Q Talk

[BobShops]

There was an article in prnewswire that stated:

“With a more manageable amount of debt, the reorganized company is expected to have greater financial flexibility to pursue long-term growth and profitability as a leader in live social shopping across social platforms, streaming apps, ecommerce sites, stores, and TV channels,” QVC said in its statement.

I was surprised to see "TV channels" in the list. Guess time will tell.

[They CallMe MRWILKES]

And that's the press release from current management. 

The new owners and new Board of Directors are not yet in place.

Meaning that I don't place much weight in what current management says over the long term.....or even very short term.

And the Board hires and fires the CEO.

[santorini]

I'm back with another union question.    Sorry.  I'm fascinated by this idea.  

I know you can't be fired for starting a union but, in this unusual situation of a company whose ownership/management is changing, do you think the new owners have the right to have a meeting with all of the hosts and let them know their preference on unions?

[Puppy Lips]

Gordan Gekko anyone?  LOL  Michael Douglas played Gordon Gekko in the movie Wall Street.  "Greed is good." Great Movie.

Gordon Gekko bought companies that were struggling and sold them off in pieces parts to make more money back.  While we don't know exactly what is going to happen, I doubt that is the plan.  While I would hate for anyone to lose their job, I would not be mad or sad if the hosts that I don't care for got the pink slip.  Just being totally honest here.  Or, potentially, all the contracts are renegotiated when they expire and their salaries are reduced to the point that the host decides to leave.  Maybe that could happen. I have done my part to keep the sales up there, but it is time for me to pull back and watch the fallout.

[RescueLover]

I wouldn’t think the new owners are obligated to do anything.


I’m sure hosts are keeping their options open, just in case they get a surprise like Carolyn Gracie did when she got off air and her supervisor told her she was out of a job !

[elated]

As part of its prepackaged Chapter 11 filing, QVC disclosed that it owed more than $93 million to its 30 largest unsecured creditors, which include both trade vendors and service suppliers. Some of the notable vendors and brands with unpaid claims include

QVC Group’s Top 30 unsecured creditors include:

1. Procaps Laboratories: $10,359,081
2. Microsoft Corporation: $6,649,299
3. Accenture International: $6,407,956
4. C&J Clark America: $6,272,640
5. John Hardy USA: $5,035,062
6. New Age Electronics: $4,143,192
7. United Parcel Service: $3,257,997
8. Beekman 1802: $3,151,099
9. Desert Rose Trading: $2,953,336
10. Ecoflow Technology: $2,939,185
11. Waco Shoe Co.: $2,909,502
12. First Commemorative Mint: $2,686,179
13. Wen by Chaz Dean: $2,661,459
14. Roberta’s Inc.: $2,613,906
15. Rastelli Brothers Inc: $2,401,566
16. Meta Platform Inc.: $2,2,392,996
17. JCL Design: $2,272,932
18. Impact Tech Inc: $2,259,612
19. Diane Gilman Jeans: $2,214,400
20. NYDJ: $2,148,580
21. Agoura Health Products: $2,073,130
22. IHKWIP LLC: $1,980,256
23. East Way Leisure: $1,838,312
24. Orient International: $1,814,608
25. Hesung Innovation: $1,699,741
26. Skechers USA: $1,651,281
27. Ebates Performance Marketing: $1,600,000
28. Blackstone International: $1,568,968
29. Cleanboss Inc.: $1,557,515
30. Corky’s Ribs and BBQ: $1,511,110

[They CallMe MRWILKES]

The new investors/equity holders are obligated to get their investment back with a nice return.

Otherwise, why would they have invested their capital?  To provide a pleasant shopping experience for the public good?  I think not.

[RescueLover]

If these vendors are owed ALL that money.


Why would they keep selling their items at QVC ? 🥴




Let’s see You owe me 2 million, so let’s sell another 2 million and You can owe me 4 MILLION !!

[santorini]

@RescueLover I read that under the agreement, all of the vendors will be paid in full.

[Marp]

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@BobShops wrote:

There was an article in prnewswire that stated:

“With a more manageable amount of debt, the reorganized company is expected to have greater financial flexibility to pursue long-term growth and profitability as a leader in live social shopping across social platforms, streaming apps, ecommerce sites, stores, and TV channels,” QVC said in its statement.

I was surprised to see "TV channels" in the list. Guess time will tell.

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Maybe "TV channels" is their euphemism for late night "infomercials".