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Bassett returns to profitability in Q4, beats expectations

Bassett reported revenue of $84.3 million in the fourth quarter, an 11% decrease from last year, on Wednesday. However, a positive operating income of $900,000 means the company has returned to profitability after five consecutive quarters in the red.

The home furniture manufacturer and retailer beat expectations by a long shot, with earnings per share of 38 cents, well above analysts’ expectations of 1 cent per share.

Gains in operating income included a $1 million charge related to the wind-down of Noa Home, as well as a $400,000 restructuring charge related to reductions announced last quarter.

Gross margin improved again, this time hitting 56.6%, driven primarily by wholesale gains. Wholesale sales totaled $52.3 million, a 13.7% decline from last year, but a $5 million gain from last quarter. Retail sales fell 8.3% to $53.1 million, a $6 million gain from last quarter.

The company generated $6.4 million in operating cash flow. It ended the quarter with $59.9 million in cash and short-term investments with no outstanding debt.

“The steps we took in our restructuring plan helped right-size our , and we returned to profitability in the fourth quarter,” Rob Spilman said in a statement. “We delivered strong consolidated gross margins and 38 cents in diluted earnings per share. Our team remains focused on operating efficiency, leveraging our cost structure and running a leaner business.

“We’re driving newness and innovation into Bassett’s product lines, e-commerce and to deliver price and value for customers,” he added. “We are well-positioned for the eventual housing industry turnaround and will focus on growth and productivity until it does.”

Bassett detailed a five-point cost-saving plan in the second quarter of last year. The points were: drive organic growth, consolidate U.S. wood manufacturing, optimize inventory and drop unproductive lines, reduce costs in both wholesale and retail, and close the e-commerce platform Noa Home.

Last quarter, the company laid off 40 workers. It laid off 150 workers last year in total.

Riverdale project moves forward in Roanoke

Work on the $50 million-plus mixed-use planned for more than 126 acres on the sprawling former campus of American Viscose, a rayon plant that closed in the late 1950s, is moving right along.

Developer Ed Walker shared a lengthy written update on the project Jan. 24 that included a rendering of a 267-unit apartment building planned for Riverdale that could begin construction late this year. That project is led by developers Joe Thompson and Tommy Spellman, according to Walker.

Rendering of brick building with large windows.
Rendering of an apartment building planned for ‘s Riverdale . Photo courtesy Ed Walker.

Other plans for Riverdale include a boutique hotel with a rooftop bar, a brewery, offices and recreation offerings.

Also in his missive, Walker noted , a Minnesota-based nonprofit that develops for artists and creative spaces, won’t be building its first Virginia project at Riverdale after all.

During “the final stage of due diligence” on collaborating with Artspace in November and December, Walker wrote, “the Roanoke team decided to explore options other than Artspace to proceed to the next phase.”

Artspace did not respond to a request for comment.

Last year, Artspace executives requested local buy-in for the project to cover predevelopment costs: $150,000 by Nov. 1, 2024 and another $300,000 in January 2025. In October 2024, members of Roanoke’s Authority unanimously voted to cover the $150,000 payment, using authority funds.

Duke Baldridge, a member of the city’s EDA, confirmed Friday that the funds had been returned.

“I think we explored this well-known national nonprofit developer, got real serious with them, and for whatever reason, it didn’t appear that it was going to get the return that we wanted,” Baldridge said. “Ed was very effective at getting our money returned to us.”

Walker hasn’t given up on having affordable housing for artists at Riverdale, however. “We will keep moving forward on this important community goal,” he wrote.  “2025 will be a year of tremendous progress to advance affordable housing for creatives.”

The earliest construction would likely begin on such a project would be 2026, he noted.

As part of his update, Walker also noted that some tenants who had occupied Riverdale under its previous owners had to be evicted. However, he added that more than 60 legacy tenants, including Willis Welding and Noke Vans, plan to stay.

Riverdale Southeast, the entity that owns the property, has filed to evict more than a dozen tenants, including Osmo Enterprises and Pena Trucking, since purchasing the campus in 2023, according to Roanoke City General District Court records. In his update about Riverdale’s progress, Walker said that step was taken in cases where tenants failed to pay rent, didn’t have a lease or were violating laws or fire regulations. “Sometimes you just have to ask a judge to help resolve a problem,” Walker wrote.

