QVC Group has filed voluntary Chapter 11 proceedings as part of a plan to “substantially reduce” its debt by more than US$5bn.
The television shopping network has filed proceedings with the US Bankruptcy Court for the South District of Texas, with QVC Group International operations [the business’ non-US operating subsidiaries] not included in the process.
QVC Group has entered into a Restructuring Support Agreement (RSA) with holders representing a significant majority of the company's outstanding funded debt.
It outlines the terms of a comprehensive prepackaged financial restructuring plan that aims to “substantially reduce the company's debt and strengthen its financial position”.
The company targets a 90-day emergence, but cautions that the timeline is not guaranteed.
Pursuant to the RSA, QVC Group's principal amount of debt (as of 31 December, 2025) will be reduced from approximately $6.6bn to $1.3bn.
The newly deleveraged company will emerge as Reorganized QVC, Inc.
All QVC Group brands are said to be “operating as usual”, and the company has stated there are no planned layoffs or furloughs in connection with the financial restructuring process.
The company has filed a number of customary motions with the bankruptcy court to support its operations during this process, including the continued payment of US employee wages and benefits without interruption.
It expects to receive approval for these requests shortly.
“The company has ample liquidity to support the business and, importantly, the terms of the RSA provide for vendors, suppliers and all other general unsecured creditors of the filing entities to be paid in full for all goods and services,” read a QVC company statement.
Inside a QVC studio (Image credit: QVC Group)
Chapter 11 bankruptcy enables companies to restructure their debts while continuing to operate, and it is during this time businesses can renegotiate payment plans with creditors.
QVC Group’s stock fell more than 65% in regular and after-hours trading following the bankruptcy announcement, dropping from $2.55 to around $0.80.
The company is working towards a turnaround via its ‘WIN Growth Strategy’, which aims to drive long-term growth and profitability in live social shopping across social platforms, streaming apps, ecommerce sites, stores and television channels.
In its financial results for the third quarter of 2025, QVC Group reported that its operating income had decreased by 61%.
"QVC Group is uniquely positioned to compete and win in live social shopping, and we are seeing early momentum in our ‘WIN Growth Strategy’," said David Rawlinson, President and CEO, QVC Group, Inc.
"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 operations, struck new deals with critical social and media partners, and rebalanced sourcing to account for the changing tariff environment.
“With the support of our lenders and a more appropriate capital structure, we believe we can deliver on our ‘WIN Growth Strategy’."
QVC Group acquired nearly one million new US customers on TikTok Shop in 2025, leading QVC US to grow its total customer file in 2025 for the first time in more than four years.
The QVC+ and HSN+ streaming service now has 1.5 million monthly active users, and sales attributed to streaming grew 19% in 2025.
“A stronger balance sheet, together with revenue growth from social and streaming, is expected to enable QVC Group to stabilise and return to sustainable growth over time,” read the company statement.
Kirkland & Ellis LLP and Gray Reed are serving as legal counsel to QVC Group, while Evercore Group L.L.C. is serving as financial advisor.
AlixPartners, LLP, is serving as restructuring advisor, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.
Image credits: first photo, Adobe Stock; second photo, QVC Group.