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11-07-2022 07:30 PM
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
11-07-2022 07:35 PM
Wow. What could this mean? Are they that broke that they needed fast cash?
11-07-2022 08:00 PM
Yes.i think they are.
11-07-2022 08:13 PM - edited 11-07-2022 08:18 PM
"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)
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
11-07-2022 08:15 PM
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.
11-07-2022 08:15 PM
Hope they don't go under till I get all my orders.
11-07-2022 08:18 PM
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.
11-07-2022 08:18 PM
@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
I have thought, for a long time, that might be a good idea.
11-07-2022 08:20 PM
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.
11-07-2022 08:24 PM
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.
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