Fab US business prepares to close at the end of the year to dismiss headquarters staff

Absrtact: June 5 News, Sambidel, the editor of Valleywag, a famous gossip site in Silicon Valley, wrote that a long time ago, the flash-purchase site fab.com no good news. Senior executives left, sustained big losses, massive layoffs,

Sam Buder, the editor of Valleywag, a famous gossip site in Silicon Valley, said in a recent article that a long period of time, the fab.com of the flash-purchase site has not been a good news. Senior executives, persistent losses, mass layoffs, and low morale are constantly tarnishing the image of the refurbished, cash-rich, innovative company. Now there is worse news: Fab is about to close the door.

Fab was once considered to be one of the most promising new network retailing services in the world. However, sources said that Fab's massive layoffs last month would be the beginning of the company's end. The report said the job cuts were not aimed at stabilizing the company's final effort, and that the company had begun the long process of shutting down the business.

Fab insiders said the company's New York headquarters currently has only 10 to 15 employees, all of whom will be dismissed by the company within a given period of time. It is reported that in the next 6 months, these surviving New York headquarters staff will be gradually dismissed, the last batch of dismissed employees leave the company time is set for January 2015.

According to sources, Fab's team, which was retained by the end of the year, is mainly used to make the transition, which is to oversee the company's transition from existence to non-existent, and to sell fab inventory while managing e-business operations. Once the fab surplus of $17 million trillion of inventory is sold, fab US business will be shut down completely.

But it was the final outcome of Fab's flamboyant chief executive Jason Gudeberg Jason Goldberg. Goldberg will soon move to Berlin, according to sources, perhaps because the failure of his second venture is not known to everyone. For whatever reason, it is hard to imagine that the chief executive of an American company would emigrate to Germany if it were not for the shutdown. "In the foreseeable future, Goldberg will spread his time to our different offices," said a Fab spokesman. ”

The company's insiders did not seem to be surprised at the eventual end of the Fab. Employees who still work in Fab have almost nothing to do, and most of their working hours are spent on Facebook. According to sources, Fab is currently "burning" 9 million of dollars a month, while the cash remaining in the company's account is only 30 million dollars.

Fab, valued at $1 billion last year, has raised hundreds of millions of dollars in the past few years. The company has now shifted its focus from Third-party product sales to private-label products in the hope of finding a more viable business model. Perhaps Fab will use the rest of the cash to sell customized sofas that the company has developed, but sources said Fab needed to sell 30 to recoup the cost of designing the couch. It can be imagined that Fab will not be able to wait until the 30 anniversary of the day.