Auto Services Company, Inc., ASC Holding Company, Inc., and Bradley L. Hasselwander filed Amendment No. 3 to Schedule 13D with the SEC on October 28, 2026, disclosing a privately negotiated share repurchase agreement with Bassett Furniture Industries, Inc. dated October 26, 2026.

Key Highlights

  • Repurchase agreement: Auto Services Company, Inc. agreed to sell 300,000 shares of Bassett Furniture common stock back to the issuer in a privately negotiated transaction on October 26, 2026.
  • Price per share: The purchase price was set at $22.0473 per share, equal to the Nasdaq Official Closing Price of $22.27 on October 26, 2026 less a 1% discount.
  • Aggregate consideration: The total purchase price for the 300,000 shares is $6,614,190.00, according to the filing.
  • Remaining beneficial ownership: As of the filing date, the reporting persons collectively hold beneficial ownership of 756,317 shares of common stock, representing approximately 8.7% of the class.
  • Shares outstanding basis: The ownership percentage is calculated against 8,651,361 shares outstanding as of September 24, 2026, as reported in the issuer's quarterly report for the quarter ended August 29, 2026.
  • Shared control structure: All 756,317 shares carry zero sole voting or dispositive power; all voting and dispositive power is shared among the three reporting persons.

Auto Services Company Enters Discounted Buyback Deal with Bassett Furniture

According to the filing, on October 26, 2026, Auto Services Company, Inc. and Bassett Furniture Industries, Incorporated entered into a Share Repurchase Agreement under which ASC agreed to sell 300,000 shares of common stock, par value $5.00 per share, and the issuer agreed to repurchase those shares. Bassett Furniture, a Virginia corporation with principal executive offices at 3525 Fairystone Park Highway, Bassett, Virginia 24055, is a furniture manufacturer whose common stock trades on Nasdaq. The per-share price was calculated as the Nasdaq Official Closing Price of $22.27 on October 26, 2026, reduced by a 1% discount, yielding $22.0473 per share and an aggregate purchase price of $6,614,190.00.

The filing states that the Repurchase Agreement contains customary representations, warranties, and covenants, and that those representations and warranties survive the closing for twelve months. ASC entered into the agreement, the filing discloses, "in order to dispose of a portion of its position in the Common Stock in a privately negotiated transaction." Following the closing, the reporting persons indicated they intend to hold the remaining shares for investment purposes and may acquire or dispose of additional shares depending on market conditions, price, availability, and the issuer's business and prospects.

The three reporting persons - Auto Services Company, Inc. (an Arkansas corporation), ASC Holding Company, Inc. (also an Arkansas corporation and parent of ASC), and Bradley L. Hasselwander (the controlling stockholder of ASC Holding) - each report beneficial ownership of the same 756,317 shares, all on a shared basis. This Amendment No. 3 supplements and amends the original Schedule 13D filed May 6, 2024, and prior amendments filed June 18, 2024 and June 28, 2024.

What Was Disclosed

The filing discloses a privately negotiated agreement for Bassett Furniture to repurchase 300,000 shares from Auto Services Company at $22.0473 per share, totaling $6,614,190.00, with the reporting persons retaining beneficial ownership of 756,317 shares, or approximately 8.7% of the class, as of the filing date.