topic Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million in Community Chat

QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

sunshine45 — Tue, 08 Nov 2022 00:30:13 GMT

QVC Sells Headquarters, Studio and Distribution Centers for $443 Million to Oak Street

Like Other Retailers, Home Shopping Network Plans To Lease Back Properties

QVC televises its programming from QVC Studio Park in West Chester, Pennsylvania, which was included in a sale-leaseback deal with Oak Street. (Qurate Retail). No easy pays included in that deal.

Linda Moss, CoStar News

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

santorini — Tue, 08 Nov 2022 00:35:09 GMT

Wow. What could this mean? Are they that broke that they needed fast cash?

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

Group 5 minus 1 — Tue, 08 Nov 2022 01:00:03 GMT

Yes.i think they are.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

Foxxee — Tue, 08 Nov 2022 01:18:34 GMT

"Qurate suffered a $2.74 billion third-quarter loss"

Philadelphia Business Journal

Looks like they can't pay their bills.

Revenue generated by QVC Inc. from 2010 to 2021(in billion U.S. dollars)

Characteristic Revenue in billion U.S. dollars

2021	11.35
2020	11.47
2019	10.99
2018	11.28
2017	8.77
2016	8.68
2015	8.74
2014	8.8
2013	8.62
2012	8.52
2011	8.27
2010	7.10

Statista

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

stevieb — Tue, 08 Nov 2022 01:15:33 GMT

That doesn't sound good, but then what's that old adage about doing the same thing and expecting a different outcome... Frankly, the last CEO should have been replaced years ago and a new one selected that made meaningful changes, rather than a clone of the one that led Qurate to this point. Spin, smoke and mirrors only go so far.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

SharkE — Tue, 08 Nov 2022 01:15:46 GMT

Hope they don't go under till I get all my orders.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

On It — Tue, 08 Nov 2022 01:18:01 GMT

Oak Street is a private equity firm. They buy real estate for investment purposes. Often the strongest asset a company has is its real estate. It seems that would provide a strong cash infusion to QVC.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

Nonametoday — Tue, 08 Nov 2022 01:18:29 GMT

@Foxxee wrote:
"Qurate suffered a $2.74 billion third-quarter loss"

Philadelphia Business Journal

"QVC made 11.35 billion U.S. dollars in revenue around the globe."

Statista

It isn't as bad for QVC as it looks. The 2.7 billion includes HSN and Zulily. Their catalogs increased revenue.

Selling off their headquarters and other assets is this CEO's solution!!!!!!!!!!!! Next thing we'll hear is QVC moving in with HSN.

Revenue generated by QVC Inc. from 2010 to 2021(in billion U.S. dollars)

Characteristic Revenue in billion U.S. dollars
2021 11.35
2020 11.47
2019 10.99
2018 11.28
2017 8.77
2016 8.68
2015 8.74
2014 8.8
2013 8.62
2012 8.52
2011 8.27
2010 7.10

@Foxxee

I have thought, for a long time, that might be a good idea.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

Icegoddess — Tue, 08 Nov 2022 01:20:09 GMT

I shop more at HSN, but all this comfy cozy stuff is getting really old for me. That, and every time I do actually turn QVC on, they're spending another hour on the TSV.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

elated — Tue, 08 Nov 2022 01:24:36 GMT

Oak Street is a private equity firm that's made several similar acquisitions from retailers facing a tough economy.. It is important to realize how many retailers are struggling to stay in business. Inflation has hurt many people who are struggling to get by on a daily basis. Many don't have money to spend on non essentials. It is sad to all involved.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

Tinkrbl44 — Tue, 08 Nov 2022 01:30:36 GMT

So ... it's probably safe to assume that Elon Musk isn't behind this sale? LOL

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

Nonametoday — Tue, 08 Nov 2022 01:35:08 GMT

@elated wrote:
Oak Street is a private equity firm that's made several similar acquisitions from retailers facing a tough economy.. It is important to realize how many retailers are struggling to stay in business. Inflation has hurt many people who are struggling to get by on a daily basis. Many don't have money to spend on non essentials. It is sad to all involved.

@elated

we are on a fixed income, except what we can borrow from what we have saved and (not lost that we had in 2008, especially with the Lehman Bros hit) and IRA. We have never had to borrow from that funding except for major things like roof for our home, pay for a car and we always had money left over at the end of the month to dine out, buy little piddly things that we wanted, small luxuries that we might not have otherwise had, but for the past 15 months or so, we are finding ourselves borrowing monthly from those saved funds. It is very sad. Unfortunately, we are one of only many, many retired couples that we are hearing similar stories from.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

Mindy D — Tue, 08 Nov 2022 01:56:18 GMT

They sold the properties to themselves...QRate Retail.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

PickyPicky3 — Tue, 08 Nov 2022 02:29:07 GMT

All the info is given in Qurate Retail's 11/4 press release. Slow reading unless you have a good financial transaction vocabulary.

Oak Street will purchase and leaseback all the properties, including Germany and England. The money raised by Qurate will be used immediately to pay off debt.

Oak Street is a division of Blue Owl, an investment company traded on the New York Stock Exchange. Blue Owl stock is owned by many mutual funds.

This actually makes me a little sad, but the world never stands still.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

Mz iMac — Tue, 08 Nov 2022 02:22:13 GMT

@sunshine45 wrote:
No easy pays included in that deal.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

Foxxee — Tue, 08 Nov 2022 03:08:14 GMT

Don't think everyone understands this high inflation could have easily been prevented. It could be fixed beginning tomorrow morning.

To think it continues while people and companies are struggling trying to keep their heads above water when, again, it could have been prevented and it can be fixed.

Inflation, though, is just one of QVC's major issues. They appear to be their own worst enemy.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

ValuSkr — Tue, 08 Nov 2022 04:27:46 GMT

Some companies / CEO's see no reason to be in the real estate business. They'd rather get out of real estate and plow resulting funds back into the company's core activities.

It's a bit of a risk, of course. In the future, they'll be subject to the whims of their landlords. But, presumably, lease terms are long-term and predictable.

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

RollTide2008 — Tue, 08 Nov 2022 03:33:42 GMT

We’re working differently now. How much office space in Studio Park is vacant because of a transition to work from home?

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

gertrudecloset — Tue, 08 Nov 2022 04:14:57 GMT

@Foxxee wrote:
Don't think everyone understands this high inflation could have easily been prevented. It could be fixed beginning tomorrow morning.

To think it continues while people and companies are struggling trying to keep their heads above water when, again, it could have been prevented and it can be fixed.

Inflation, though, is just one of QVC's major issues. They appear to be their own worst enemy.

How can inflation be fixed by tomorrow? Cause and affect is what causes it. Please enlighten me, because I have never heard of such a thing @Foxxee .

Re: QVC Sells Headquarters, Studio and Distribution Centers for $443 Million

Roz123456 — Tue, 08 Nov 2022 11:22:01 GMT

I just knew something was going on