MANILA, APRIL 29, 2013 – Less than a year after Multiply.com announced its transformation into a social shopping website for Filipinos, the site once again welcomes users with another note, this time about its official shutdown on May 6, 2013.
The announcement was also released via email from their CEO Stefan Magdalinski, who spoke about Multiply’s resurgence as a shopping site in last year’s Mobile Marketing Congress.
“About a year ago, our local Multiply teams were given the mighty challenge of totally re-inventing the company,” Magdalinsky said. . “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 e-commerce 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 in the market — namely Tokobagus.com (Indonesia) and Sulit.com.ph (Philippines) who are ranked number one in their respective markets.
