Overview
- QVC Group, which filed Thursday in the Southern District of Texas, entered Chapter 11 under a lender-backed plan to shrink debt from about $6.6 billion to roughly $1.3 billion.
- QVC, HSN and Cornerstone will keep selling on TV, streaming, social, stores and apps during the case, and international units in the U.K., Germany, Japan and Italy are not included.
- The company says it has about $1 billion in U.S. cash, expects to exit court oversight in roughly 90 days, and will keep gift cards, returns and branded credit cards working as normal.
- No layoffs or furloughs are planned, wages and benefits will continue, and vendors and other unsecured creditors are slated to be paid in full for goods and services.
- Court papers detail $300 million in debtor-in-possession financing and an effort to raise an asset-based loan of up to $750 million, reflecting a push to stabilize operations as TV shopping loses viewers to TikTok Shop and low-cost online marketplaces.