QVC Group to File for Chapter 11 Bankruptcy

West Chester, Pennsylvania-based QVC Group announced it intends to file for Chapter 11 bankruptcy amid financial headwinds, the company said in an annual report filed with the Securities and Exchange Commission.

The company, which owns both QVC and the Home Shopping Network (HSN), disclosed its plans to seek bankruptcy protection as part of a broader effort to restructure approximately $5 billion in debt.

QVC Group stated it would file in the U.S. Bankruptcy Court for the Southern District of Texas in Houston and intends to request approval for “first day” motions to continue ordinary course operations during the bankruptcy process.

The company emphasized that it expects to emerge from the Chapter 11 cases within approximately 90 days, though it cautioned that “no assurance can be made as to a potential emergence date” and acknowledged a possibility it may not emerge from bankruptcy.