QVC bankruptcy plan – slash $5.3 billion in debt

WEST CHESTER, Pa. – As part of QVC Group’s reorganization under bankruptcy, the company said it plans to pay all suppliers and other unsecured creditors in full. After the reorganization is complete, the newly deleveraged company will emerge as Reorganized QVC, Inc.

The company ended 2025 with more than $1 billion in cash on hand to fund its operation, and it expects to access a $300 million debtor-in-possession facility, according to filings with the U.S. Bankruptcy Court for the Southern District of Texas.

Under its restructuring plan, holders of notes issued by QVC Group or of its revolving-credit facility will receive a portion of the new six-year loans and notes. The company is also working to secure an asset-based lending facility of up to $750 million, both from existing and new lenders.

QVC Group’s 30 largest unsecured creditors include trade vendors as well as services suppliers such as Microsoft, Accenture and Meta. Collectively, they are owed more than $93 million. (Scroll down for full list.)

In an announcement issued yesterday evening, the company said it plans no layoffs or employee furloughs as it works through what it expects to be a 90-day restructuring process.

QVC Group’s international divisions are not part of the bankruptcy, which concerns its QVC US, HSN and Cornerstone businesses. With television viewership on the decline, the company has been shifting toward live social shopping under its WIN growth strategy. The acronym stands for “Wherever She Shops, engaging customers with Inspiring People and Products and driving operating efficiencies with New Ways of Working.”

In 2025, QVC Group acquired nearly 1 million new U.S. customers on TikTok Shop, which spurred growth in the QVC US customer file 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, the company reported.

“Over the past year, we have become a top seller on TikTok Shop U.S. while expanding our business on streaming and other platforms. 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,” said David Rawlinson, president and CEO, QVC Group, Inc. “With the support of our lenders and a more appropriate capital structure, we believe we can deliver on our WIN Growth Strategy.”

QVC Group’s Top 30 unsecured creditors include:

1. Procaps Laboratories: $10,359,081
2. Microsoft Corporation: $6,649,299
3. Accenture International: $6,407,956
4. C&J Clark America: $6,272,640
5. John Hardy USA: $5,035,062
6. New Age Electronics: $4,143,192
7. United Parcel Service: $3,257,997
8. Beekman 1802: $3,151,099
9. Desert Rose Trading: $2,953,336
10. Ecoflow Technology: $2,939,185
11. Waco Shoe Co.: $2,909,502
12. First Commemorative Mint: $2,686,179
13. Wen by Chaz Dean: $2,661,459
14. Roberta’s Inc.: $2,613,906
15. Rastelli Brothers Inc: $2,401,566
16. Meta Platform Inc.: $2,2,392,996
17. JCL Design: $2,272,932
18. Impact Tech Inc: $2,259,612
19. Diane Gilman Jeans: $2,214,400
20. NYDJ: $2,148,580
21. Agoura Health Products: $2,073,130
22. IHKWIP LLC: $1,980,256
23. East Way Leisure: $1,838,312
24. Orient International: $1,814,608
25. Hesung Innovation: $1,699,741
26. Skechers USA: $1,651,281
27. Ebates Performance Marketing: $1,600,000
28. Blackstone International: $1,568,968
29. Cleanboss Inc.: $1,557,515
30. Corky’s Ribs and BBQ: $1,511,110