QVC Group says ‘substantial doubt’ remains as debt repayment looms
The West Chester-based home shopping network acknowledged ongoing conversations with creditors in an SEC filing as $2.9 billion in debt balances are set to come due in October.
There was another troubling sign this week for West Chester-based QVC Group, which has billions in debt and “substantial doubt” about its financial stability.
The parent company of home shopping networks QVC and HSN failed to meet a Tuesday deadline for reporting annual financial information to the Securities and Exchange Commission, saying in a federal filing that it could not do so “without unreasonable effort or expense.”
QVC Group had already delayed its latest earnings reports, which were originally set to be released in late February.
The initial delay fueled speculation that the company was considering filing for bankruptcy, as Bloomberg had reported in February. Citing anonymous sources, the business news outlet reported that QVC Group was negotiating the voluntary restructuring of billions in debt.
QVC Group acknowledged conversations with creditors in the SEC filing published Wednesday.
“In light of ongoing discussions and negotiations with the company’s lenders and the associated uncertainty related to such discussions, additional time is required for the company to compile and analyze certain information and documentation,” chief financial officer Bill Wafford wrote.
He continued: “Based on currently available information, management anticipates it will disclose … that there remains substantial doubt about the company’s ability to continue as a going concern.”
In accounting, a going concern describes a business that is financially stable, with the expectation that it can operate indefinitely.
The company issued a similar warning in November, saying in its most recent quarterly report that “substantial doubt about the company’s ability to continue as a going concern exists.” It cited $2.9 billion in debt balances set to come due in October.
As of September, QVC Group had a total of $6.6 billion in debt, with $1.8 billion in cash or cash equivalents on hand.
From its studios in West Chester, QVC has been selling clothes, home goods, accessories, and electronics on TV since 1986. The home-shopping pioneer merged with its smaller counterpart, HSN, as part of a $2 billion deal in 2017, and its parent company rebranded as QVC Group last year.
The company enjoyed decades of popularity, and established a loyal following of longtime fans, mostly middled-aged and older women.
» READ MORE: Meet the QVC fans who have kept the shopping network alive
In 2020, when many people were stuck at home amid the pandemic, 11.6 million people made a purchase on QVC or HSN.
But customers fell off in the years that followed. As of September, 7 million people had bought merchandise on the networks in the past year. Revenue and operating income have also plummeted, according to recent earnings reports.
Shopping from home at all hours was novel when QVC was founded. But it is no longer a unique concept.
With increased competition from the likes of Amazon, the company has struggled to captivate younger customers. Nearly three-quarters of QVC and HSN customers in 2024 were women over 50, according to an SEC filing.
The networks have expanded into online and social-media shopping. Those efforts included a deal with TikTok Shop, which brought in 255,000 new customers in the third quarter of 2025, CEO David L. Rawlinson II said on a November earnings call. But the digital push has yet to turn the company around.
Amid its challenges, QVC Group has streamlined operations, shuttering HSN’s studio in St. Petersburg, Fla., in early 2025 and consolidating the networks in West Chester. Hundreds of employees lost their jobs as a result.
If the company were to file for bankruptcy, it would not necessarily mean it is going out of business. Bloomberg reported that the QVC was considering Chapter 11 protection, which allows a company to restructure while continuing operations, as opposed to Chapter 7, or liquidation bankruptcy.
QVC Group spokesperson Matthew Goldstein said last month that the company plans to be around “for years to come.”
In the SEC filing Wednesday, QVC Group said it now plans to file its latest earnings report within 15 calendar days.