Multiply call it quits, closes global ops

In an unsuspected move, Multiply announced that it will be shutting down global operations on 31 May, just months after the former social network was re-launched as an online shopping platform."About a year ago, our local Multiply teams were given the mighty challenge of totally re-inventing the company," explained Stefan Magdalinski (pictured), Multiply CEO, 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."In a separate letter sent to online merchants in the Philippines and Indonesia, Multiply said it will close the online marketplace for good on 6 May and advised members to look for alternative e-commerce platforms.The company assured its online shop owners will receive funds earned on the marketplace platform no later than end-May. This includes a pro-rated refund for Trust Badges, which a seal of confidence Multiply gives to authenticated sellers.Multiply didn't disclose why they abruptly decided to axe operations. As of writing, Multiply country manager Jack Madrid was unavailable for comment.The marketplace is the heart of Multiply's global relaunch last December to transform the social network and blog site into a business dedicated entirely for e-commerce, complete with a new logo.Launched in March 2004 in Boca Raton, Florida, the company has transferred to Jakarta, Indonesia as part of the relaunch and its greater focus towards emerging markets.Last June, it called itself as the Philippines' largest online social shopping destination with a merchant base of 130,000 serving over 5.5 million users at that time.