IHFC sale boosts Bassett Furniture

Gains from the sale of the International Home Furnishings Center   International Home Furnishings Center Latest from The Business Journals NC, Vegas execs both part of IMCAround the Region: May 3, 2011HP, Vegas to HQ new showroom powerhouse Follow this company  in High Point helped Bassett Furniture   Bassett Furniture Latest from The Business Journals High Point's Showplace finds a buyerDiabetes group to honor FultonBassett negotiating sale of IHFC interest Follow this company  post a profit of $62.5 million in the quarter that ended May 28, according to an earnings announcement.

The sale resulted in a gain of $85.5 million. The IHFC is the largest showroom complex in High Point and was purchased by International Market Centers as part of a consolidation of the major furniture wholesale trade shows there and in Las Vegas.

The cash proceeds to Bassett (NASDAQ: BSET) from the sale totaled $67.8 million, which the company said it is using to retire debt and settle obligations, resume paying a quarterly dividend and buy back stock. The Virginia-based Bassett said it is also canceling some of the debt it holds from "key licensees in select markets," which it said should help those retailers invest in store improvements that will be more beneficial in the long run.

Overall, Bassett's furniture sales for the quarter were $66.3 million, up 15 percent from a year ago.