QVC, the popular home-shopping cable network, is reportedly facing financial issues and a possible bankruptcy, according to Bloomberg.
The 24-hour shopping channel has reportedly seen a decline in impulse shopping and changing customer habits for years, with its parent company, the Pennsylvania-based QVC Group Inc., in discussions to voluntarily restructure debt by filing for Chapter 11 bankruptcy. The company’s stock price is reportedly tumbling, dropping 70% from the beginning of the week to $3.41 by market close on Wednesday (February 11).
QVC Group, which also owns HSN and rebranded itself from Ourate Retail, is reportedly facing steep challenges from drop in customers and revenues, high tariffs and growing online competition such as Amazon and TikTok Shop. The parent company was reported to have laid off at least 900 employees throughout its firm and relocated HSN‘s studio from Florida to its West Chester headquarters, later hiring 250 people for the location.
QVC Group is reportedly focused on pivoting to social media and streaming, but still has more than a dozen TV channels airing globally. QVC launched in 1985 and grew into a global retail monster through a blend of shopping and entertainment as it was present in hundreds of millions of households at its peak in popularity, having been parodied on Saturday Night Live and still reported to have diehard supporters.
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