Fab.com Is Going To Lay Off Another 50 Employees
According to sources with AllThingsD, Fab.com will be laying off another round of employees in the U.S. Fab.com may also make cuts to their European staff. The new layoffs are expected to affect 50 employees across all levels in New York. The affected employees will be notified on Friday if they are going to be laid off. These employees will continue to work at the company for only three more months. Fab.com currently has between 150 and 200 employees.
“Fab is undergoing management changes as we realign the business to execute on our 2014-2017 plan,” stated a Fab.com spokesperson. This would be Fab.com’s third round of staff cuts in the last few months. Around 250 employees were laid off, which is over a third of Fab.com’s staff.
Fab.com’s co-founder and design chief Bradford Shellhammer said earlier this month that he would be stepping down from the company’s day-to-day operations. Fab.com chief operating officer Beth Ferreira is also leaving the company within two months.
Fab.com received a valuation of $1 billion after raising over $150 million in venture funding this past summer.