topic Re: Interesting Chapter 11 Filing Yesterday in Q Talk

Interesting Chapter 11 Filing Yesterday

They CallMe MRWILKES — Tue, 21 Jul 2026 14:54:49 GMT

Summary as of today:

While the Bankruptcy Court has approved QVC's plan, the Preferred Shareholders immediately appealed to a US District Court. In addition, they filed a motion with the Bankruptcy Court to stop the confirmation until the appeal is heard.

Of course, yesterday QVC filed a motion opposing the Preferreds' action.

QVC was quite frank in stating that it can not survive in any form if confirmation is stayed while waiting for an Appeals Court decision, noting that it could take a year or more.

QVC cited the ongoing costs of the Chapter 11 such as attorneys and financial advisors.

As others have noted here, vendors are reluctant to deliver product unless paid in cash or delivery is secured by a letter of credit. This situation will get worse if confirmation is delayed any longer.

Most interesting, to me, is the disclosure of an employee incentive and retention program, intended to keep key employees who might otherwise leave due to the filing. Thus far, this program has cost $70 million! Retention bonuses really aren't that unusual, but that's a lot. Seems like a large number of employees may have jumped ship.

QVC has requested that if the Court stays the confirmation, the Preferred Shareholders be required to post a bond of $900 million+ to cover Debtors various costs.

Nothing is smooth or easy. It surely doesn't look good for the viability of this business if not resolved quickly.

Re: Interesting Chapter 11 Filing Yesterday

santorini — Tue, 21 Jul 2026 14:57:46 GMT

Very interesting. Thank you for keeping us updated.

I'm a little shocked about the retention bonuses. I would think they would be able to find replacements for a lot less money and might even prefer that those higher paid hosts leave the network. Now they're spending millions to keep them?

Re: Interesting Chapter 11 Filing Yesterday

RescueLover — Tue, 21 Jul 2026 15:00:49 GMT

I suppose the incentive and retention program is to keep Top Executives from quitting during all the turmoil.

Can You imagine the entire GLOBAL OPERATION shutting down because of it. 🥴

Re: Interesting Chapter 11 Filing Yesterday

RescueLover — Tue, 21 Jul 2026 15:02:17 GMT

Not the hosts….

It takes Highly Experienced Management to function each day.

Re: Interesting Chapter 11 Filing Yesterday

They CallMe MRWILKES — Tue, 21 Jul 2026 15:06:16 GMT

I believe that this retention program is for a wide variety of employees, including hosts. Could be why some are still there. Key employees work in every department.

Re: Interesting Chapter 11 Filing Yesterday

JudyL — Tue, 21 Jul 2026 15:06:39 GMT

I would think the Preferred Shareholders would want the Company to continue and work towards getting back on its feet. Seems like they are trying to sabotage the reorganization? What do the Preferred Shareholders gain by doing this and possibly the Company shutting down?

Re: Interesting Chapter 11 Filing Yesterday

santorini — Tue, 21 Jul 2026 15:06:12 GMT

Good point, @RescueLover. My mind went straight to the hosts but this has to mean management instead. Thanks.

Re: Interesting Chapter 11 Filing Yesterday

They CallMe MRWILKES — Tue, 21 Jul 2026 15:14:19 GMT

From the QVC filing; Debtors Objection to Preferred Shareholders Emergency Motion

Make no mistake: a stay of the Confirmation Order would wreak havoc. Start with

the Debtors. Even just the threat of a potential chapter 11 proceeding “put a lot more stress on the system.” (Wafford Testimony, Day 2: 347:22–23.)

It caused vendors to demand letters of credit or prepayment before shipping inventory.

It increased employee anxiety, which prompted the need for retention and incentive plans to convince valued team members to stay on. And it caused the Debtors to incur tens of millions of dollars in professional fees.

Re: Interesting Chapter 11 Filing Yesterday

RescueLover — Tue, 21 Jul 2026 15:12:10 GMT

It’s probably why the Hosts want to join the Union.

They don’t feel protected like the higher ups are and know they can be replaced if necessary.

Re: Interesting Chapter 11 Filing Yesterday

kaydee50 — Tue, 21 Jul 2026 15:33:36 GMT

I guess that's one of the reasons for so many "only order of the year" comments.

If I were a QVC/HSN employee I would be spiffing up my resume and actively job hunting including the hosts.

$70 million to retain employees??? No one is irreplaceable. Well, maybe SK--LOL!!!

Re: Interesting Chapter 11 Filing Yesterday

Icegoddess — Tue, 21 Jul 2026 15:42:52 GMT

@kaydee50 wrote:
I guess that's one of the reasons for so many "only order of the year" comments.

If I were a QVC/HSN employee I would be spiffing up my resume and actively job hunting including the hosts.

