|Type||Public (NASDAQ: BSET)|
|Founder(s)||J. D. Bassett, Charles C. Bassett, Samuel H. Bassett, and Reed L. Stone|
|Key people||Robert Spilman Jr (CEO)|
|Products||Home furnishings and fixtures|
Bassett Furniture is a furniture manufacturer headquartered in Bassett, Virginia, United States. It was founded in 1902, by John David Bassett, Charles C. Bassett, Samuel H. Bassett, and Reed L. Stone. Bassett Furniture is one of the oldest furniture manufacturers in Virginia and has been producing hand-crafted furniture for over 100 years.
- In 1900, Bassett Furniture Company was started by John David Bassett, Charles Columbus Bassett, Samuel H. Bassett, and Reed L. Stone; which began as a sawmill. It then became a furniture company after J.D. Bassett took a trip to Winston-Salem, NC, to view a manufacturing company. They then pooled their assets together, $29,000 for a business that grossed $60,000, of which $15,000 was profit.
- In 1905, Bassett Furniture was completely free of debt.
- In the Panic of 1907 and the depression of the 1930s, they never failed to show a profit.
- In January 1918, the entire Bassett plant burnt to the ground.
- In 1919, the plant was rebuilt with brick and modern facilities. 250 workers were hired to expand the company.
- In 1921, the company expanded, doubling in size.
- In 1925, John D. Bassett, again, doubled in manufacturing, plant size, and number of employees. After doing so, the company burned, yet again, which cost them $800,000.
- In 1928, moved 9 miles into Martinsville and added Craig Furniture Manufacturing which became known as WM Bassett Company.
- In 1929, another expansion program doubled the size of the Martinsville plant
- In 1930, they announced consolidation and merged the three Bassett Furniture Companies into 1 corporation.
- In 1930, John D. Bassett retired as president in the same year as the stock market crash into depression.
- In January 1934, they purchased Ramsey Furniture Manufacturing Company which became home of Bassett Superior Lines.
- In 1935 through 1942, there was more expansion, they hired more workers, and stores started selling their furniture.
- In 1947, the board of directors embarked on a modernization program.
- In 1949, Bassett Furniture reached their highest net sales ever recorded.
- In 1957, the Bassett Chair Company was built.
- In 1960, Bassett Furniture became the world's largest manufacturer of wood and initiated their first nationwide marketing campaign.
- In 1961, Bassett Furniture had grown to be one of the world’s largest manufacturing companies of wood furniture.
- In 1964, Bassett Furniture became the first company to advertise in Reader's Digest.
- In 1967, Bassett Furniture opened their first retail outlet.
- In 1971, Bassett Furniture purchased E.B. Malone Bedding Company.
- In 1984, Bassett Furniture launched the Bassett Gallery Program .
- In 1995, Bassett Direct Plus dealership was launched.
- In 1999, Bassett Furniture company sold its mattress division or LIS Corporation.
- In 2004, Bassett Furniture acquired all of LRG Furniture stores.
- On April 10, 2009, Bassett posted a 8.7 million dollar loss.
John D. Bassett, Reed L. Stone, Samuel H. Bassett, and Charles C. Bassett.
Other important information
- J.D. Bassett went from a country store owner to one of the founders of the giant Bassett furniture industry.
- Reed L. Stone was the brother-in-law to J.D. Bassett.
- J.D. Bassett, Sr. wrote a letter to the government, asking for a post office, but the town would need to have a name (it was known as Crossroads at the time). He then replied with, "I told the fellow, that it would be all right to call it after me, that I'd like to have a town named after me. So he said that was alright with him, and I guess the government. So that's how the town became Bassett."
"It requires skill, good salesmanship, careful management. But I am confident we are qualified to build such an industry..... we should make furniture out of every tree we own or have access to." -J.D. Bassett
History: World War II
During World War II, the company's main plant in Bassett, Virginia produced the wooden truck frames for the troop haulers in Europe.
- Grover H McCall, Superintendent of the plant during World War II
"$800,000 Fire At Bassett." print. Feb. 24, 1925.
"Bassett More Than a Brand Name." 'Roanoke Times.' print. July 31, 1983.
"Bassett Furniture Industries of Bassett Virginia." 'Virginia Record.' print. Sept. 1959.
"Over 100 Years." Bassett Heritage Notes. print. Sept. 14, 2002.