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Quarterly Dividend Of Bassett Furniture Raised To 11.1%; Named New Director

USA: Bassett Furniture Industries reported their quarterly dividend of $0.10 per share, or $0.4 annualized with an 11.1 percent increase compared to the prior dividend of $0.09.

The dividend will be payable in the third quarter of this year to stockholders. The dividend annual yield is 1.5 percent.

John R. Belk, former President and Chief Operating Officer of Belk, Inc. was elected a member of their Board of Directors, announced Bassett. According to Robert H. Spillman, Jr., CEO and Chairman of the company, “We are pleased and excited to have a director of Johnny Belk’s caliber join our Board. Johnny has more than thirty years of experience in retail as well as two decades of public company board service, making him a welcome and valuable addition.”

According to Street Insider, Mr. Belk served as President and Chief Operating Officer of Belk, Inc. from May 2004 to January 2016 and as a director from 1998 to 2015. He is now serving as a Director of Belk/Sycamore and the Vice Chair of The Belk Foundation. Mr. Belk was a director of Harris Teeter Supermarkets, Inc from 1997 to 2014. He served as a director of Bank of America from 2004 to 2007, and a director of Alltel Corporation from 1996 to 2007.