LBC’s affiliate LovableCommerce.com Corp (LCC), which owns and operates TheShop.ph, made the disclosure in its online notice to merchant members.
TheShop.ph team said, the platform will cease operations on December 31, 2015 while the website will be permanently taken down on February 28, 2016.
And, as part of its winding down efforts, TheShop.ph team turned off recently all credit card payments.
“You can rest assured that you will receive a full refund for your contract. The payout schedule is from January 15 to 30, 2016,” TheShop.ph said in its letter to merchant members.
Launched last year by LBC, TheShop.ph was built on top of LBC’s logistics and payments infrastructure with the goal of serving as online shop builder and go to market tool for small to medium enterprises, including larger businesses, companies, and multinationals.
TheShop.ph Marketplace, however, is an online mall and serves as a sales channel and discovery tool that aims to help online shoppers discover and purchase items from TheShop.ph sellers.
In its reply to an inquiry by DEALSTREETASIA, LCC declined to give further details about the closure but referred to it as “due to business restructuring.”