The plan is outlined in a Restructuring Support Agreement (RSA) the company reached with most of its lenders and will “substantially reduce” the company’s debt, strengthen its financial position and enable it to pursue long-term growth and profitability, QVC Group said in a Thursday (April 16) press release.
Some of QVC Group’s U.S. subsidiaries are included in the Chapter 11 proceedings, but its international operations are not, according to the release.
All QVC Group brands are operating as usual; QVC, HSN and Cornerstone Brands continue to serve customers across all channels and platforms; and all vendors, suppliers and other general unsecured creditors of the filing entities will be paid in full for all goods and services, the release said. The financial restructuring process includes no planned layoffs or furloughs, it added.
“QVC Group is uniquely positioned to compete and win in live social shopping, and we are seeing early momentum in our WIN Growth Strategy,” QVC Group President and CEO David Rawlinson said in the release.
The company has become a top seller on TikTok Shop U.S., expanded its business on streaming and other platforms, consolidated its HSN and QVC operations, struck new deals with social and media partners, and rebalanced sourcing to account for tariffs, Rawlinson said.
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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 said.
It was reported Feb. 10 that QVC Group had held confidential talks with creditors to restructure its debt in bankruptcy. The company had been struggling with declining viewership, a $6.6 billion debt load and tax liability.
The company said in a Feb. 20 press release that it changed the timing of the release of its fourth-quarter financial results, which had been scheduled for Feb. 26, and would report them “within the timeframe specified as a non-accelerated filer under SEC guidelines.”
PYMNTS reported in February 2025 that QVC Group was addressing challenges presented by a cautious consumer environment and rising competition by reducing debt and expanding its digital presence by focusing on the burgeoning trend of social commerce.
