The closure will begin on 3 June when sellers will be given their final opportunity to list an item for auction. All auctions will close for bids on 16 June, and users will be able to view account information on the site until 29 October.
Prescott noted that Yahoo Auctions claimed less than 0.2 per cent of the online auction market in the US, while eBay's top two sites alone claimed nearly 94 per cent of all traffic.
Yahoo has been looking to cut costs and narrow its focus in recent months. The company has been losing ground to arch-rival Google and has been trying to consolidate its operations, which one vice president likened to "peanut butter spread thinly on bread".
Yahoo warned users to be vigilant for scams over the last days of the auction service. The company advised users to know who they are dealing with and to carefully study terms of sale and payment options before bidding on an item.
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