Fab Pushes Back Hard Against Reports That It’s Closing Shop

Founder tweets tirade

Despite a report from Valleywag that Fab is expected to close its doors by the end of the year, the e-commerce company is fiercely denying that it is in any financial trouble.

"I can tell you that rumors that Fab is exiting the U.S. market are entirely false," Fab spokesperson Amy Juaristi said to Adweek. "We have money in the bank and a low burn rate that will carry us through several years. We are heads-down implementing our long-term strategy, creating a strong and lasting future for the company."

Juaristi added that the New York-based company still has a strong global presence, with offices in Europe and India.

Fab chief Jason Goldberg also spoke out against the rumor on Twitter, furiously tweeting that he "can't take a crap without (Valleywag reporter Sam Biddle) knowing about it." Biddle responded in defense.

It's been a sharp decline for Fab, which previously said it had received a $1 billion evaluation in June 2013. Its woes have been well documented, including numerous rounds of recent layoffs.

Goldberg also notoriously took to the company blog to tell his employees to stop complaining about work conditions because "it's a fucking startup," according to Racked. That blog has since been deleted.