QVC Group, the parent of QVC and HSN, filed for voluntary Chapter 11 bankruptcy protection. The prepackaged restructuring agreement with a majority of lenders supports a strategic shift toward live social and streaming commerce.
The restructuring aims to reduce the company’s total debt from $6.6 billion. Post-restructuring debt will drop to $1.3 billion. QVC Group expects to complete the court-supervised process within approximately 90 days.
Operations for all brands will continue as usual during the proceedings. The company will pay vendors in full. The company plans no employee layoffs.