Multiply to shut down May 6, cease operations end-May (UPDATED)

Join us in a moment of silence for the social-networking-site-turned-online-marketplace. Multiply has announced that it will shut down on May 6 and cease business operations by the end of next month. This after completely shutting down its blog platform in December 2012 to shift to e-commerce.

Here's the full statement published on Multiply.com:

"We regret to announce that Multiply will be closing on May 6, 2013, and ceasing all business operations by May 31, 2013.

>>SEE ALSO: Multiply to relaunch in 2013 as 100% e-commerce site after total blog platform shutdown

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.

>>YOU MAY WANT TO READ: Zalora to go public on robust online shopping business

Merchants who have premium subscriptions should contact our customer support and we will ensure that they receive a full refund for the unused time on your subscription." 

We tried calling Multiply country manager Jack Madrid, but here's what he has to say for now.

Multiply country manager Jack Madrid's reply to our text message asking for his statement

Stay tuned for more updates on this matter.

UPDATE, 6:13 p.m., April 26: True to Jack Madrid's promise, their PR agency sent us the official statement from Multiply's headquarters:

Official statement from Multiply's headquarters

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

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