Today is the day that Etsy officially shuts down on the first of its 4-week anniversary.
As of noon EST on Wednesday, the company will go into administration.
That’s an important day for Etsy, but not for the company that made it possible for people to sell everything from jewelry to electronics.
The company is going out with a bang, and it’s already losing money.
But that doesn’t mean it’s over.
Etsy CEO Chad Dickerson told the company’s investors that he believes the shutdown is temporary.
“This is temporary, and as we have said, it’s not the end of the world,” he said in an earnings call today.
We believe that Etsy has a sustainable business model and that we can sustainably grow the business as long as we continue to focus on delivering the best products to our customers.
The CEO added that he’s been in touch with Etsy’s board and other stakeholders to find out how the shutdown impacts the company.
The shutdown means that people who have been using Etsy for the last six months will not be able to buy any items on the platform.
Dickerson said the shutdown will not impact the amount of inventory on Etsy.
“Our team is on hand to continue to supply you with your favorite Etsy items,” he added.
“We will not have any inventory on our site.
All orders placed will be fulfilled within 24 hours.”
Etsy has had to shut down to fix a glitch in its payment system that caused it to crash.
“We know that the public is frustrated,” Dickerson continued.
“I know that we’re going to have to work through it, but it’s something that we have to do.
It’s something we have no control over.
We will continue to do our best to make the product that you have come to rely on.”
While the company said the closure was temporary, the move was also a major blow to the startup.
Last year, Etsy saw a $4.5 million loss.
Dickson said at the time that the company needed to be profitable and focused on growing revenue.
After a tumultuous few months, Etsy has made a lot of strides in the last year.
The e-commerce giant is valued at $2.8 billion, and the majority of its revenue comes from sales of online auctions.
But the shutdown could make things even harder for the platform, which is still very much a prototype.
Dickenson added that the business is still growing, but the company is looking at moving some of its products off the site to a different marketplace.
As for the future of the site, Dickerson promised that “we are in the midst of developing a new platform for Etsy to operate as a brand and grow.”