QVC Group exits bankruptcy with debt slashed by over $5 billion; CEO steps down
QVC Group Inc. has emerged from bankruptcy protection with a stronger balance sheet and a familiar face as its new interim leader as its CEO departs.
The parent company of QVC, HSN and other brands has completed its financial restructuring and emerged from the Chapter 11 process with its total debt reduced by more than $5 billion and access to a new $600 million asset-based lending facility led by funds managed by Strategic Value Partners and Oaktree Capital. QVC Group's common stock has been approved for trading on Nasdaq under the symbol "QVCG."
In conjunction with its exit from the financial restructuring process, QVC Group president and CEO David Rawlinson is stepping down. He will be succeeded by industry veteran Mike George as interim chief and chair of the board.
George previously served as president and CEO of QVC Group (formerly Qurate Retail Group) for 16 years, from 2006 until his retirement in 2021. He currently sits on the boards of AutoZone and Ralph Lauren.
“I am excited to work closely with the new board and current management team, and to reconnect with our team members, building upon the strong foundation that has been established,” George said. “Together, we will continue to create innovative shopping experiences for customers and evolve the business to capture value for all of our stakeholders as the board searches for a permanent CEO."
The departing Rawlinson has served as CEO since 2021. He is credited with spearheading the company’s expansion into live social shopping and successfully guiding it through its Chapter 11 restructuring process.
"My goals when joining QVC Group involved navigating two complex phases,” he stated. "The first was stabilizing the company amid significant challenges, which included cord cutting, global tariffs that deeply impacted the retail industry and a major warehouse fire that affected our global operations. The second was establishing new growth platforms while reducing the company's significant debt burden. After successfully accomplishing both objectives, I believe it is the right time for me to step aside and pursue other transformative opportunities."
Amid regular linear television viewership declining and other shifts in consumer behavior, Rawlinson has worked to assert QVC Group’s leadership in the fast-growing field of social shopping and live streaming to engage customers. In April 2025, it launched its first round-the-clock live social shopping experience with TikTok Shop. Over 95,000 products are now featured across beauty, fashion and accessories, culinary and home collections on QVC’s TikTok Shop.
Most recently, the company celebrated 40 years since it debuted on television with an eight-hour TikTok Shop "Super Brand Day" event that included a full day of livestream shopping, product storytelling, and event-only deals.
"I am grateful to our team, customers, partners and stakeholders for their trust, support and partnership,” Rawlinson said. “Together, we built exciting momentum on new platforms, earned recognition as a TikTok Shop Seller of the Year for 2025 and exponentially grew the reach of our streaming business, all while resetting our financial base. As I step down, I can think of no one better qualified to lead QVC Group than Mike George. Mike's industry knowledge, sound judgment and character make him the right leader to position the Company well for continued success."
QVC Group’s portfolio includes QVC, HSN, Ballard Designs, Frontgate, Garnet Hill and Grandin Road.
