Fab to acquire European furniture company to create new shopping site

Absrtact: June 6 News, according to Foreign Science and technology website Re/code reports, a few people familiar with the information revealed that the United States Flash-purchase website Fab Board has approved a new strategic plan. The plan includes a huge investment in buying a European furniture company and creating a new

June 6 News, according to Foreign Science and technology website Re/code reports, a few people familiar with the information revealed that the United States Flash-purchase website Fab Board has approved a new strategic plan. The plan includes a huge investment in buying a European furniture company and creating a new shopping site.

Fab spokesman Amy Juaristi confirmed that Fab had drawn up an agreement. Under the agreement, Fab will spend heavily on a Finnish company that specializes in furniture design, manufacturing and online sales. Fab will pay the transaction costs in cash plus stock.

The deal has not yet reached a final agreement but is expected to be reached soon. Previously, Fab also acquired the German custom furniture company Massivkonzept. In recent years, FAB has redirected its strategic focus to furniture manufacturing and sales, which Juaristi called Fab's "most profitable business".

In addition, according to two sources, Fab is building a new shopping site for the sale of its own design and manufacture of furniture. But Juaristi declined to comment.

Previously, the Silicon Valley website Valleywag has reported that Fab is likely to close by January 2015. Juaristi said the report was untrue and said Fab had enough cash to sustain operations over the next few years. According to a person familiar with Fab, the company's cash holdings are about 40 months in operation.

As part of the new strategic plan, Fab has laid off staff in the United States and has concentrated most of its resources in India, Eastern Europe and Germany. The company's CEO, Jason Goldberg, will also focus on these areas in the next few years, Goldberg.