Online design store Fab announced Tuesday that it plans to lay off more than 100 employees in its Berlin office — about 14% of its total staff — by the end of the year.
News of the layoffs is surprising given that Fab is currently flush with cash, having just raised $150 million in venture capital. But CEO Jason Goldberg says this has been on the roadmap for some time, as the company evolves from a flash sales model to an inventory planning model.
SEE ALSO: Fab Wants to Become the World's Largest Design Store
"Up until now Fab essentially ran two separate flash-sales businesses, one in the U.S. and another in Europe," Goldberg wrote on Fab's blog Tuesday. The goal, now, is to run Fab as one global business headquartered in New York Read more...
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