In other Riverdale news, during its Jan. 21 meeting, Roanoke City Council approved the rezoning of the Riverdale property under the city’s new “Urban Center” designation, which aims to create more pedestrian-friendly development.

Walker, a developer known for developing apartments in historic buildings, forged a 2023 agreement with the city in which the EDA loaned Walker $10 million for Riverdale. If the project’s developers invest at least $50 million in the project through 2040, the loan will be forgiven.

2025 Virginia Black Business Leaders Hall of Fame Honoree

Toni Townes-Whitley became one of two Black female CEOs in 2023, when she joined federal contractor . An alumna of Princeton University, she previously served as president of Microsoft’s U.S.-regulated industries, president of CGI Federal and held management roles at Unisys.

At SAIC, she leads a company that reported $7.44 billion in fiscal 2024 revenue and employs about 24,000 people. Townes-Whitley also serves on boards for Nasdaq, the Thurgood Marshall College Fund and Princeton’s Faith & Work Initiative. In October 2024, she was named to Fortune’s 100 Most Powerful Women in list.

FIRST JOB: After graduating from Princeton, I chose to join the Peace Corps, and it was a critically important experience for me. I learned about cross-cultural engagement and resilience. I learned so much about myself and the bias that I brought as an American to my amazing village in Gabon. I discovered that so many of the things I thought I was there to “fix” perhaps didn’t need to be fixed, and that I needed to evaluate situations more holistically.

MOST MEANINGFUL JOB: I would say my current role as SAIC . When I joined last year, I came in with four major company pivots and worked with my team to develop an enterprise growth strategy and identify some of the country’s toughest national security challenges.
We’re setting a new bar as a next generation mission integrator, using our experience, expertise and ecosystem to embed technology and solutions in mission-critical environments.

WHY I CHOSE MY PROFESSION: I was drawn to government technology and the defense industrial base by the chance to leverage the power of next-gen solutions to evolve national security and secure critical infrastructure. I want the work that we do every single day to matter and have lasting impact. At SAIC, we address critical national imperatives facing this country, modernizing legacy technology, combining emerging capabilities and open data architectures, and bringing together partners to provide innovative solutions for mission critical operations.

HOW I GIVE BACK: I believe in our SAIC mission — leveraging diverse tech and diverse talent to serve and protect our world. I am committed to supporting initiatives that foster talent , offer growth opportunities and provide tools to empower our future leaders. Not surprisingly, I support several nonprofit organizations, including The Women’s Center, which provides mental health counseling, support and education, and sit on the boards of Catalyst, which is dedicated to elevating women to the boardroom, and the Thurgood Marshall College Fund, the largest national organization advocating for the Black college community, among others.

PROUDEST PROFESSIONAL ACCOMPLISHMENT: Taking over the helm of SAIC has been my proudest professional moment, allowing me to work with an outstanding leadership team to build and shape an already strong Fortune 500 company into an exceptional one. Every day we’re focused on solving complex challenges for the warfighter, through experience, expertise and the development of our partner ecosystem, to strengthen national security. Seeing SAIC succeed, both its people and the company, is incredibly personally rewarding.

WHAT I’VE LEARNED: Have the courage to show up authentically and allow others to do the same.

The 2025 Virginia Black Business Leaders Awards: The Achievers

Black business leaders have played a pivotal role in shaping modern Virginia’s economic and cultural landscapes and driving progress across industries and communities. From the entrepreneurial spirit of pioneers who built thriving enterprises during times of immense adversity amid segregation and civil rights battles to today’s leaders breaking boardroom barriers, their stories are a testament to resilience, innovation and excellence.

Virginia Business is proud to continue celebrating this remarkable legacy with the 2025 Virginia Black Business Leaders . This year’s 28 honorees exemplify career excellence, community impact and mentorship, representing diverse industries including health care, finance, energy, education, and more.

Additionally, Virginia Business has named Science Applications International Corp. CEO Toni Townes-Whitley to our Virginia Black Business Leaders Hall of Fame, recognizing her achievements as a Fortune 500 leader in government contracting. Talking with Virginia Business, she discusses her rise to becoming one of the nation’s two Black, female Fortune 500 CEOs and one of the most powerful women in business.

