As many as 1,000 jobs could be at risk at an online retail company as it confirmed it had been called in administrators.
Studio made the move after it failed to secure a £25 million rescue loan.
Studio Retail Group, which is a third owned by Sports Direct boss Mike Ashley, has filed a notice of intention to appoint administrators and has suspended shares on the London Stock Exchange, reports the Mirror.
Studio is also warning of delays to outstanding customer orders and has said it is not taking any new orders.
The retailers sells clothing, homeware, electricals and toys and has around 2.5million customers.
It made £579million in sales during the last financial year.
Studio hasn’t said if customers will receive their orders or if they’ll be refunded, or if they can return items.
A notice reads: “Sorry, we’re not taking any orders at the moment. We’ll provide updates as soon as we can.”
If the company does stop trading, shoppers may have to apply to the administrator to get their money back.
They may also be able to use other methods, such as using Section 75 of the Consumer Credit Act or the Chargeback scheme.
Section 75 can be used for credit card spends that have gone wrong, for purchases worth between £100 and £30,000.
Debit card payments, checks and transfers not covered by the Consumer Credit Act might qualify for the Chargeback scheme instead.
In a statement, Studio said it would appoint administrators “as soon as reasonably practicable”.
It said: “Following detailed discussions with our UK lenders, the company has not been able to reach agreement with them to provide the additional funding Studio requires.
“The board therefore now intends to file a notice of intention to appoint administrators to SRG and Studio Retail Limited, its wholly-owned subsidiary, as soon as reasonably practicable.”
Studio had been seeking a rescue loan after it issued a second profit warning in two months in January, blaming transport delays and higher shipping costs for its problems.
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