Social networking site-turned-online marketplace Multiply announced it will be shutting down on May 6 and will cease all business operations by May 31, 2013.
"About a year ago, our local Multiply teams were given the mighty challenge of totally re-inventing the company," explained Multiply CEO, Stefan Magdalinski in a press statement. "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 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," it said on its website.
"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," it added.
The company however failed to provide information on why it is closing down its website, but assured online shop owners that it will receive funds earned on the marketplace platform before the end of May.
It added 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."
December last year when Multiply shifted from a social networking site to an online marketing site in an effort to regain market share lost to social network giant Facebook.