QVC Group, as expected, has entered into voluntary Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas with the intent of executing a restructuring support agreement with holders representing a significant majority of the company’s outstanding funded debt.
The company expects to complete the pre-packaged bankruptcy process on an expedited basis targeting emergence within approximately 90 days.
QVC maintained that, as it moves into the bankruptcy process, the RSA represents a comprehensive prepackaged financial restructuring plan that will substantially reduce company debt and strengthen its financial position. The company intends the new financial structure to support its “WIN” growth strategy designed to drive long-term growth and profitability in live social shopping across platforms, streaming apps, e-commerce sites, stores and TV channels.
Pulse Ratings indicated the plan as stated by QVC appears to be the best possible outcome for trade creditors, but it’s important to note that if the plan wins approval, the reorganized company will be privately held as existing debt holders will receive the reorganized equity.
The restructuring agreement will result in a reduction of QVC’s principal amount of debt as of December 31, 2025 from $6.6 billion to $1.3 billion. The newly deleveraged company would emerge as “Reorganized QVC.”
All QVC Group brands are operating as usual, the company pointed out. QVC subsidiaries and entities outside of the United States are not included in the U.S. chapter 11 process with the exception of a non-operating Luxembourg subsidiary.
Upon emergence from Chapter 11, QVC stated, the company would move forward with its “WIN” strategy, initiated as it navigated changes in how consumers discover and purchase products. The rapid growth of mobile devices, social platforms and streaming services fundamentally shifted video consumption, while traditional cable television, the historical foundation of the QVC business model, experienced structural decline.
QVC developed the three-year “WIN” growth strategy to position the company as a force in driving the future of live social shopping. The strategy focuses on reaching the consumers wherever they shop with inspiring people and products while driving operating efficiencies. QVC asserted the strategy already is showing measurable results. For example, QVC acquired almost one million new U.S. customers on TikTok Shop in 2025, the company reported. The additional customers grew the QVC U.S. customer file for the first time in more than four years. The QVC+ and HSN+ streaming service now includes 1.5 million monthly active users and 2025 sales attributed to streaming grew by 19%, according to the company.
QVC reported it expects a stronger balance sheet, together with revenue growth from social and streaming, would enable the company to stabilize and return to sustainable growth over time. As it proceeds through the Chapter 11 process, QVC added, it will continue to serve shoppers across all channels and platforms serving the QVC, HSN and Cornerstone Brands, with ample liquidity to support the business. The terms of the RSA provide for vendors, suppliers and all other general unsecured creditors to receive full payment for all goods and services. QVC has no plan for layoffs or furloughs in connection with the financial restructuring process, and all team members should continue receiving their wages and benefits without interruption.
“QVC Group is uniquely positioned to compete and win in live social shopping, and we are seeing early momentum in our WIN growth strategy,” said David Rawlinson, QVC group president and CEO (pictured above). “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. We remain focused on serving our customers with joyful and engaging shopping experiences that inspire, entertain and delight. 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. This process will allow for QVC Group to have the financial structure it needs to accelerate our return to growth.”
