BASSETT, Va. (AP) -- Bassett Furniture Industries Inc. on Wednesday declared a special dividend of $1.25, its second special dividend this year.
Following the announcement, the furniture maker's stock jumped 80 cents, or 7.4 percent, to $11.47 in morning trading.
Bassett said the dividend will be paid on Oct. 26 to shareholders of record on Oct. 12.
Stockholders received a special dividend of 50 cents per share in January.
President and CEO Robert H. Spilman Jr. said in a statement the new special was set because the company's current level of liquidity warrants another distribution to shareholders.
Bassett Furniture has 87 company-owned and licensee-owned stores.