President, Chief Executive Officer & Chairman, Bassett Furniture Inds
Search every verified Robert Spilman interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a September 2021 interview, Bassett Furniture President and CEO Rob Spilman discussed the company's response to the COVID-19 pandemic and its operational changes. Spilman said that during the early pandemic, the company instituted daily crisis meetings to manage cash flow, and that by Memorial Day 2020, sales had reversed and remained strong. He noted that the company had reduced retail staff and shifted marketing entirely to digital channels, moving away from traditional television advertising. Spilman also stated that the company had increased prices due to global container shortages and higher freight costs, and that it had added freight brokers and a full-time logistics team. Spilman outlined several strategic initiatives, including the opening of a new 125,000-square-foot manufacturing plant in Newton, North Carolina, and the acquisition of the Lane Venture brand in 2018 to enter the outdoor furniture market. He acknowledged that Bassett had been behind in e-commerce because 80% of its products are custom-made, but said the company was working to simplify online transactions with a new system expected to debut in early 2022. Spilman also noted that the company owned Zenith Logistics, which provides trucking services to Bassett and outside customers, and that its Asian vendor base remained tight and efficient, with production of motion furniture moved from China to Thailand to avoid tariffs.
“We instituted a daily crisis meeting at 8:30, five days a week, even on Saturdays initially, to manage our cash flow during the early pandemic when the well completely dried up. By Memorial Day 2020, our fortunes reversed and we've been selling a lot of furniture ever since.”
“We have taken out quite a few retail staff and are running stores leaner, but the remaining salespeople are working like trojans and making more money than before. We won't change this until there's a reason to do so.”
“We have shifted virtually all of our marketing to digital marketing, completely moving away from traditional television advertising, which has accelerated our web traffic and engagement significantly.”
“The global shortage of containers and increased freight costs have forced us to increase prices. We have added freight brokers and a full-time logistics team, but the container situation remains a tough challenge to overcome.”
“Our vendor base in Asia is very tight and efficient, with only four to five important vendors, many of whom we've worked with for 20 years. We also moved motion furniture production from China to Thailand to avoid tariffs.”
“We are excited about opening a new 125,000 square foot manufacturing plant next to our existing facility in Newton, North Carolina, aiming for full production by August 2021, though labor shortages remain a significant challenge.”
“We have been behind in e-commerce because 80% of our products are custom-made to customer specifications, making online transactions complex. However, we are making a big push to simplify this and expect to debut a new system early in 2022.”
“Owning Zenith Logistics, which provides trucking and logistical services to Bassett and others, has given us a reliable transportation arm and insight into the logistics business. Zenith now services many outside customers and is the premier LTL furniture transportation company in the U.S.”
“We acquired the Lane Venture brand in 2018 to enter the growing outdoor furniture market, which has accelerated due to lifestyle changes and the pandemic. We also introduced Bassett Outdoor in our retail stores and see significant growth potential in this segment.”
“Despite the strong demand and backlog, we don't know when the current business environment will slow down. We expect 2021 to remain strong, but challenges include adjusting to any revenue decline and improving our e-commerce capabilities.”
Recorded April 29, 2021.Noble Capital Markets Senior Research Analyst Joe Gomes sits down with Bassett Furniture President ...
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