E-commerce giant eBay Inc. announced plans to close its Turkish marketplace GittiGidiyor, a strategic decision it says is based on the "ongoing competitive dynamics" in the country.
"With the decision taken by eBay in line with the ongoing competitive dynamics in Turkey, we will cease our activities and close our platform," GittiGidiyor said in a statement.
All shares of the 21-year-old marketplace were purchased by eBay, 93% in 2011 and 7% in 2016. After the takeover, the company continued to operate GittiGidiyor as an independent platform.
The platform will remain open for shopping until July 18, but new product listings have been restricted since Monday.
The parent company also offered reassurance to its users in a statement on its website and said it plans to work closely with the marketplace's buyers and sellers to assist in the migration off the platform.
Despite contributing approximately 4 million active buyers to eBay's overall count in the first quarter of 2022, GittiGidiyor's closure is not expected to have a large impact on its parent company's second-quarter or yearly results.
EBay Inc. is currently active in 22 countries and 190 markets around the world.
