QVC Group Gets Court Approval to Exit Bankruptcy With $5.3 Billion Debt Cut

Quick Facts

QVC Group’s total debt will drop from $6.6 billion to $1.325 billion upon emergence from Chapter 11.
The company added nearly 1 million new U.S. customers on TikTok Shop in 2025, growing its total customer file for the first time in over four years.
All existing preferred and common shares will be cancelled; new shares will list on a national exchange under the ticker QVCG.

QVC Group has received court approval for its financial restructuring plan, clearing a major hurdle in its bid to exit Chapter 11 bankruptcy. The U.S. Bankruptcy Court for the Southern District of Texas approved the plan on July 15, 2026, backed by a majority of the company’s lenders and noteholders.

The reorganized company will emerge once remaining closing conditions are satisfied. It will carry $1.325 billion in debt, down from $6.6 billion before the filing, and will operate with a new $600 million revolving credit line for working capital.

QVC Group and more than 50 affiliated debtors filed prepackaged Chapter 11 petitions on April 16, 2026, in Houston under lead case number 26-90447. The filing came after eight months of pre-petition negotiations with three creditor groups holding claims tied to a $2.90 billion revolving credit facility, $2.15 billion in secured notes, and $1.48 billion in unsecured holding-company notes. All trade vendors will have their claims paid in full or reinstated.

The financial pressure behind the filing was severe. QVC Group reported net revenue of $8.3 billion in fiscal year 2025, down nearly 8% year-over-year. Net losses more than doubled to $2.1 billion for the full year. The company recorded $2.395 billion in impairment charges in the first half of 2025 alone.

Despite the losses, QVC pointed to early traction in its WIN Growth Strategy, which centers on live social shopping. The company acquired nearly 1 million new U.S. customers on TikTok Shop in 2025, a figure that helped grow its U.S. customer file for the first time in more than four years. Its QVC+ and HSN+ streaming service reached 1.5 million monthly active users, with streaming-attributed sales rising 19% in 2025.

The company generated more than $9.2 billion in revenue in fiscal year 2025, reached 88 million U.S. homes through five television networks, shipped 182 million units globally, and employs over 15,800 people across seven countries.

“Today marks a significant turning point for our Company and positions us to emerge from Chapter 11 ready to win in live social shopping,” said David Rawlinson, President and CEO of QVC Group. “With significantly less debt, we can focus on what matters most — creating uniquely inspiring live social shopping experiences for our customers.”

The case drew one notable legal fight. Preferred shareholders, including Cygnus Capital and Sona Asset Management, filed objections in the Houston court, arguing the plan wipes out approximately $1.4 billion in preferred stock while funneling assets to subsidiaries already carrying more than $6 billion in debt. A $400 million settlement included in the plan to resolve related-entity claims was at the center of their challenge. The court approved the plan despite those objections.

Once the plan takes effect, all existing preferred and common stock will be cancelled. New shares of the reorganized company will trade on a national securities exchange under the symbol QVCG.

Industry analysts have been blunt about QVC’s position. “QVC has been bleeding market share and hemorrhaging cash — the victim of a brand rooted deeply in a bygone era,” said Craig Johnson, President of Customer Growth Partners. William Susman, Managing Director at Cascadia Capital, put it directly: “QVC has a reason to exist, but it needs to learn how to exist in 2026, not just in 1996.”

For operators watching the live commerce space, QVC’s emergence is a test case. The company is betting that its production infrastructure and on-air talent can translate to TikTok Shop and streaming platforms at scale. Whether a leaner balance sheet gives it enough runway to find out remains the central question.