Multiply.com closure shocks PH tech sector

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In a statement posted on its website and carried by various news outlets, the online firm said it will close down by May 6 and cease all business operations by May 31. The company said the days between May 6 and May 31 will be used to ?ensure that all orders have sufficient time to complete and be delivered to? customers before the end of the month?. ?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,? it said. Multiply said it will ensure that subscribers will ?receive all funds? earned on the platform no later than May 31, 2013.? ?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,? it added. The announcement surprised many netizens who have used the site at one point or another to post photos in the social circles or sell and buy various items after the site?s transition into an e-commerce portal. Fashion blogger Chuvaness was nostalgic in her blog post: ?Oh, I never really got into Multiply, but once upon a time I was able to sell some pre-owned bags through the site, and for that I am grateful. That said, I feel sad to see them go. The end of another website.? Joey Alarilla, a former social media manager of Yahoo Philippines but is now with ad firm DDB, expressed shock of the development. ?Whoa! What’s going on Jack Madrid and Eiko Raquel?? he asked in a Facebook post, referring to former Yahoo Philippines chief and current Multiply country manager Jack Madrid and a top Multiply executive. Kimstore, one of the most successful merchants at Multiply, has released its contact details and created a Facebook account where customers can go to in apparent preparation for Multiply?s closure. ]]>

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