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QVC Group, the U.S. live TV shopping operator that helped pioneer the format in the 1980s, has filed for Chapter 11 bankruptcy.
The company made the voluntary filing in the U.S. Bankruptcy Court for the Southern District of Texas. Management said the move is intended to support a transition from television-based retailing to live social media retailing through a restructuring program.
QVC Group CEO David Rawlinson said the bankruptcy process is expected to deliver “a more appropriate capital structure.” The company projected that its debt would be reduced to $1.3 billion from $6.6 billion.
QVC said its portfolio—covering QVC, HSN, and Cornerstone Brands—will continue operating as usual across channels and platforms throughout the bankruptcy process.
The company said the Chapter 11 case is expected to conclude this summer. QVC also stated it has “ample liquidity” to keep the business running, fulfill restructuring obligations to vendors and suppliers and other unsecured creditors, and continue paying employees.
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