QVC Exits Bankruptcy With $5.3B Less Debt, CEO David Rawlinson Steps Down

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8.8.2026

Quick Facts

QVC Group emerged from Chapter 11 bankruptcy on Aug. 6, 2026, after filing in April, completing the restructuring in under four months.
The company slashed total debt from approximately $6.6 billion to $1.325 billion and raised $1.2 billion in new notes at a 10% interest rate.
CEO David Rawlinson stepped down upon exit; Mike George, who led the company for 16 years ending in 2021, returns as interim CEO and board chair.

QVC Group walked out of bankruptcy on Aug. 6, 2026, carrying $5.3 billion less debt than it carried in. The home shopping company filed voluntary Chapter 11 on April 16 in the U.S. Bankruptcy Court for the Southern District of Texas. Judge Alfredo Perez confirmed the restructuring plan on July 15.

The company cut its total debt load from roughly $6.6 billion to $1.325 billion. As part of its exit, QVC sold $1.2 billion in new notes due 2032 at a 10% interest rate and secured a $600 million asset-based lending facility led by funds managed by Strategic Value Partners and Oaktree Capital. All vendor claims will be paid in full or reinstated.

QVC Group’s common stock has been approved to trade on Nasdaq under the ticker symbol QVCG.

Leadership Shakeup

David Rawlinson, who had served as president and CEO since 2021, stepped down upon the company’s emergence from bankruptcy. Mike George, who led QVC Group for 16 years before retiring in 2021, stepped back in as interim CEO and board chair. George previously held leadership roles at Dell and McKinsey and Co.

In a statement, George said he is ready to return during this ‘important moment in its journey.’ QVC also announced the appointment of a new board of directors as part of the restructuring.

Rawlinson, in his parting statement, cited the company’s resilience and noted QVC was ‘a TikTok Shop Seller of the Year for 2025.’ He called it the ‘right time’ for him to move on.

A Business Under Pressure

QVC’s debt load became unsustainable as cord-cutting eroded the linear TV audience that built the company. The network reaches approximately 88 million U.S. homes through five linear TV channels. U.S. cable subscribers fell from 96.3 million in 2017 to 68.7 million by 2024, a drop of more than 27.6 million.

Annual revenue fell from $10 billion in 2024 to $9.2 billion last year. The company’s net loss widened sharply from $809 million to $2.1 billion over the same period. A warehouse fire in North Carolina during the 2021 Christmas season compounded operational and shipping challenges.

QVC’s core customer base, ages 45 to 75, has not converted into digital shoppers at scale. Craig Johnson, president of Customer Growth Partners, said QVC has been ‘bleeding market share, and hemorrhaging cash, the victim of a brand rooted deeply in a bygone era.’

The Path Forward

QVC is betting on live social shopping as its growth platform. Krystyna Taheri, SVP of Social Commerce at QVC, said the company is positioned to lead a shift toward shopping that is ‘live, social and personal.’

The company has been growing its streaming media business and expanded its presence on platforms including TikTok Shop. Rawlinson framed live social commerce as the central pillar of QVC’s post-bankruptcy identity before his exit.

With a leaner balance sheet and a familiar face at the helm, QVC enters its next chapter under real pressure to prove that its live-selling format can survive the collapse of linear television. The company has the liquidity. Now it needs the audience.