Multiply.com has announced it will be shutting down on May 6 and stop all business operations by May 31.
"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," the firm said in an announcement on its website.
"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," the popular online marketplace added.
However, the company did not provide any explanation why it is closing down its website.
But Multiply.com assured its online shop owners that it will receive funds earned on the marketplace platform no later than May 31.
Moreover, the firm said premium subscribers will receive a full refund for unused time in their subscription.
Multiply.com on December 1 last year completed its shift to a marketplace platform from being a social networking site storing pictures, videos, and blogs.
On June 10, 2014, the Pasig City Regional Trial Court has placed the company under corporate rehabilitation after the company sought relief from the Philippine government due to financial losses that stemmed from the E-commerce and social networking industry.
It suffered from a drop in new orders amid a slump in the E-commerce and social networking sector. Multiply also reportedly laid off some 12,000 workers on February 28, 2014.
It will continue its business as a archive photo and video site with their new mobile app, delivering 217 million accounts, 210 million photos and 237,000 videos from the old Multiply from it's launch in March 2004 to March 15, 2013 and 691 million photos from the old Webshots instead of social networking and E-commerce.
https://news.abs-cbn.com/business/04/26/13/multiplycom-close-may-6
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