Fab will cut nearly 20 percent of its work force

http://www.reuters.com/article/2013/10/03/fab-cuts-idUSL1N0HT0GZ20131003

Fab, a New York-based commerce company backed by the likes of Andreessen Horowitz and Menlo Ventures, is going to cut about a fifth of its work force (roughly 100 people) from its various offices.¬†Jason Goldberg, the CEO of the company, in a memo to employees wrote: “The impetus behind the decision is our plan to accelerate Fab’s path to profitability.” This is the second major set of layoffs at a company that has raised¬†nearly $300 million from investors and is valued at $1 billion by private investors.