Summary of BASSETT FURNITURE INDUSTRIES INC

ITEM 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On July 22, 2009, Bassett Furniture Industries, Inc. (the "Company") received a letter from the NASDAQ Stock Market ("Nasdaq") dated July 14, 2009 notifying the Company that it was no longer in compliance with the rules for continued listing according to Listing Rule 5250(c)(1) as a result of its failure to timely file its Quarterly Report on Form 10-Q for the period ended May 30, 2009 (the "Form 10-Q"), with the United States Securities and Exchange Commission (the "SEC") within the required period. The Company has until September 14, 2009 to submit a plan to regain compliance with Nasdaq's continuing listing standards. As previously announced, the Company anticipates that the outstanding issues raised in a series of comment letters received from the SEC as part of its triennial review of the Company's Annual Report on Form 10-K for the year ended November 29, 2008, will be resolved soon, and the Company expects to file its Form 10-Q within the next few weeks. The notification has no current effect on the listing of the common stock of the Company.

A copy of the press release announcing the Company's receipt of the letter from Nasdaq is attached hereto as Exhibit 99 and is incorporated herein by reference.