It looks like Multiply CEO Stefan Magdalinsky has an official reply as well, and would not comment further on the exact reasons. His Twitter account (@smagdali) does not mention anything as well.
If you check Multiply.com, you will find this message:
Multiply is closing on May 6
We regret to announce that Multiply will be closing on May 6, 2013 and ceasing all business operations by May 31, 2013.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.
Multiply will ensure that you receive all funds you 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.
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.
Very little words, really. Last year, Multiply announced that they will be shifting their focus from social networking into full on eCommerce and it seems they are closing that chapter as well. I have gotten confirmation from Jack Madrid that this is true.
Could it be the influx of new players such as the Rocket Internet group (composed of Zalora and Lazada) or that the boutique / second hand market is really just heavily involved in other forums such as Sulit? Multiply has been a huge enabler for entrepreneurs to set up small garage sales all over the Internet and it’s indeed sad to see them go. You’ll be missed.