UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Amendment No. 3)*
Bassett Furniture Industries, Incorporated
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(Name of Issuer)
Common Stock, $5.00 par value
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(Title of Class of Securities)
070203104
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(CUSIP Number)
COPY TO:
Jeffrey R. Katz, Esq.
Costa Brava Partnership III L.P. Ropes & Gray LLP
420 Boylston Street One International Place
Boston, MA 02116 Boston, MA 02110
(617) 595-4400 (617) 951-7000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 10, 2008
-------------------------------------------------------
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box: [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 6 Pages
SCHEDULE 13D
------------------------ ---------------------
CUSIP No. 070203104 Page 2 of 6 Pages
------------------------ ---------------------
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1. NAME OF REPORTING PERSON: Costa Brava Partnership III L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 04-3387028
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
A Delaware limited partnership
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 216,673
SHARES ---------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY -0-
EACH ---------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 216,673
WITH ---------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
216,673
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.88%(1)
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------
(1) The percentage ownership of the Reporting Persons in the Issuer's Common
Stock, $5.00 par value is based upon 11,521,282 issued and outstanding
shares as of August 30, 2008, as reported by the Issuer in its filing on
Form 10-Q for the fiscal quarter ended August 30, 2008.
Page 2 of 6 Pages
SCHEDULE 13D
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CUSIP No. 070203104 Page 3 of 6 Pages
------------------------ ---------------------
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1. NAME OF REPORTING PERSON: Roark, Rearden & Hamot, LLC
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 10-0000708
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
A Delaware limited liability company
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 216,673
SHARES ---------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY -0-
EACH ---------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 216,673
WITH ---------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
216,673
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.88%(1)
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
OO - Other
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------
(1) The percentage ownership of the Reporting Persons in the Issuer's Common
Stock, $5.00 par value is based upon 11,521,282 issued and outstanding
shares as of August 30, 2008, as reported by the Issuer in its filing on
Form 10-Q for the fiscal quarter ended August 30, 2008.
Page 3 of 6 Pages
SCHEDULE 13D
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CUSIP No. 070203104 Page 4 of 6 Pages
------------------------ ---------------------
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1. NAME OF REPORTING PERSON: Seth W. Hamot
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
A United States citizen
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 216,673
SHARES ---------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY -0-
EACH ---------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 216,673
WITH ---------------------------------------------------
10. SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
216,673
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.88%(1)
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON*
IN, HC
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
---------------------
(1) The percentage ownership of the Reporting Persons in the Issuer's Common
Stock, $5.00 par value is based upon 11,521,282 issued and outstanding
shares as of August 30, 2008, as reported by the Issuer in its filing on
Form 10-Q for the fiscal quarter ended August 30, 2008.
Page 4 of 6 Pages
AMENDMENT NO. 3 TO SCHEDULE 13D
-------------------------------
This amendment ("Amendment No. 3") amends the Schedule 13D filed on
January 28, 2008 by Costa Brava Partnership III L.P. ("Costa Brava"), Roark,
Rearden and Hamot, LLC ("RRH"), and Seth W. Hamot, with the United States
Securities and Exchange Commission with respect to the shares of common stock,
$5.00 par value (the "Common Stock"), of Bassett Furniture Industries, Inc., a
Virginia corporation (the "Issuer"), as amended by Amendment No. 1 to Schedule
13D filed on April 10, 2008 and as further amended by Amendment No. 2 to
Schedule 13D filed on October 17, 2008. Each of Costa Brava, RRH, and Seth W.
Hamot is referred to herein individually as a "Filer" and collectively as the
"Filers."
The purpose of this Amendment No. 3 is to correct Item 5(c) of, and
Exhibit B to, Amendment No. 2, filed on October 17, 2008, to reflect that the
reported transactions in the last sixty days were sales rather than purchases.
Item 5. Interest in Securities of the Issuer.
------------------------------------
(a), (b) The Filers are the beneficial owners of 216,673 shares of
Common Stock (approximately 1.88% of the shares of Common Stock outstanding as
reported in the Issuer's filing on Form 10-Q on October 9, 2008).
(c) In the last 60 days, the Filers have sold the shares of Common
Stock of the Issuer set forth on Exhibit C hereto. The transaction date, number
of shares sold, price per share and type of transaction for each purchase during
that period are set forth on Exhibit B hereto.
(e) The Filers ceased to be the beneficial owners of more than 5%
of the Common Stock on May 6, 2008.
Item 7. Material to be Filed as Exhibits.
--------------------------------
Exhibit A - Agreement Regarding the Joint Filing of Schedule 13D.
Exhibit B - Information concerning the Filers' transactions in the Common Stock
of the Issuer in the last 60 days.
Page 5 of 6 Pages
Signature
---------
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
DATED: October 20, 2008
COSTA BRAVA PARTNERSHIP III L.P.
By: Roark, Rearden & Hamot, LLC, its
General Partner
By: /s/ Seth W. Hamot
-------------------------------------
Name: Seth W. Hamot
Title: President
SETH W. HAMOT
By: /s/ Seth W. Hamot
-------------------------------------
Name: Seth W. Hamot
ROARK, REARDEN & HAMOT, LLC
By: /s/ Seth W. Hamot
-------------------------------------
Name: Seth W. Hamot
Title: President
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001)
Page 6 of 6 Pages
EXHIBIT INDEX
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Exhibit Description
------- -----------
A Agreement Regarding the Joint Filing of Schedule 13D.
B Information concerning the Filers' transactions in the Common Stock
of the Issuer in the last 60 days.
EXHIBIT A
AGREEMENT REGARDING
THE JOINT FILING OF SCHEDULE 13D
The undersigned hereby agree as follows:
(i) Each of them is individually eligible to use the Schedule 13D to which
this Exhibit is attached, and such Schedule 13D is filed on behalf of each of
them; and
(ii) Each of them is responsible for the timely filing of such Schedule 13D
and any amendments thereto, and for the completeness and accuracy of the
information concerning such person contained therein; but none of them is
responsible for the completeness or accuracy of the information concerning the
other persons making the filing, unless such person knows or has reason to
believe that such information is inaccurate.
Dated: October 20, 2008
COSTA BRAVA PARTNERSHIP III L.P.
By: Roark, Rearden & Hamot, LLC, its
General Partner
By: /s/ Seth W. Hamot
-------------------------------------
Name: Seth W. Hamot
Title: President
SETH W. HAMOT
By: /s/ Seth W. Hamot
-------------------------------------
Name: Seth W. Hamot
ROARK, REARDEN & HAMOT, LLC
By: /s/ Seth W. Hamot
-------------------------------------
Name: Seth W. Hamot
Title: President
EXHIBIT B
FILERS' TRANSACTIONS IN THE LAST 60 DAYS
---------------------------------------------------------------------------
Date of Shares of Common Stock Price Per Share ($) Type of
Transaction Bought (Sold) Transaction
--------------- ------------------------ ------------------- --------------
10/10/2008 (28,000) 6.60 Open Market
--------------- ------------------------ ------------------- --------------
10/13/2008 (91,700) 6.61 Open Market
--------------- ------------------------ ------------------- --------------
10/14/2008 (56,200) 6.64 Open Market
--------------- ------------------------ ------------------- --------------
10/15/2008 (35,000) 6.53 Open Market
--------------- ------------------------ ------------------- --------------
10/16/2008 (22,900) 6.29 Open Market
--------------- ------------------------ ------------------- --------------
10/17/2008 (54,230) 5.96 Open Market
--------------- ------------------------ ------------------- --------------