Fast radio bursts (FRBs) last for $\sim $ few milli-seconds and, hence, are likely to arise from the gravitational collapse of supra-massive, spinning neutron stars after they lose the centrifugal support (Falcke \& Rezzolla 2014). In this paper, we provide arguments to show that the repeating burst, FRB 121102, can also be modeled in the collapse framework provided the supra-massive object implodes either into a Kerr black hole surrounded by highly magnetized plasma or into a strange quark star. Since the estimated rates of FRBs and SN Ib/c are comparable, we put forward a common progenitor scenario for FRBs and long GRBs in which only those compact remnants entail prompt $\gamma $-emission whose kick velocities are almost aligned or anti-aligned with the stellar spin axes. In such a scenario, emission of detectable gravitational radiation and, possibly, of neutrinos are expected to occur during the SN Ib/c explosion as well as, later, at the time of magnetar implosion.