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The parent company behind a well-known enterprise Shopping Channels QVC and HSN have filed for Chapter 11 bankruptcy.
QVC Group applied in the United States Bankruptcy The Southern District of Texas announced the filing in a press release Thursday, saying the company will enter into a restructuring support agreement (RSA) to reduce its debt from $6.6 billion to $1.3 billion.
RSA aims to emerge from bankruptcy within 90 days.
“The company has sufficient liquidity to support the business and, importantly, the terms of the RSA provide that suppliers and all other general unsecured creditors of the filing entity will be paid in full for all goods and services,” the release said.
QVC logo displayed on smartphone (Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images/Getty Images)
During this period, QVC Group plans to transfer all of its enterprise While it continues to evaluate its financial situation, it is operating as normal and has no planned layoffs or furloughs.
QVC (which stands for Quality, Value and Convenience) and HSN (Home Shopping Network) have both become staples of late-night cable television, although the company has acknowledged the need to change its business model as shopping through social media and other technologies becomes more popular.
QVC Group President and CEO David Rawlinson said in a press release that based on the progress made so far, he is confident in the company’s ability to recover from the current setback.
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The QVC shopping channel was founded in 1986 and broadcasts to more than 350 million homes in seven countries. (Getty Images/Getty Images)
“QVC Group is uniquely positioned to compete and win in the real-time social shopping space, and we are seeing early momentum in our WIN growth strategy,” he said.
“Over the past year, we have become a top-selling product in the TikTok Shop US while growing our presence on streaming and other platforms. We have consolidated our HSN and QVC businesses, entered into new agreements with key social and media partners, and rebalanced sourcing in response to the changing tariff environment.
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“With the support of our lenders and a more appropriate capital structure, we believe we can deliver on our WIN growth strategy,” Rawlinson added.
Billionaire John Malone purchased QVC in 2003 for $7.9 billion. The brand later acquired HSN in 2017 for $2.1 billion.
