QVC and HSN Owner Files for Chapter 11 Bankruptcy
The Hollywood Reporter • • business
Key Points:
- QVC Group, the parent company of HSN and QVC home shopping TV brands, has filed for Chapter 11 bankruptcy protection, aiming to restructure while continuing operations.
- The company plans to operate as a debtor-in-possession and seeks court approval for motions to maintain normal business activities during the bankruptcy process, targeting emergence within approximately 90 days.
- QVC Group has faced challenges from declining traditional TV viewership and competition from social shopping platforms like TikTok, YouTube, and Instagram, prompting shifts toward live shopping on digital platforms.
- The company previously laid off 900 employees and sought to diversify content offerings, including deals for programming like pickleball matches, to complement its shopping business.
- This bankruptcy marks a significant moment for QVC, a major cable TV brand acquired by billionaire John Malone in 2003 and merged with Home Shopping Network in 2017.
