1 month ago
QVC Group, whose networks pioneered nan conception of unrecorded TV shopping successful nan 1980s and built it into a champion of nan late-20th period media business, has revenge for Chapter 11 bankruptcy.
The voluntary filing successful nan U.S. Bankruptcy Court for Southern Texas was cited by institution guidance arsenic a measurement to thief it modulation from TV to unrecorded societal media retailing via a restructuring program. The move is expected to supply “a much due superior structure,” QVC Group CEO David Rawlinson said. Debt is projected to beryllium reduced to $1.3 cardinal from $6.6 billion.
The institution said its portfolio, which includes QVC, HSN, and Cornerstone Brands, is operating arsenic accustomed crossed channels and platforms during nan bankruptcy process, which is expected to wrap up this summer. QVC said it has “ample liquidity” to support nan business running, fulfill restructuring obligations to vendors, suppliers and different unsecured creditors, and proceed paying employees.
No layoffs aliases furloughs are planned arsenic portion of nan restructuring, and labor “should afloat expect to proceed receiving their wages and benefits without interruption,” nan institution said successful an announcement.
“QVC Group is uniquely positioned to compete and triumph successful unrecorded societal shopping,” Rawlinson said. “Over nan past year, we person go a apical seller connected TikTok Shop U.S. while expanding our business connected streaming and different platforms. We person consolidated our HSN and QVC operations, struck caller deals pinch captious societal and media partners, and rebalanced sourcing to relationship for nan changing tariff environment.”
QVC launched successful 1986 arsenic an replacement to Home Shopping Network, which had started respective years earlier. The 2 competed for galore years. John Malone’s Liberty Media took a controlling liking successful HSN during nan 1990s. QVC, which had gained early support from Comcast laminitis Ralph Roberts, was acquired by Barry Diller a short clip later.
Years later, erstwhile nan internet, smart phones and cord-cutting eroded some networks’ business, HSN acquired QVC successful a $2.1 cardinal all-stock deal. QVC Group remains portion of nan Liberty portfolio, pinch erstwhile Liberty CEO Greg Maffei serving arsenic executive chairman. It rebranded past twelvemonth from Qurate Retail and besides consolidated operations successful West Chester, PA, shuttering HSN’s longtime office successful St. Petersburg, FL.
