigation has not found evidence that any of Bassett's core operating systems for manufacturing, wholesale and retail order processing and fulfillment, or financial reporting were impacted. As of the date of this Amendment, Bassett believes the impacts of the cyber incident are not, and are not reasonably likely to be, material to its financial condition and results of operations for the fiscal year. Bassett will be seeking reimbursement of costs, expenses and losses stemming from the cyber incident b

Forward-Looking Statements

Forward-Looking Statements Certain of the statements in this Current Report on Form 8-K (this "Report"), particularly those preceded by, followed by or including the words "believes," "plans," "expects," "anticipates," "intends," "should," "estimates," or similar expressions, constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended. All statements regarding the known scope and expected impact of the cybersecurity incident described in this Report are forward-looking statements. Expectations included in the forward-looking statements are based on preliminary information, as well as certain assumptions which management believes to be reasonable at this time. The Company cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond its control, that could cause its actual results to differ materially from those expressed or implied by such forward-looking statements, including, among others: additional information regarding the extent of the cybersecurity incident that the Company may uncover during its ongoing investigation the compromise or improper use of sensitive, proprietary, confidential financial, or personal data or information, if it is determined that any such data was compromised, which may result in negative consequences such as fines, penalties, or loss of reputation, including in ways that adversely impact the Company's competitiveness in attracting and retaining customers incremental expenses associated with the Company's on-going investigation and remediation of the cybersecurity incident the nature and scope of any claims, litigation or regulatory proceedings that may be brought against the Company as a result of the cybersecurity incident or the Company's response thereto other legal, reputational and financial risks resulting from this or other cybersecurity incidents and the potential impact of this cybersecu

Signatures

Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BASSETT FURNITURE INDUSTRIES, INCORPORATED Date: August 5, 2024 By: /s/ J. Michael Daniel J. Michael Daniel Title: Senior Vice President – Chief Financial & Administrative Officer

View Full Filing

View this 8-K/A filing on SEC EDGAR