BASSETT, Va. – Bassett Furniture said it has reinstated the previous salaries of personnel that had been reduced due to a slowdown in business due to the COVID-19 pandemic.
In March, the company said it implemented a 20% reduction in the monthly pay of all salaried employees, including members of management. It reduced the salaries of senior vice presidents by 25%.
Meanwhile, top executives including Robert H. Spilman Jr., chairman and CEO; John E. Bassett III, senior vice president, chief operations officer; Jack L. Hawn, senior vice president and president, Zenith; and Michael Daniel, senior vice president, chief financial and administrative officer, each voluntarily took a 50% reduction in base salary.
In a filing with the U.S. Securities and Exchange Commission released Tuesday, the company said that these temporary salary reductions ended when full monthly salaries were paid July 31.
I’m Tom Russell and have worked at Furniture/Today since August 2003. Since then, I have covered the international side of the business from a logistics and sourcing standpoint. Since then, I also have visited several furniture trade shows and manufacturing plants in Asia, which has helped me gain perspective about the industry in that part of the world. As I continue covering the import side of the business, I look forward to building on that knowledge base through conversations with industry officials and future overseas plant tours. From time to time, I will file news and other industry perspectives online and, as always, welcome your response to these Web postings.