Just two in a half years after E-commerce and social networking site Multiply close down last May 6, and ceasing all business operations on May 31, 2013, current owners are staging a comeback and it was similar to AM radio station KZRH (now DZRH) returned to the airwaves on July 1, 1946 and free-to-air TV network ABS-CBN went back on the air on September 14, 1986.
The Wall Street Journal first reported Tuesday that lenders who now own the iconic global E-commerce and social networking site have cancelled plans to auction off the company, according to a bankruptcy court filing acquired by the paper.
According to court papers filed Monday obtained by WSJ, while the company received qualified bids for assets, including the brand name of Multiply and the associated website domain, it has opted to forgo the bankruptcy auction.
Oh said the upcoming holiday season, the first since Multiply closed, will be interesting now that there is a retail gap.
Galt Toys has seen the trend as well.
"Parents are really limited in the amount of time they have and they do shop at home," Oh said.
In a press release, the company says it is moving forward with a plan for the assets to be acquired by a group of investors led by Sun Capital Partners, Inc.'s existing secured lenders.
The transition of the business to its new owners is pending approval of the United States Bankruptcy Court.
So does this mean more Multiply users could soon be on the way?
The current owner of Multiply, say they are "actively working with potential partners to develop ideas for old and new Multiply users that could bring back these iconic brand in a new and re-imagined way."
Multiply says "the company would control a portfolio of intellectual property that includes trademarks, their operations, the international subsidiary Multiply International and the social networking portion including 217 million accounts with hosted blogs, 210 million photos, 237,000 videos and messaging associated with the Multiply business in the United States and all over the world."
Multiply gives you an easy way to share all kinds of digital media, including photos, blogs, videos, music and more, all in one convenient place: your own personal web site. With Multiply, you can share and discuss your stuff with everyone in your “social network,” and also be alerted whenever they have something new.
Your personal web site on Multiply – http://YOURNAME.multiply.com – is the one place where you can share many different types of content. No longer do you, or your friends and family, need to learn how to use separate sites (and keep track of separate IDs, passwords, and links).
The company filed for bankruptcy last June 9, 2014 in the Philippines.
(UPDATED) But due to COVID-19 it was postponed to 2021. Community quarantine was held in Metro Manila and it was locked down until the end of April 2020.