Home shopping network pioneer QVC files for bankruptcy protection
The owner of home shopping network pioneer QVC has filed for Chapter 11 bankruptcy protection.
The filing by parent company QVC Group, which also owns HSN, formerly the Home Shopping Network, arrives as long-running TV shopping networks struggle to adapt to the rapid shift by consumers now tuning in to livestreams on TikTok, or online marketplaces like Shein.
QVC Group, which filed in the U.S. Bankruptcy Court for the Southern District of Texas, said that its international operations are not included in the process. It has more than $1 billion in cash on hand and said that it has ample liquidity to meet its business obligations.
QVC Group added that all of its brands are operating as usual, including customer-facing operations in the UK, Germany, Japan, and Italy. It will continue to serve its customers across all channels and platforms for QVC, HSN, and Cornerstone Brands.
“Bankruptcy may allow the necessary restructuring to give QVC the room to operate with better financials. However, it does not solve the need to reinvent and become relevant,” Neil Saunders, managing director of GlobalData, said in a statement.
QVC Group has attempted to revive flagging sales for some time, which in 2024 were down almost 30% compared with its peak of more than $14 billion in 2020. Shares in QVC Group, which went for over $900 a decade ago, were trading for less than $3 earlier this week.
The company is looking to emerge from bankruptcy protection in about 90 days.
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