Jason Goldberg
Jason Goldberg

Fab, the online e-commerce company started by former Jobster CEO Jason Goldberg, is discussing its sale to manufacturing giant PCH International, according to a report from Sarah Buhr at TechCrunch. Right now, the deal is valued at $15 million. It’s something of a shock for a company that raised $165 million at a $1 billion valuation a year ago.

Numbers aside, it’s not that surprising of a sale – Goldberg has shifted his attention (and reportedly most of Fab’s resources) to Hem, a new company focused on producing furniture. (He currently holds the CEO title at both Hem and Fab.) The company has undergone a massive restructuring, laying off a massive chunk of its workforce in October of last year, and then again in June of this year. According to the report, there are currently about 20 people who work for Fab.

Fab originally launched as a gay community site, but then pivoted to provide flash sales for home decor. As it turns out, offering flash sales is a tricky business, and while Zulily has succeeded in that arena, other companies are having a harder time replicating its results.

It’s unclear what exactly PCH wants with Fab. They would get a brand with some name recognition, along with a base of users who have installed Fab’s app. The buy could be a play to expand Shoplocket, PCH’s online storefront for products manufactured with the company’s services, but it’s hard to say.

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