$70 million to retain employees??? No one is irreplaceable. Well, maybe SK--LOL!!!

@kaydee50 Well, it does appear she's willing to go the extra mile, LOL.

Re: Interesting Chapter 11 Filing Yesterday

stevieb — Tue, 21 Jul 2026 15:43:45 GMT

It appears that yet again QVC management didn't have their ducks in a row by having negotiated an agreement with preferred shareholders before the fact. As for retention bonuses, none of them should apply to upper management, who perpetuated this debacle in the first place. Bring in a transition team and be done with the existing management team.

Re: Interesting Chapter 11 Filing Yesterday

Puppy Lips — Tue, 21 Jul 2026 15:59:41 GMT

@JudyL wrote:
I would think the Preferred Shareholders would want the Company to continue and work towards getting back on its feet. Seems like they are trying to sabotage the reorganization? What do the Preferred Shareholders gain by doing this and possibly the Company shutting down?

@JudyL Someone please correct me if I am wrong. But as it was presented, the Preferred Shareholders lose all value in the QVC stock they have. Their stocks vanish and new stock could be offered for sale. If they block this from moving forward, maybe they are hoping a different arrangement will be made, funds reallocated, or however it works, where some of the value of their current stock is retained. They have only to gain by doing this, otherwise they will lose it all.

Re: Interesting Chapter 11 Filing Yesterday

RescueLover — Tue, 21 Jul 2026 16:00:05 GMT

Actually i think Shawn has the TikTok selling down to a science !!

I’m a HUGE TikTok and Instagram follower and Shawn is a natural at the fast paced and unscripted style that’s needed.

And she Definitely knows how to engage her audience !

Re: Interesting Chapter 11 Filing Yesterday

JudyL — Tue, 21 Jul 2026 16:18:48 GMT

@Puppy Lips wrote:
@JudyL wrote:
I would think the Preferred Shareholders would want the Company to continue and work towards getting back on its feet. Seems like they are trying to sabotage the reorganization? What do the Preferred Shareholders gain by doing this and possibly the Company shutting down?
@JudyL Someone please correct me if I am wrong. But as it was presented, the Preferred Shareholders lose all value in the QVC stock they have. Their stocks vanish and new stock could be offered for sale. If they block this from moving forward, maybe they are hoping a different arrangement will be made, funds reallocated, or however it works, where some of the value of their current stock is retained. They have only to gain by doing this, otherwise they will lose it all.

Thank you @Puppy Lips for the explanation. Makes sense now why they are blocking it.

Re: Interesting Chapter 11 Filing Yesterday

They CallMe MRWILKES — Tue, 21 Jul 2026 17:05:44 GMT

That analysis makes sense. Under the current plan the Preferreds would be completely wiped out.

So this seems to be a form of extortion, if you will, causing QVC Group some pain and distress to get something in exchange.

They have nothing to lose if it fails. (Well, except for attorneys' fees!)

Re: Interesting Chapter 11 Filing Yesterday

1Professor — Tue, 21 Jul 2026 17:09:20 GMT

@They CallMe MRWILKES wrote:
That analysis makes sense. Under the current plan the Preferreds would be completely wiped out.

So this seems to be a form of extortion, if you will, causing QVC Group some pain and distress to get something in exchange.

They have nothing to lose if it fails.

@They CallMe MRWILKES @Puppy Lips @stevieb + all

As a former trial attorney and law professor (now I teach and study social behaviors)--this is what we used to call Messy Business to the Max.

Keep in mind that SOME stockholders are undoubtedly rich and don't financially rely on what happens, yet can cultivate objections and trouble for perceived Unfairness.

Here, lots of people will suffer Big Losses, no matter what.

TIME is not on anyone's side . . .

Re: Interesting Chapter 11 Filing Yesterday

AZfem — Tue, 21 Jul 2026 17:14:07 GMT

When one buys stock, one is not "guaranteed" A return or profit on your investment. Many investors have lost all or something on stocks - note the crash of '29 when investors were jumping out of windows.

Why do the preferred shareholders feel they are guaranteed anything? The stock market is gambling; its a risky venture period. You win some you loose some. There are no guaranteed profits.

Re: Interesting Chapter 11 Filing Yesterday

Beammeupscotty — Tue, 21 Jul 2026 17:15:04 GMT

thanks for all of the knowledgeable posts and staying on topic of current situation. thank you @They CallMe MRWILKES for starting the thread.

Re: Interesting Chapter 11 Filing Yesterday

Krimpette — Tue, 21 Jul 2026 17:21:44 GMT

I can think of very few hosts who would not be replaceable. Thus, no need for so much money for retention bonuses, unless for some level of management.