SEOUL, Nov. 10 (Yonhap) -- Multiply, Inc., a social shopping site here, said Tuesday that its affiliate in the company's Philippine social networking site has filed for a rehabilitation scheme.
In a regulatory filing, the social networking site said Multiply-Phil, Inc., which operates the social networking portion, has filed for an insolvency scheme in the archipelago country.
Multiply and its affiliate have been suffering from a drop in new orders amid the protracted slump in the global social networking sector.
In 2004, Hanjin Heavy built a shipyard in the Philippines to boost its overall competitiveness.
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