PCH International is trying to buy Fab for $15 million in a half cash and half stock deal, TechCrunch is reporting.
“If it does happen, we’ve been told that some assets will be rolled into Fab founder Jason Goldberg’s new furniture design company Hem and the rest will be taken over by PCH,” the story said. “Fab was once a Silicon Valley darling. The likely purchase price is a paltry one, compared to the $150 million it raised (at a $1 billion valuation) just over a year ago. Goldberg admitted the company was burning through $14 million a month before a massive round of layoffs in June.”
The story notes that “no one really works at Fab anymore,” although some Fab operations have been absorbed by a Goldberg new venture. “He’s now shifted all focus to Hem and has moved to Berlin to manage everything there. Goldberg maintains his CEO title in both Fab and Hem at this time.”