Overview
- QVC Group filed for Chapter 11 in the Southern District of Texas, will run as a debtor in possession, is seeking first-day approval to keep operating, and targets an exit in about 90 days.
- A restructuring support deal with most lenders would trim debt from about $6.6 billion to roughly $1.3 billion and keeps international subsidiaries outside the U.S. case.
- The company said vendors and other unsecured creditors are slated to be paid in full, and it reported no planned layoffs tied to the court process.
- Shares fell more than 65% Thursday after the annual filing detailed the plan, and the company said it expects to be delisted from Nasdaq during the case.
- The bankruptcy follows years of declining TV shopping audiences as buyers shift to TikTok Shop and other online marketplaces, after prior cost cuts and the HSN studio move to West Chester.