After ceasing its social networking operations last year, Multiply.com has revealed that the site will totally shut down on May 6.
A banner which says “Multiply will be closed as of 6 May 2013” is now prominently displayed on the homepages of both the Philippine and Indonesian sites of the company.
Multiply decided to close its social networking operations and move its headquarters from Florida to Jakarta, Indonesia last year and evolve to become a pure e-commerce website.
However, it seems that the move was not successful.
Multiply is headed by CEO Stefan Magdalinski and country managers Jack Madrid and Daniel Tumiwa for the Philippines and Indonesia respectively.
The full Multiply statement as well as a press release sent out by the company follow below.
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 ecommerce 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 un-used time on your subscription.
JAKARTA (Friday, April 26, 2013) — It is with deep regret that today we are announcing the closure of Multiply on May 6, 2013 and ceasing all business operations as of May 31, 2013.
“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.”
Multiply will maintain normal site operations through May 6th, at which point the marketplace will close, and will wind down operations throughout the month of May to provide its merchants time to find and migrate to alternative ecommerce platforms, settle all payments on items bought and delivered, and generally minimize disruption to our merchants’ businesses.
In the meantime, Multiply’s shareholder MIH remains very optimistic about ecommerce in Indonesia and the Philippines and has recently increased its investment into its successful general classifieds businesses there — namely Tokobagus.com (Indonesia) and Sulit.com.ph (Philippines) who are #1 in each of their respective markets.