Bassett Announces 11% Sales Increase For The Fourth Quarter & The Potential Sale Of The International Home Furnishings Center
The Company has four mortgages totaling approximately $9.4 million that will mature during the 12 month period following November 27, 2010. The Company expects to satisfy these obligations through a variety of means, which may include refinancing, drawing from its revolving credit facility, or paying from cash on hand or future operating cash flow. However, there can be no assurance that any of these strategies will be successful.
After having voluntarily repaid the outstanding balance of $15.0 million on its revolving credit facility during the second quarter of 2010, the Company ended the fourth quarter with no amounts outstanding. The facility, which matured on November 30, 2010, has been extended until February 28, 2011. The Company is continuing discussions with its bank regarding the amendment and extension of the facility beyond its current maturity. While there can be no assurance that these discussions will result in a favorable outcome, the Company expects to have an amended and extended facility in place prior to February 28, 2011.
Potential Sale of the International Home Furnishings Center
The Company also announced today that it is engaged in negotiations for the sale of its 46.9% interest in International Home Furnishings Center, Inc. ("IHFC"). No definitive agreement for the sale has been reached. Any such sale would be made only as part of the simultaneous sale of 100% of the ownership interests in IHFC to the prospective purchaser. The Company is one of four shareholders of IHFC."The proposed sale of IHFC offers us the opportunity to unlock value in a key non-core asset that we believe is not currently fully recognized in the Company's stock price as well as to significantly strengthen our already strong balance sheet," said Mr. Spilman. "Although there can be no assurance that an agreement among all of the required parties will be reached, we hope to complete the sale by the end of February."
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