Jason Goldberg, founder of Fab.com, has announced he has sold the company to PCH International and will resign as CEO. He will however still own furniture seller Hem.
Grown too fast
It is unclear what PCH International will do with the acquisition and how much they have paid, but the new owner usually provides production solutions to several brands. This time, it will have to find a solution for Fab.com.
Renee Wong, general manager at Fab.com, will remain in charge and will assist the company's transition. Currently, the site has 35 employees, but not too long ago, it employed more than 700 people.
Goldberg sought growth too fast and several attempts to get the website back on track have failed. He has now decided to hand over the reins to someone else, but he will still own furniture manufacturer Hem.com, launched a while back in Fab.com's shadow.