QVC Group filed for Chapter 11 bankruptcy to slash its $6.6 billion debt load

QVC Group filed for Chapter 11 bankruptcy protection on April 16, entering a restructuring agreement with a majority of its lenders that would reduce its principal debt from about $6.6 billion to $1.3 billion. The West Chester, Pennsylvania-based company and certain U.S. subsidiaries, including QVC, Inc., commenced voluntary proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. International operations in the U.K., Germany, Japan, and Italy are not part of the filing.

The restructuring agreement makes it clear that vendors, suppliers, and general unsecured creditors will get paid in full — no exceptions. On top of that, the company confirmed that nobody is losing their job or getting furloughed, and workers won't see any cuts to their wages or benefits while this plays out. For context, QVC Group had north of $1 billion in domestic cash and cash equivalents on hand as of December 31, 2025.

All brands — QVC, HSN, and Cornerstone Brands — are operating as normal across broadcast TV, streaming, social platforms, websites, apps, and retail locations. Gift cards, branded credit cards, and return policies remain in effect. The company is targeting emergence from bankruptcy within about 90 days.

"QVC Group is uniquely positioned to compete and win in live social shopping, and we are seeing early momentum in our WIN Growth Strategy," David Rawlinson, president and CEO of QVC Group, said in a statement. "With the support of our lenders and a more appropriate capital structure, we believe we can deliver on our WIN Growth Strategy."

The company says its restructuring is a response to the decline of traditional cable TV and the fast growth of mobile, social, and streaming platforms. In 2025, QVC Group gained nearly 1 million new U.S. customers on TikTok Shop, and its QVC+ and HSN+ streaming service now has 1.5 million monthly active users. The company also reported that streaming sales grew by 19% in 2025.

Cable billionaire John Malone brought QVC into his media empire with a $7.9 billion purchase in 2003, later adding Home Shopping Network to the portfolio in 2017, according to the Hollywood Reporter.

The filing arrives as corporate bankruptcies have been hitting their highest levels since 2010, with 371 large U.S. companies petitioning for bankruptcy protection in the first half of 2025 alone — an increase of about 11% from the same period the prior year, according to S&P Global $SPGI. Retailers in particular have faced accelerating pressure from the shift to e-commerce, rising costs, and changing consumer habits, with household names such as Forever 21, Rite Aid, Claire's, and Joann all filing for Chapter 11 in recent years.

The reorganized company will emerge as Reorganized QVC, Inc., according to the company's announcement. Kirkland & Ellis LLP and Gray Reed are serving as legal counsel, Evercore Group is serving as financial advisor, and AlixPartners is serving as restructuring advisor.