The company said it will maintain normal site operations through May 6 and will cease all business operations by May 31.
“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 said in its website.
Multiply assured members that they will receive all funds they 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,” the company said.
Launched in March 2004 in Boca Raton, Florida, Multiply had around 11 million registered users. It transferred to Jakarta, Indonesia in 2012 when it switched from a social networking site into an e-commerce site.