QVC Group declared it would for file for Chapter 11 bankruptcy protection imminently in an effort to reconstitute its debt while revealing lower sales and deeper losses for its fiscal 2025.
Although the April 15 filing with the United States Security and Exchange Commission announced an actual petition for bankruptcy protection, QVC said that it intended to file in the United States Bankruptcy Court for the Southern District of Texas and operate the businesses as a debtor-in-possession, adding that it is targeting an emergence from Chapter 11 within 90 days of filing.
QVC noted it intended to enter into a restructuring support agreement with certain holders of its debt before petitioning for bankruptcy protection.
In a research note, Pulse Ratings stated that the expectation of 90-day bankruptcy duration seems to suggest that QVC has been discussing a pre-negotiated Chapter 11 proceeding with debt holders.
QVC previously postponed filing its fourth quarter and full year results from 2025 as it dealt with its financial squeeze and later raised the prospect of bankruptcy reorganization.
In the April 15 filing, the company reported total revenue of $8.29 billion for the fiscal year ended December 31, 2025 in its core business versus $9 billion in the year before, and an operating loss of $2.02 billion versus $770 million.
For QVC Group and its subsidiaries as a whole, total revenue was $9.23 billion versus $10.04 billion in the fiscal year previous and an operating loss of $2.1 billion versus $809 million. Company net loss was $2.44 billion versus $1.29 billion in the year earlier.
