to shut down on May 6

by Kathleen A. Martin,

Posted at Apr 26 2013 04:49 PM | Updated as of Apr 27 2013 04:50 AM

MANILA -- has announced it will be shutting down on May 6 and stop all business operations by May 31.

"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," the firm said in an announcement 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," the popular online marketplace added.

However, the company did not provide any explanation why it is closing down its website.

But assured its online shop owners that it will receive funds earned on the marketplace platform no later than May 31.

Moreover, the firm said premium subscribers will receive a full refund for unused time in their subscription. on December 1 last year completed its shift to a marketplace platform from being a social networking site storing pictures, videos, and blogs.