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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT DECEMBER 1, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File No. 0-209
BASSETT FURNITURE INDUSTRIES, INCORPORATED
(Exact name of Registrant as specified in its charter)
Virginia 54-0135270
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(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
Bassett, Virginia 24055
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(Address of principal executive offices)
(Zip Code)
(540) 629-6000
(Registrant's telephone number, including area code)
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ITEM 4. CHANGE IN REGISTRANT'S CERTIFIED ACCOUNTANT
The new management team at Bassett Furniture Industries, since taking charge in
August, has changed the Company's management focus and philosophy to more of a
strategic focus and emphasis on return on assets employed. We believe that
Arthur Andersen's "business risk" audit approach is directly aligned with our
new philosophy and will provide this Company's management team with invaluable
information towards managing the Company better and planning for the future.
Therefore, Bassett Furniture Industries has decided to change its independent
Certified Public Accountants from KPMG Peat Marwick (KPMG)to Arthur Andersen
effective immediately. This decision was made on November 21, and KPMG Peat
Marwick was notified on that date that we were changing auditors effective
November 21, 1997. This decision was approved unanimously by the Board of
Directors.
During the Company's most recent fiscal year ended November 30, 1996, and the
subsequent interim period through November 21, 1997, there were no
disagreements with KPMG on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedures, which if not
resolved to their satisfaction would have caused them to make reference to the
subject matter of the disagreements in connection with their opinion.
The audit reports of KPMG on the consolidated financial statements of the
Company for the year ended November 30, 1995 did not contain any adverse
opinion or disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope or accounting principles.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) none
(b) none
(c) Exhibit 1 - Letter from KPMG Peat Marwick LLP regarding change in
certified public accountants to be filed within 10 business days after the
filing of this Form 8-K.