Multiply Closing by May 6, 2013
Social networking pioneer and later marketplace site Multiply announced that it will stop all operations by May 31, and shut down its site Multiply.com by May 6, according to an announcement posted on the website.
Here is the announcement, which is currently accessible at multiply.com/announcement:
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.
There is also a press release making the online rounds, which includes quotes from Multiply CEO Stefan Magdalinski:
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.
According to Daily Social, an online news site that tracks developments in the social media and networking industry, Magdalinksi further commented that his company ““won’t be making further comments, as our focus now is on looking after our employees, our merchants, our buyers and ensuring an orderly transition for all.”
Multiply started out as a social network, attempting to shore up a user base in the Philippines and in other Asian countries as Facebook grew in adoption. Last August the online service announced that it would drop social networking services to concentrate on its online retail marketplace community, while offering users a way to download their social networking content before it became unavailable.
This entry was posted on Friday, April 26th, 2013 at 6:21 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. You can leave a response, or trackback from your own site.