Southeast Asia’s most reputable ecommerce website Multiply.com, has announced that they will close down this May 6, 2013 and all operations will cease by May 31, 2013.
The company is one of the largest eCommerce website not only in the Philippines but also in different parts of Southeast Asia especially in Indonesia. The announcement was made through the official Multiply site.
Although the normal operation will run until May 6, but the buying will be disabled after the date. Users of the site are given until May 31 to complete all their remaining transactions.
Multiply encouraged their avid users to find and migrate to alternative ecommerce platforms, settle all payments on items bought and delivered, and to minimize disruption to their business.
Here’s the Official Statement:
Statement of 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 cl(–foul word(s) removed–)ifieds businesses there — namely Tokobagus.com (Indonesia) and Sulit.com.ph (Philippines) who are #1 in each of their respective markets.