This year, we asked our honorees, who were nominated by our readers and editors, to answer questionnaires in their own words. On the following pages, you’ll hear them talk about their first jobs, what they learned from their mentors, their advice to others entering their industries and how they give back.

Join us as Virginia Business honors these extraordinary, high-achieving executives who are making a major impact on Virginia’s business community, paving the way for future generations.

2025 Virginia Black Business Leaders Hall of Fame honoree

Toni Townes-Whitley
CEO, Science Applications International Corp. (SAIC), Reston

PAST HONOREES LIST: VIRGINIA BLACK BUSINESS LEADERS HALL OF FAME

2025 Virginia Black Business Leaders Awards winners 

Yvonne Allmond
Financial Engagement Officer, TowneBank, Norfolk

Zenith Barrett
Vice President of Advancement, Goodwill Industries of The Valleys, Roanoke

Xavier Beale
Vice President of Human Resources and Trades Administration, Newport News Shipbuilding, Newport News

Elwood Boone III
President, Virginia Beach General Hospital, Virginia Beach

Jeff Bourne
Chief Legal Officer, The Branch Group,

Jeremy Bridges
President and Chief Negotiator, Hampton Roads Shipping Association, Norfolk

Carlos M. Brown
President, Dominion Energy Services; Executive Vice President, Chief Legal Officer and Corporate Secretary, Dominion Energy, Richmond

Shaun Buford
Vice President and Director of Sales, , Virginia Beach

Melissa Cade
Chief Experience Officer, , Virginia Beach

Denise Chadwick Wright
CEO, Birmingham Green, Manassas

Clyde Clark Jr.
Senior Vice President and Relationship Manager of Commercial Banking, Blue Ridge Bank, Norfolk

Regina Johnson Elbert
Senior Vice President and Chief Human Resources Officer, Dominion Energy, Richmond

Michael Elliott
Senior Vice President and Chief Operating Officer, VCU Health, Richmond

Deirdre C. Gonsalves-Jackson
Vice President of Global Campus, , Virginia Beach

Dana Weston Graves
President, Sentara Princess Anne Hospital, Virginia Beach

Torrece Gregoire
Owner, Union 41, Bristol

Ernisha M. Hall
President and CEO, Virginia Black Chamber of Commerce,

Rahni N. Jenkins
Chief Human Resource and Operations Officer, The , Fairfax

Mark Johnson
Senior Vice President and Community Development Manager of Virginia Region, Truist Financial, Norfolk

Jerrine Lee
Vice President of Sales, Visit Richmond VA, Richmond

Lee Mariano
Chief People Officer, YHB, Fredericksburg

Perry J. Miller
President and CEO, Capital Region Airport Commission, Richmond

Jennifer V. Montague
President and Chief Operating Officer, Columbia Gas of Virginia, Chester

Myra Goodman Smith
President and CEO, Leadership Metro Richmond, Richmond

Toni Stubbs
Field Engineering and Operations Vice President, Cox Communications, Virginia Beach

Benita Thompson-Byas
Senior Vice President and Board Vice President, , Reston

Roberta Tinch
Senior Vice President, President of Inova Mount Vernon Hospital and Administrator of Inova Musculoskeletal Services, Inova Health System, Alexandria

2025 Virginia Black Business Leaders Awards: Denise Chadwick Wright

Chadwick Wright has served in long-term care facilities for nearly three decades and joined in 2017 as its . She was recognized as one of trade publication McKnight’s 2021 Women of Distinction for improving wellness for residents and implementing telehealth during the pandemic. Chadwick Wright previously held administrative posts at senior living residences in the Washington, D.C., area.

MOST MEANINGFUL JOB: My most meaningful role was leading a in an unwelcoming rural community, shifting its mindset to holistic care for elderly residents. Guided by stewardship, inclusiveness and passion, I enhanced wellness, health and social connection.

WHOSE FOOTSTEPS I’M FOLLOWING: I’m the first in my family to pursue senior care administration, inspired by my parents, who instilled the value of care and service. As public servants during the day for city and federal governments, they served elderly neighbors after work by advocating, visiting, delivering meals and mowing lawns.

