QVC Group’s restructuring plan approved; debt slashed
QVC Group Inc. has moved closer to emerging from bankruptcy protection.
The company, whose portfolio includes QVC, HSN, Ballard Designs, Garnet Hill, Frontgate and Grandin Road, said its prepackaged financial restructuring plan has received approval from the U.S. Bankruptcy Court for the Southern District of Texas. The plan was developed with and supported by a significant majority of the company's lenders and noteholders.
QVC Group will emerge from bankruptcy with its total debt reduced from approximately $6.6 billion to $1.325 billion. All vendors will have their claims paid in full or reinstated, the company said.
"Today marks a significant turning point for our Company and positions us to emerge from Chapter 11 ready to win in live social shopping," said David Rawlinson, president and CEO, QVC Group, Inc. "With significantly less debt, we can focus on what matters most – creating uniquely inspiring live social shopping experiences for our customers. We will continue to build on the success we've already achieved under our WIN Growth Strategy and capture future opportunities for long-term growth."
In connection with its exit, the reorganized company expects to have access to a new $600 million line of credit to support its working capital needs and general corporate purposes.
Additionally, QVC Group anticipates that it will be listed on a national securities exchange under the ticker symbol QVCG.
With regular linear television viewership declining and other shifts in consumer behavior, QVG Group 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. Most recently, in May, the company 40 years since it debuted on television with an eight-hour TikTok Shop "Super Brand Day" event from New York City on June 17.
Advisors
Kirkland & Ellis LLP and Gray Reed are serving as legal counsel, Evercore Group L.L.C. is serving as financial advisor, AlixPartners, LLP is serving as restructuring advisor, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to QVC Group and QVC Inc.
