Thousands of PlayStation 5 orders may be at risk following the announcement that retailer Studio is to call in administrators.
Studio Retail announced this week that they will hire administrators after failing to secure a £25million rescue loan.
The company is partly owned by Mike Ashley and has suspended shares on the London Stock Exchange as well as filing for a notice of intention to appoint administrators.
Thousands of jobs are at risk and Studio is also warning that there will be potential delays to outstanding orders for customers.
Concerns are being raised for the future of many worker's careers as well as a potential loss in money for customers across the UK.
Studio - who sell goods including electricals, homeware, clothing and toys - were one of the few retailers that would host online drops for the PlayStation 5, a console that remains in high demand here in the UK.
Shoppers who have bought high-value goods like the PlayStation 5 and have not yet received their order are raising their concerns on social media, as Studio has not revealed how many outstanding orders it has to complete.
The company hasn't stated if customers will be refunded either if they've not received orders.
Their website reads: "Sorry, we're not taking any orders at the moment. We'll provide updates as soon as we can."
So what can you do if the company does stop trading and you don't receive your PlayStation 5 that you've paid for?
It is not clear whether customers who purchased a PS5 console via Studio or Ace (owned by Studio) will receive their consoles.
Until an update is provided by the company, (which is expected to come from a Stock Exchange announcement on Monday morning) there's not a lot that can be done.
However Studio will have two choices once things are finalised:
- To fulfil orders already made or;
- To refund orders made if they do not wish to continue operating
If you’re struggling to purchase a PlayStation 5 Disc Edition or Digital Edition console due to chip shortages and high demand, causing retailers to constantly sell out, then look out for an upcoming drop with GAME between February 16 and 18, check here for updates.
