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The implosion of Fab.com is complete, now that the start-up has been sold to PCH International, a manufacturing and product supply chain company. The Verge reports that PCH International officially purchased Fab yesterday, and will retain about 35 Fab employees.
PCH International CEO Liam Casey told Dezeen that PCH plans to use Fab's website to offer the products it already makes for designers and tech start-ups directly to consumers. "It's not going to be a discounting site, that's for sure. It's going to have premium products, with a huge focus on customer service. The ultimate goal for us is about creating the Netflix for the kind of products that we move," Casey told Dezeen.
The fire sale's been rumored since early February, and although the exact amount is undisclosed, it was previously reported to be $15 million. At its height, Fab employed 750 people and raised more than $330 million in funding. Fab's rapid rise and just as speedy unraveling led TechCrunch to call the company "something of a poster child for the boom and bust of e-commerce startup life."
Meanwhile, former Fab.com CEO Jason Goldberg writes in a blog post that the sale of Fab gives him more time to focus on Hem, his new, Berlin-based furniture start-up. According to The Verge, Goldberg is employing 100 former Fab employees at Hem, along with "tens of millions in funding from Fab that his backers have agreed to funnel into this new venture instead."