PROUDEST PROFESSIONAL ACCOMPLISHMENT: Leading the operational and financial turnaround of an underperforming nursing center in Washington, D.C., and earning the ACHCA Facility Leadership .

WHAT I’VE LEARNED: What I’ve learned in life and apply to work is that everything happens in its time — both the positive and the negative. Embracing this perspective with an open mindset allows us to choose how we respond. By letting go of ego, we can see challenges as opportunities for growth, learning and transformation.

HOBBIES: I have a passion for exploring parks and national parks, finding joy in scenic trails, landmarks and hidden gems. It’s a way to recharge, reflect and connect with nature.

2025 Virginia Black Business Leaders Awards: Xavier Beale

Beale was promoted to his current position, overseeing the state’s largest industrial employer’s HR and trades department, in 2022. He is a second-generation shipbuilder and joined as a pipefitter in 1991, before working in other industries. In 2004, he returned to the shipyard and is vice chair of the Virginia Board of .

WHOSE FOOTSTEPS I’M FOLLOWING: I am a proud second-generation shipbuilder. My father retired from in October after serving NNS and our nation for 47 years as a welder. Growing up, I vividly recall my father heading to the shipyard. While I couldn’t really understand why he enjoyed what he did so much, I get it now. It’s the romance of shipbuilding!

WHY I CHOSE MY PROFESSION: Today, technology is advancing at an unparalleled rate and impacts all aspects of our daily lives, both personally and at work. However, people are and always will be a differentiator. That’s why I’m drawn to the “people” side of .

PROUDEST PROFESSIONAL ACCOMPLISHMENT: I’ve had many proud moments, but one that brings joy to my heart is work we did with young adults who were aging out of foster care. Connecting those young people who have endured many obstacles in their young lives to a pathway of independence through meaningful employment was impactful.

BOOK I RECENTLY ENJOYED: I am a fan of Adam Grant and read his book “Hidden Potential: The Science of Achieving Greater Things” in 2024. While there were many key takeaways, what resonated for me the most was his idea to embrace discomfort and start before you feel you’re ready to start.

UR students launch food startup — for school credit and profit

Lindsay Batten never thought she’d become a before leaving college, but the senior is beginning her final semester as head of a brand-new . The company — which will produce a newly conceived pesto Caesar salad dressing called Envee — is the result of a focused on entrepreneurship, Bench Top Innovations.

The yearlong program, originated in the 2021-22 school year, divides the class of 16 into four teams, each of which is tasked with creating a new product in a particular category. They have around six weeks to create the product prototype and brand, then compete in a Shark Tank-style event called “The Great Bake Off” each November. The winning team’s product becomes the class project for the rest of the school year, during which the students found a company to produce, market and sell it in stores around and beyond.

“We are tasked with making this our own and pushing it as far as we want,” says Batten. “This allows us to truly take ownership of the product. It gives us a lot of freedom to be creative, innovate and work together to create something that doesn’t currently exist.”

The resulting company is entirely run by the students, who have the option to continue managing it post-graduation without ties to the university. Two students from the inaugural class did so with their startup, Absurd Snacks, which developed a nut-free trail mix featuring crunchy roasted beans. The trail mix is now sold in all Whole Foods stores in the mid-Atlantic region and in Kroger and Publix stores throughout Virginia.

Students who have gone through this one-of-a-kind program gain confidence and are better equipped to handle the imperfect information and uncertainty inherent to the process of pursuing a career of any kind, including entrepreneurship.

“Students feel far more prepared to be bold and to take risks,” says Joel Mier, a marketing lecturer at ‘s Robins School of who co-founded Bench Top Innovations and teaches it with Executive-in-Residence Shane Emmett. “They have the confidence to be able to do so, and that to me is amazing.”

The Richmond community takes great pride in the students’ accomplishments, with local stores eager to work with them to bring their products to shelves.

“This gives me goosebumps,” says Mier. “It’s amazing watching what these kids can do when you remove barriers.”

