Sec Form 4 Filing - KING CHARLES T @ BASSETT FURNITURE INDUSTRIES INC - 2006-07-17

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person KING CHARLES T 2. Issuer Name and Ticker or Trading Symbol BASSETT FURNITURE INDUSTRIES INC [ BSET] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) VP RETAIL LICENSEE PROGRAM (Last) (First) (Middle) 3525 FAIRYSTONE PARK HWY, P O BOX 626 3. Date of Earliest Transaction (MM/DD/YY) 07/17/2006 (Street) BASSETT, VA24055 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price COMMON 07/14/2006 S 251 D $ 16.87 0.767 ( 1 ) D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Option ( 2 ) $ 20.5 02/12/1995 A 3,000 02/12/2002 02/11/2009 Common 3,000 $ 20.5 3,000 D Option ( 2 ) $ 11.91 06/27/2000 A 1,667 06/26/2001 06/25/2010 Common 1,667 $ 11.91 1,667 D Option ( 2 ) $ 11.91 06/27/2000 A 1,667 06/26/2002 06/25/2010 Common 1,667 $ 11.91 1,667 D Option ( 2 ) $ 11.91 06/27/2000 A 1,666 06/26/2003 06/25/2010 Common 1,666 $ 11.91 1,666 D Option ( 2 ) $ 13.03 06/26/2001 A 667 06/26/2002 06/25/2011 Common 667 $ 13.03 667 D Option ( 2 ) $ 13.03 06/26/2001 A 667 06/26/2003 06/25/2011 Common 667 $ 13.03 667 D Option ( 2 ) $ 13.03 06/26/2001 A 666 06/26/2004 06/25/2011 Common 666 $ 13.03 666 D Option ( 2 ) $ 14.7 01/15/2002 A 2,667 01/15/2003 01/14/2012 Common 2,667 $ 14.7 2,667 D Option ( 2 ) $ 14.7 01/15/2002 A 2,667 01/15/2004 01/14/2012 Common 2,667 $ 14.7 2,667 D Option ( 2 ) $ 14.7 01/15/2002 A 2,666 01/15/2005 01/14/2012 Common 2,666 $ 14.7 2,666 D Option ( 2 ) $ 21.12 02/24/2004 A 12,500 11/15/2004 02/23/2014 Common 12,500 $ 21.12 12,500 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other KING CHARLES T 3525 FAIRYSTONE PARK HWY P O BOX 626 BASSETT, VA24055 VP RETAIL LICENSEE PROGRAM Signatures Charles T King 07/17/2006 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Includes shares acquired under the 2000 Employee Stock Purchase Plan in Transactions exempt under Rule 16b-3(c). ( 2 )Granted under the 1997 Employee Stock Plan which is a Rule 16b-3 plan.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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