On May 26, 2023, it was reported, investment firm Aegis Financial has bought more than $4 million in Bassett Furniture shares. According to the Securities and Exchange Commission, Aegis Financial's latest filing shows that it has purchased 259,429 shares of Bassett Furniture at a value of $4,509,000. With this purchase, Aegis now holds about 2.9% stake in the company. Bassett now represents Aegis' eighth largest holding. According to its website, Aegis' strategy is to "invest in a well-researched portfolio of small-cap equities trading at a fraction of their intrinsic worth." The company often invests in companies that are "misunderstood, out of favor or neglected." Bassett's latest earnings report showed a decline in first quarter sales, which were down 8.7% from last year to $107.7 million. Wholesale sales were $69.9 million, a 16.3% dip from last year. Retail sales were better but not enough to offset, with an increase of $900,000 to $65 million. Numbers were also down nearly $14 million from the previous quarter. Earlier this month, Bassett announced a partnership with telecommunications firm Acuative, which aims to ramp up the company's networking communications and security technology. A few other investors have also recently increased their stock in the company, including Bank of New York Mellon Group which increased its stake by 2.8% and American Century Companies, which increased its shares by 24.4%.
On May 26, 2023, it was reported, Genesco plans to close more than 100 Journeys stores this year, up from its previous estimate of 60 locations, the company stated in its Q1 earnings. By closing more stores, the company expects to save up to $40 million, higher than the $20 million to $25 million it previously estimated. Genesco's net sales dipped 7% in the first quarter to $483 million, driven by a decrease of 13% at Journeys. The Journeys Group also reported a drop in comparable sales of 14% from the year prior. The company has opened 13 off-mall Journeys locations out of 25 pilot stores it has planned, Genesco CEO Mimi Vaughn said.
On May 22, 2023, it was reported, in Winston-Salem, N.C., 123-year-old Rominger's Southern Furniture Co. launched a going out of business auction, according to the Winston-Salem Journal. The Journal reported that the chief reason for the store's closure is third-generation owner Sally Bet Gehman passed away in 2022, and her daughter, who lives in Texas, didn't wish to continue the business. It had problems due to mandatory closings and supply chain constraints due to the COVID-19 pandemic.
On May 22, 2023, it was reported, after 31 years in business, Hampden Township, Pa.'s Sofas Unlimited is in the middle of a going-out-of-business sale that began earlier this year, according to WHTM. Owner Jack Lashay, who recently celebrated his 80th birthday, has no successor in his family to take over the business, and its building was sold to new owners.
