Fab finally gets acquired, CEO steps down

This is certainly not the fabulous exit Fab was hoping for

Fab, the design-focused ecommerce service that was at one time valued at nearly $1 billion, has been acquired by PCH International, an Irish hardware manufacturer, the two companies announced Wednesday. Terms of the deal were not disclosed, but a Bloomberg report put it at $15 million

See also: Fail Fast: How 5 Startups Got a Second Chance

The deal comes after months of rumors that Fab's demise was imminent as the once hot startup went through round after one of layoffs and struggled to refocus on private-label products

Liam Casey, the founder and CEO of PCH, said his company plans to double down on exclusive offerings at Fab and work to turn it into a platform for "up-and-coming designers." Read more...

More about Startups, Business, and Fab