You never placed an order though whereas Fanatic did, you have no contract or dealings with GCW other than a few emails. Fanatic sent money to GCW (big mistake) and still offers refunds to his buyers despite their money being stolen by GCW. You took money, never spent it on the product it was intended for and then refused to give it back. This isn't flaming or even my opinion, just facts.
Btw the idea of an online retro store which sells emulation handhelds wasn't yours to begin with, see Funstock, Gameseek, PureWickedAU, Dragonbox and the numerous others which have surfaced over the past few years. Nobody cloned "your" business, ask Justin - he was ripping those guys off years ago in exactly the same way he scammed Fanatic. They were really nice honest guys too.
Lessons to be learned here:
Don't invest time/effort/money/reputation in a dead product from dishonest people.
Don't spend preorder cash before you have the product unless you have backup funds.
Don't lie and make poor excuses, nobody is dumb enough to fall for it.
Your customers not getting refunds is on you, it has nothing to do with GCW.
Those two guys I mentioned, Zwiebeljack9000 and Mountainmohawk. Are you refunding them today? If not why not?