 

2025 Virginia Black Business Leaders Awards: Lee Mariano

With more than 20 years in human resources, Mariano now heads the HR department at one of the largest regional public firms, a job she has held since 2023. Before that, she started her own executive coaching firm and held executive HR positions at multiple companies, including AgEagle Arial Systems and LookingGlass Cyber Solutions.

WHOSE FOOTSTEPS I’M FOLLOWING: I’m proud to say I’m forging my own path. I was the first in my family to join the U.S. Marine Corps. Later, I transitioned into human resources, a field where I could apply my leadership and people skills in a new way. Both paths were uncharted territory for my family.

HOW I GIVE BACK: Actively participating in national and local Society for Human Resource Management (SHRM) chapters, where I contribute to mentoring initiatives. I’m passionate about helping aspiring HR professionals and new leaders grow in their careers.

THE MOST IMPORTANT ADVICE MY MENTOR GAVE ME: Though I never met her, Maya Angelou is always on point. “You may encounter many defeats, but you must not be defeated.” Her words remind me to stay resilient, stand tall and push through challenges with grace and determination.

PROUDEST PROFESSIONAL ACHIEVEMENT: Passing the SHRM-SCP exam on my first attempt. It was a challenging process that required immense dedication and preparation, but the moment I saw my results, I felt an overwhelming sense of pride.

FAVORITE PLACE I’VE TRAVELED: I’ve been to the Caribbean many times, and it is amazing. Cruising was a favorite of mine and allowed me to see different places without staying too long. Switzerland is also a favorite.

2025 Virginia Black Business Leaders Awards: Regina Johnson Elbert

Elbert was named to her current post in January 2024, having held human resources and legal leadership roles at Dominion since 2011. She earned her bachelor’s degree at the University of Virginia and law degree from Harvard and was an associate at McGuireWoods previously. Elbert serves on boards for the Center for Energy and the YWCA.

FIRST JOB: Crew member, Little Caesars Pizza

MY MOST MEANINGFUL JOB: The job I have today, because I get to spend 100% of my time and effort figuring out how to best support a phenomenal team of dedicated, highly skilled professionals doing work that is absolutely critical to our society and to our collective futures.

HOW I GIVE BACK: One of my favorite ways to give back is to support the Richmond YWCA. I’ve volunteered with them for years, and the work they do to support women and children in our community never ceases to inspire. The YWCA meets people where they are and provides resources that are truly transformative — from child care to housing to counseling.

PROUDEST PROFESSIONAL ACCOMPLISHMENT: Leading HR during the COVID-19 pandemic, which repeatedly challenged us to find novel solutions that both protected our essential workers and kept the lights on for customers. I was extremely proud of both the role that my HR team played in supporting our people through that unprecedented situation and of the professionalism and dedication of our entire workforce.

WHAT I’VE LEARNED: To be both successful and happy, you must first be true to yourself. Learn from other people you admire, but don’t seek to emulate a style that doesn’t fit your own.

2025 Virginia Black Business Leaders Awards: Jeff Bourne

Although Bourne has been with ‘s Branch Group since 2018, he’s well known in as a former state delegate and, previously, deputy attorney general for the state’s transportation, and construction litigation division. Bourne also served on the Richmond School Board before winning a seat in 2016 to the House of Delegates.

MOST MEANINGFUL JOB: Being on a talented team of dedicated people who day-in and day-out build communities and make them better. Whether our heavy civil division is building a new road or enhancing an existing one, or our vertical building division is creating world- educational space for young people, the work we do truly builds better communities.

WHY I CHOSE MY PROFESSION: Being an attorney/lawyer is one of the fields that allows you to help people and organizations solve difficult problems. Both my prior elected experience and being chief legal officer allowed me to help solve complex challenges in meaningful ways.

PROUDEST PROFESSIONAL ACCOMPLISHMENT: Being elected to the Richmond City School Board and the Virginia House of Delegates and serving as deputy attorney general. Each of those roles allowed me to marry passions of politics, public policy and the law. Each day in my current role, I use lessons learned from those experiences to better serve my company.

WHAT I’VE LEARNED: No matter where you start, you can end up where you want to be.

PODCAST I’D RECOMMEND: I love the “Pivot” podcast because it uses sports to talk about life.

HOBBIES: I love to bass fish.