Multiply Closes Permanently on May 6 After Failing to Re-invent Itself
Author: Adobo Talk PH on Saturday, April 27, 2013 | 2:55 AM
Multiply.com, once one of the most popular social networking sites we had, will close on May 6. In an announcement posted on its site, and via a press statement from its CEO, Stefan Magdalinski, Multiply announced it impending death.
"About a year ago, our local Multiply teams were given the mighty challenge of totally re-inventing the company," explained Magdalinski. "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 was once only rivaled by Friendster as the most popular social networking sites where members can post messages, pictures and even blogs. But, with the innovations introduced by Facebook, many Multiply and Friendster subscribers left.
Last year, Multiply shifted to a marketplace platform but, unfortunately, the move was not enough to keep it afloat.
Posted below is the announcement as posted on its website:
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
