Shares of TV shopping network owner QVC Group plunged over 65% on Thursday morning as the company plans to file for Chapter 11 bankruptcy in Houston.
The QVC and HSN parent’s move, which was revealed in a delayed annual filing with the U.S. Securities and Exchange Commission, comes after it reached a restructuring agreement with its creditors that will reduce its debt from approximately $6.6 billion to $1.3 billion.
The company is aiming to emerge from the Chapter 11 process within approximately 90 days and intends to continue normal operations, but warned “no assurance can be made as to a potential emergence date.”
The bankruptcy plans come as QVC has been facing inflationary pressures, tariff-related uncertainty and competition in the TV retail space from ShopHQ and JTV (Jewelry Television) in the U.S., Jupiter Shop Channel in Japan, HSE in Germany, TJC, Ideal World, Gems TV, Must Have Ideas TV and JML Direct in the U.K., including livestream shopping retailers and platforms, and mail-order and catalog companies.
It also competes with large department stores and specialty shops, e-commerce retailers, direct marketing retailers, wholesale clubs, discount retailers and infomercial retailers.
Additionally, the company has been contending with the rapid growth of mobile devices, social platforms and streaming services, which has fundamentally shifted video consumption and caused traditional cable television — historically the foundation of QVC’s business model — to experience structural decline.
Last year, the company consolidated its QVC and HSN operations at QVC’s Studio Park location in West Chester in an effort to reduce costs. As part of the reorganization, it cut 900 jobs in a pivot to “live social shopping.” QVC Group had 16,900 employees as of the end of 2025.
“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 a statement. “Over the past year, we have become a top seller on TikTok Shop U.S. 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’s QxH segment, which includes the main QVC and HSN channels as well as QVC2, QVC3 and HSN2, distributes 20 hours of live programming per day to approximately 82 million TV households in the U.S.
Its programming is also available through over-the-air broadcasting in designated U.S. markets that can be accessed by any household with a digital antenna, as well as on QVC.com and HSN.com, social media, virtual multichannel video programming distributors (vMVPDs) such as Hulu + Live TV, DirecTV Stream and YouTube TV, and applications via streaming video including Facebook Live, Roku, Apple TV, Amazon Fire, Xfinity Flex and Samsung TV Plus.
QVC Group also reaches approximately 126 million households outside of the U.S., primarily in Japan, Germany, the U.K., and Italy.
In 2025, approximately 90% of new QxH customers made their first purchase through the company’s digital platforms. The segment contributed $5.9 billion, or 72% of the company’s total revenue, and $517 million in adjusted operating income. Meanwhile, its international operations generated $2.4 billion, or 28% of total revenue, and $293 million in adjusted operating income.
QVC Group acquired nearly 1 million new U.S. customers on TikTok Shop in 2025, leading QVC US to grow its total customer base in 2025 for the first time in over four years. The QVC+ and HSN+ streaming service now have 1.5 million monthly active users and sales attributed to streaming grew 19% in 2025.
“We remain focused on serving our customers with joyful and engaging shopping experiences that inspire, entertain and delight,” Rawlinson added. “We appreciate the ongoing support of our valued vendors and business partners, and we are grateful to our team members for their unwavering dedication to QVC Group and our customers.”
