Cherokee Inc. late Wednesday announced plans to move to larger offices in Van Nuys in order to accommodate its growth.

The apparel brand licenser said it will relocate to a 10,000-square-foot facility at Tri-Center Plaza on Sepulveda Boulevard by Dec. 1, about two miles away from its current headquarters. It noted that the depressed commercial estate market enabled it to negotiate “advantageous rates” on a five-year lease with a five-year extension option.

“This move ensures that we are in the best position possible to accelerate our planned growth initiatives while still strategically managing our expenses,” said Chief Executive Henry Stupp in a statement. “This relocation provides much-needed room and will allow us to better transform our company.”

Cherokee licenses Cherokee, Carole Little and other fashion apparel sold at Target Stores in the United States, Tesco in the United Kingdom and similar retailers around the world,

The company last month reported a one-third drop in fiscal second quarter earnings, largely due to lower sales at Tesco stores and expansion expenses. Last month it opened a marketing office in Minneapolis.

Shares earlier closed down 37 cents, or 2.6 percent, to$13.97 on the Nasdaq.