The fate of Fab, a former Silicon Valley startup that showed promise for the e-commerce corner of flash sale sites, is all but sealed. TechCrunch reports that multiple sources have confirmed the e-com company is in early talks to sell to PHC International for $15 million, half in cash and half in stocks.

The company, founded by Jason Goldberg in 2011, has been on the decline in recent months. In June, a massive layoff wiped out up to 90 of its New York City employees, not long after Goldberg disclosed the company was spending a staggering $14 million a month. Globally, the company’s employees dropped to fewer than 200, after peaking at 700. But as recently as 2013, Fab was valued at $1 billion, after raising $150 million in venture capital from Chinese conglomerate Tencent Holdings Ltd.

Fab, which draws similarities from Boston e-commerce companies Rue La La and Wayfair, reached 10 million members in December of 2012. The site runs flash sales for different markets, like home goods, accessories, tech and gadgets and art, and recently, Goldberg launched a spinoff site, Hem, that focused on furniture design.

The question of whether or not the momentum of flash sale is sustainable has been explored recently. Sites like Fab, Rue La La and Gilt came to prominence around the time of the Great Recession, when people were looking to cut costs, and high-end designers were having a hard time moving inventory. But, as Taryn Luna wrote for The Boston Globe in August, “now that the economy is in recovery, piles of unsold designer duds are harder to find.”

In July, reports surfaced that Rue La La had hired JPMorgan Chase & Co. to advise a potential sale, and competitor Gilt was rumored a possible buyer. At the time, the Boston company was valued at $400 million.

If the Fab deal goes through, TechCrunch reports that some of the company’s assets will be rolled into Hem, with the rest taken over by PHC.

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