On March 10, 2016 Bassett Furniture Industries Inc. announced the declaration of a regular quarterly dividend of $0.09 per share of outstanding common stock payable on May 27, 2016 to shareholders of record at the close of business on May 13, 2016

Also, the company announced that its Board of Directors appoints Robert H. Spilman, Jr. as Chairman, Paul Fulton as Chairman Emeritus, Kristina Cashman as Audit Committee Chair and William C. Warden, Jr. as Lead Independent Director. Mr. Spilman has been the company's Chief Executive Officer since 2000, and Mr. Fulton, served as Chairman from 1997 to 2016 and was the company's Chief Executive Officer from 1997 to 2000. Ms. Cashman has been a Director and has served on the Audit Committee since 2007, and Mr. Warden, the immediate past Audit Committee Chair, has been a Director since 2004.