QVC Group Files Chapter 11 Bankruptcy, Plans $5.3 Billion Debt Reduction

Financial Restructuring to Strengthen Future Growth

QVC Group Inc., the parent company of home shopping channels QVC and HSN, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. The company announced it has entered into a Restructuring Support Agreement (RSA) with a majority of its lenders, a move designed to substantially reduce its debt and strengthen its financial position for long-term growth and profitability.

The restructuring plan aims to cut the company's principal debt amount from approximately $6.6 billion as of December 31, 2025, down to $1.3 billion. This significant deleveraging is a key pillar of QVC Group's ongoing 'WIN Growth Strategy,' which focuses on leadership in live social shopping across various platforms.

Operations to Continue Uninterrupted

Despite the bankruptcy filing, QVC Group has assured customers, vendors, and employees that operations will continue as usual. The company stated it has ample liquidity to support the business throughout the process. Vendors, suppliers, and other general unsecured creditors will be paid in full for all goods and services provided. Furthermore, there are no planned layoffs or furloughs; employees will continue to receive their wages and benefits without interruption.

David Rawlinson, President and Chief Executive Officer of QVC Group, Inc., expressed confidence in the company's position. 'QVC Group is uniquely positioned to compete and win in live social shopping, and we are seeing early momentum in our WIN Growth Strategy,' Rawlinson said. 'With the support of our lenders and a more appropriate capital structure, we believe we can deliver on our WIN Growth Strategy.'

Customer-facing operations, including on-air programming, QVC+ and HSN+ streaming services, websites, mobile apps, and physical stores, will remain open and operating on normal schedules. Return policies, gift card validity, and customer service channels will also remain unchanged.

Strategic Shift to Live Social Shopping

The bankruptcy filing comes as QVC Group navigates significant shifts in consumer behavior, with a move away from traditional cable television towards mobile devices, social platforms, and streaming services. The WIN Growth Strategy is designed to reposition the company as a leader in live social shopping.

The company reported progress in this strategy, including acquiring nearly 1 million new U.S. customers on TikTok Shop in 2025, marking the first growth in its total customer file in over four years. Sales attributed to streaming grew 19% in 2025, with the QVC+ and HSN+ streaming service reaching 1.5 million monthly active users.

Financial Performance and Debt Reduction

QVC Group's financial situation leading up to the filing included a sales drop of 8% in 2025 to $9.23 billion, accompanied by an operating loss of $1.29 billion and a net loss that nearly doubled to $2.4 billion. The company also faced challenges with its credit facility maturing in October.

The RSA, entered into on April 16, 2026, is expected to enable the company to emerge from Chapter 11 proceedings, targeted within approximately 90 days, as 'Reorganized QVC, Inc.' The plan provides for the repayment of all third-party general unsecured creditors either in full or through reinstatement of their claims.

QVC Group's international operations, including those in the U.K., Germany, Japan, and Italy, are not included in the U.S. court-supervised process. The company had over $1 billion in domestic cash and cash equivalents as of December 31, 2025, ensuring ample liquidity during the restructuring period.

Shares of QVC Group's Series A and preferred stock are expected to be delisted from Nasdaq due to the bankruptcy proceedings.