Less zing in the bling for struggling jeweler
Published: Sat, Oct. 04, 2008 12:30AM
Modified Sat, Oct. 04, 2008 02:05AM
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closeMORRISVILLE -- Charles & Colvard, the struggling company that sells manmade moissanite gemstones, has reorganized its management to cut costs.
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 reduced salaries for three months. The company is trying to offset slowing sales of its products.
In May, Charles & Colvard laid off 10 employees. It now employs fewer than 40 workers. The various changes, including job cuts, will save the company $1.7 million next year.
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The company's stock, down 85 percent in the past year, rose 11 cents Friday to close at 60 cents.
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