QVC Group files for bankruptcy; enters into agreement to slash debt
QVC Group has filed for voluntary Chapter 11 bankruptcy as part of a restructuring support agreement.
The self-billed “live social shopping company,” whose portfolio includes QVC, HSN, Ballard Designs, Garnet Hill, Frontgate and Grandin Road, said it has entered into a restructuring support agreement with holders of a significant majority of its outstanding funded debt.
QVC Group, which filed in the U.S. Bankruptcy Court for the Southern District of Texas, said all its brands are operating “as usual’ and that its international operations are not included in this process. Citing the prepackaged nature of its financial restructuring, the company expects to emerge from bankruptcy protection in about 90 days.
Unde the terms of the agreement, QVC Group's debt balance of approximately $6.6 billion (as of Dec. 31, 2025) will be reduced to $1.3 billion. In addition to “substantially” reducing its debt, QVC said the agreement strengthens its financial position “as it continues advancing its transformational WIN Growth Strategy to drive long-term growth and profitability as a leader in live social shopping across social platforms, streaming apps, e-commerce sites, stores and TV channels.”
The company noted that it “ample” liquidity to support the business, and that the terms of the support agreement will allow its unsecured creditors to be paid in full. It had over $1 billion in domestic cash and cash equivalents as of Dec. 31, 2025.
Amid declining regular linear television viewership and other shifts in consumer behavior, including its failure to attract younger consumers, QVC Group has been struggling with slumping sales for some time. Its net revenue fell nearly 8% to $8.3 billion in 2025 as its as net loss more than doubled to more than $2.1 billion.
In late 2024, the company launched its “WIN” strategy and set a goal to achieve $1.5 billion-plus run-rate revenue from streaming and social within three years.
“QVC Group is uniquely positioned to compete and win in live social shopping, and we are seeing early momentum in our WIN Growth Strategy,” QVC Group president and CEO David Rawlinson said in a release announcing the support agreement. “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.”
The company has been working to assert leadership in the fast-growing field of social shopping and signed an agreement with TikTok in August 2024. In April 2025, it launched its first round-the-clock live social shopping experience with TikTok Shop.
Pointing to the success of its strategy, QVC Group said it acquired nearly 1 million new U.S. customers on TikTok Shop in 2025, leading QVC US to grow its total customer file in 2025 for the first time in over four years. The QVC+ and HSN+ streaming service now has 1.5 million monthly active users and sales attributed to streaming grew 19% in 2025.
QVC Group noted that its on-air programming is continuing as normal and customers can continue to shop its brands as always on broadcast TV, on streaming and social, through branded websites and apps, in-store and through catalogs.
