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Late Friday, Charles & Colvard reported that second-quarter sales dropped to $1.3 million, down 64 percent from the same period last year. Consumers hurt by the recession have cut back on spending, and Charles & Colvard's retail customers are reluctant to order more moissanite.
The Morrisville company's net loss was $1.19 million, compared with $1.08 million a year ago. Charles & Colvard has cut costs and laid off some workers to cut expenses.
The company is seeking a CEO with experience in the retail jewelry market, interim CEO George Cattermole said in a prepared statement.
Shares closed at 49 cents, down 7 cents.
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