Q Talk

[They CallMe MRWILKES]

Release of 2025 Annual Report with Disclosure:

Chapter 11 Proceedings

Voluntary Filing under Chapter 11

On or about April 15, 2026 (the “Petition Date”), QVC Group and certain of our direct and indirect subsidiaries (excluding subsidiaries outside of the U.S. with the

exception of one non-operating subsidiary in Luxembourg), including QVC, Inc. (collectively, the “Company Parties”), intend to commence voluntary cases (the “Chapter 11 Cases.)

As of the Petition Date, we intend to operate our businesses as a debtor-in-possession under the jurisdiction of the Bankruptcy Court in accordance with

the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. 

[Caaareful Shopper]

Well, there it is.  Expected, but still feels so surprising at the same time.

Thank you for posting.

[shoekitty]

oh dear, well expected. Hopefully they can rise up from here. 

[princessbabz]

Thanks! I was just about to report it.

[They CallMe MRWILKES]

Due to prearranged agreements with key lenders the bankruptcy may only last 90 days which is good news:

"QVC Group is targeting emergence from the Chapter 11 Cases within approximately 90 days.

Commencing the Chapter 11 Cases will constitute an event of default that accelerates the Company Parties’ respective obligations under (i) the 4.750% Senior Secured
Notes due 2027, 4.375% Senior Secured Notes due 2028, 6.875% Senior Secured Notes due 2029, 5.450% Senior Secured Notes due 2034, 5.950% Senior Secured Notes due
2043, 6.375% Senior Secured Notes due 2067, and 6.250% Senior Secured Notes due 2068 (collectively, the “QVC Notes”), issued by QVC, (ii) the 3.75% senior unsecured
exchangeable debentures due 2030, 4.00% senior unsecured exchangeable debentures due 2029, 8.25% senior unsecured debentures due 2030, and 8.50% senior unsecured
debentures due 2029 (collectively, the “LINTA Notes”), issued by Liberty Interactive LLC (“LI LLC”) and (iii) that certain Fifth Amendment and Restatement Agreement dated
as of October 27, 2021, by and among QVC and QVC Global Corporate Holdings, LLC, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as
administrative and collateral agent (the “Credit Agreement,” and the credit facility thereunder, the “Credit Facility”). The Credit Facility, together with the QVC Notes and
LINTA Notes, are herein referred to as the “Debt Instruments”. The Credit Facility and the QVC Notes provide that, as a result of the Chapter 11 Cases, the principal and
interest due thereunder shall be immediately due and payable.

The exchangeable senior debentures provide that the amount accelerated is the greater of (x) the current principal amount of the exchangeable senior debentures or (y) the market value of the reference shares, plus all accrued and unpaid interest and all pass-through distributions due with respect to the reference shares shall be immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments will be automatically stayed.

[kaydee50]

How does this affect their operations?  Business as usual or will there be cutbacks?

[Venezia]

I worked for a company that filed Chapter 11 Bankruptcy.  It was a chance to reorganize and ameliorate debt and debt interest.

Last I knew they're still in business and that was over 15 years ago.

Chapter 11 is not necessarily the end of the road for any company.

(For those posters who've previously said they couldn't wait for QVC to fail, I wouldn't start celebrating just yet!)

[AngfromFlorida]

Thank you for posting.   I can tell you that is this is a more common business practice for companies.   I am currently working for a company that has exited successfully Chapter 11 twice in the last 12 years.    I can tell you as a company, we are stronger after that last filing of Chapter 11.  We made mistakes as a company but learned from them and are now more financially secure.   I will tell you with the company that I work for latest filing and exit, there was a change in senior leadership and we got back to basics of what we do as a company.   I hope that QVC/HSN can do that as well.  Go back to what you were good at for 40 years.    I think they will become stronger and better after this.   This is the best for them as a company right now.     .   

[shoekitty]

@Venezia   yes, chapter 11 can help. At this point other people get involved and there is some control.  If the CEO and under managers have failed, things can be fixed. It won't be business as usual. I have hopes.  Until QVC sells made in US  clothing and things I need besides food, I won't be shopping here.  I haven't,except food items for years.  But they serve a great purpose.  People depend on them. I have internet, and shop elsewhere there .  I also live near a big city. Many people don't, they live in rural areas or remote areas and depend on hosts showing them items. I think QVC will comeback, different...but good

[Venezia]

I'd be happy to see them come back with different offerings.  I used to love watching the specialty shows they did.  Oktoberfest always sticks in my mind.  I loved the things they brought in that were made in Germany.

I do agree with some posters that things have become too generic; too much of things you can get anywhere.  Now it's more of "you can only get this color here"!

QVC used to introduce its customers to new and varied products.  However, I will remain hopeful that they do manage to reorganize and carry on.

If they fail, it won't only affect them and their employees but all the vendor companies with whom they deal.  It will be a domino effect.