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The parent company behind popular shopping channels QVC and HSN has filed for Chapter 11 bankruptcy.
QVC Group, which filed in the US Bankruptcy Court for the Southern District of Texas, announced the filing in a press release Thursday, saying the company will enter into a restructuring agreement (RSA) to reduce its debt from $6.6 billion to $1.3 billion.
RSA’s goal is to exit bankruptcy within 90 days.
“The company has sufficient capital to support the business and, importantly, the terms of the RSA provide for vendors, suppliers and all other unsecured creditors of the filling companies to be paid in full for all goods and services,” the press release said.
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The QVC logo is displayed on the smartphone (Image by Rafael Henrique/SOPA Images/LightRocket via Getty Images/Getty Images)
During this time, QVC Group plans to operate all of its businesses as usual with no planned layoffs or furloughs as it continues to evaluate its finances.
Both QVC, which stands for Quality, Value and Convenience, and HSN, the Home Shopping Network, were late-night staples on cable television, though with the popularity of shopping through social media and other technologies, the company has admitted it needs to change its business model.
David Rawlinson, president and CEO of QVC Group, said in a press release that he is confident in the company’s ability to recover from the current downturn based on the progress it has seen so far.
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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 in a unique position to compete and win in social live shopping, and we’re seeing momentum early in our WIN Growth Strategy,” he said.
“Over the past year, we’ve become the number one seller on TikTok Shop US while expanding our business into broadcast and other platforms. We’ve integrated our HSN and QVC operations, secured new deals with key social and media partners and re-acquired equity to respond to the changing tax landscape.
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“With the support of our lenders and a more appropriate capital structure, we believe we can achieve our WIN Growth Strategy,” said Rawlinson.
Billionaire John Malone bought QVC in 2003 for $7.9 billion. The brand later acquired HSN in 2017 for $2.1 billion.
