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The parent company behind the well-known shopping channels QVC and HSN has filed for bankruptcy.
QVC Group, which filed in the U.S. Bankruptcy Court for the Southern District of Texas, announced the filing in a news release Thursday, saying the company will undergo a restructuring relief agreement (RSA) to reduce its debt from $6.6 billion to $1.3 billion.
The RSA’s goal is 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 vendors, suppliers and all other unsecured creditors of the filing entities must be paid in full for all goods and services,” the press release said.
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The QVC logo displayed on a smartphone (Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images/Getty Images)
During this period, QVC Group plans to operate all of its operations as normal, with no planned layoffs or furloughs, while it continues to evaluate its finances.
Both QVC, which stands for Quality, Value and Convenience, and HSN, the Home Shopping Network, are late-night cable television staples, although with the popularity of social media shopping and other technology, the company has recognized that it must change its business model.
David Rawlinson, president and CEO of QVC Group, said in the press release that he is confident in the company’s ability to recover from the current setback based on the progress it has made to date.
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The QVC shopping channel was founded in 1986 and broadcasts to more than 350 million households in seven countries. (Getty Images / Getty Images)
“QVC Group is uniquely positioned to compete and win in the live social shopping space, and we see early momentum in our WIN growth strategy,” he said.
“Over the past year, we have become a top seller on TikTok Shop US while expanding our business on streaming and other platforms. We have consolidated our HSN and QVC businesses, signed new deals with critical social and media partners, and rebalanced sourcing to reflect the changing pricing 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 bought QVC in 2003 for $7.9 billion. The brand later acquired HSN in 2017 for $2.1 billion.
