Charles & Colvard cuts more jobs to save money
Published: Thu, Oct. 02, 2008 09:13PM
Modified Thu, Oct. 02, 2008 09:13PM
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closeCharles & Colvard, the struggling company that sells manmade moissanite gemstones, announced Thursday it has reorganized its management to continue cutting costs, and eliminated five positions.
Chief financial officer James R. Braun has resigned, the Morrisville company announced, and four other jobs were cut. Also, management and some other employees have agreed to reduce their salaries for three months.
The changes were the latest moves by the company, which is trying to offset slowing sales of its gems, which are used in rings, necklaces and other fine jewelry.
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“The economic climate for the jewelry industry is quite challenging,” said President Dennis Reed, in a prepared statement.
In May, Charles & Colvard laid off 10 employees. It now employs less than 40 workers. The various changes, including job cuts, will save the company about $1.7 million next year.
The company’s stock, which is down 88 percent in the past year, fell 11 cents Thursday to close at 49 cents.
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