Multiply.com shutting down on May 6, ceasing all business operations by end of May!

After shutting down its blog and social network services last year to concentrate on their e-commerce service, Multiply.com unexpectedly announced that it will be shutting down the marketplace on May 6, 2013 and ceasing all business operations by May 31, 2013. More details after the jump.

"About a year ago, our local Multiply teams were given the mighty challenge of totally re-inventing the company," said Stefan Magdalinski, Multiply CEO. "After much effort, we are forced to admit that we were not able to pull it off. I'm proud of my team for their diligence and determination, despite the disappointing outcome."

Normal website operations will be maintained until May 6. The rest of the month is given in order for all the accounts to be settled and to be certain that all the merchants will receive full payment from all the transactions they completed on the platform. Users will also have ample time to migrate their postings to other ecommerce websites.

The merchants will receive all the funds that they have earned on or before May 6 at the end of the moth. Premium subscribers will also get refunds for the un-used time on their subscription. They should contact the website’s customer support to process the refund.

Here’s the official statement of Multiply.com posted on their site after the jump.

Multiply is closing on May 6

We regret to announce that Multiply will be closing on May 6, 2013 and ceasing all business operations by May 31, 2013.

Multiply will maintain normal site operations through May 6. We will use the rest of May to make sure the all accounts are settled and that merchants receive full payment for all the transactions they completed on our platform. This will also provide our merchants with time to find and migrate to alternative e-commerce platforms, settle all payments on items bought and delivered, and to minimize disruption to their businesses.

Multiply will ensure that you receive all funds you earned on the platform no later than May 31, 2013. We will close the actual marketplace sooner, on May 6, 2013, to ensure that all orders have sufficient time to complete and be delivered to your customers before the end of the month.

Merchants who have premium subscriptions should contact our customer support and we will ensure that they receive a full refund for the unused time on your subscription.

In the meantime, Multiply's shareholder MIH Holdings Limited remains very optimistic about the ecommerce here in the Philippines and has recently increased its investment into Sulit.com.ph, the country’s number one buy-and-sell website.

Source: Multiply