QVC & HSN Just Filed for Bankruptcy – Here’s What It Means for Shoppers
On April 16th, QVC Group (the parent company of QVC and HSN) announced it has filed for Chapter 11 bankruptcy as part of a plan to restructure its debt which currently sits at over $6.6 billion.
Before you panic, this doesn’t mean QVC or HSN are going away. 🙌 Both brands will continue operating as usual while they work through the restructuring process which is expected to take about 90 days (through mid-July). Check out the recent press release for more information.
💡 Hip Tip: You can still shop QVC and HSN like normal, and orders, returns, and gift cards should continue to work as expected. That said, if you have a gift card or store credit, it’s not a bad idea to use it sooner rather than later just to be safe!
The purpose of the filing is to reduce more than $5 billion in debt and refocus on where shopping is headed including their newer streaming platforms (QVC+ and HSN+) and social selling channels like TikTok Shop.
Even better news: there are currently no planned layoffs or furloughs, and day-to-day business is expected to continue without disruption.
I’m so sad to hear this news! I have a gift card I haven’t used yet. Does anyone know if they are still honoring them for the time being?
Wow, I didn’t see this coming. I’ll definitely be keeping an eye out for any liquidation sales if they start closing specific brands.
This is so sad to hear. I’ve been shopping with QVC for decades and always loved their holiday specials. I hope they manage to restructure and stay in business!
It was only a matter of time with the rise of online shopping apps. I still prefer browsing their site over Amazon sometimes because the hosts are so helpful.