Shopping channel QVC at risk of collapse after 32 years

QVC, owned by the QVC Group, was founded in 1986 in the US and has since grown into a multinational corporation, specialising in televised home shopping.

Launching in the UK in October 1993, QVC became the UK’s first full-time home shopping channel.

Now, the channel is on the brink of collapse, with it now in discussions with creditors after reports suggest it missed a regulatory filing deadline.

What is the QVC channel?

QVC UK was originally 20% owned by Sky, before it became a wholly owned subsidiary of the US broadcaster in 2004.

In its early years, it turned over a net profit of more than £12 million and has sold various products from cooking supplies to clothing.

In 2008, QVC UK launched a multiscreen video service with three video streams available to Sky viewers via the red button:

• QVC Live
• QVC+1
• Today’s Special Value presentation

QVC UK also operates three channels made up mostly of rerun segments from the live channel, QVC Beauty, QVC Extra and QVC Style.

The main channel broadcasts live 364 days a year from 9am to 1am, with rerun segments from the live channel shown during other hours and Christmas Day.

Shopping channel QVC at risk of collapse after 32 years

QVC Group is reportedly late with a regulatory filing deadline and is in discussions to voluntarily restructure its debt, according to Bloomberg.

In a filing with the US Securities and Exchange Commission, the parent company of QVC and HSN said it was unable to submit its annual financial report on time “without unreasonable effort or expense”.

QVC Group CFO Bill Wafford has confirmed that uncertainty linked to those negotiations has delayed the preparation of its financial statements.

The company has also warned about a “substantial doubt” about its ability to continue operating.

The QVC Group previously highlighted $2.9 billion (£2.2 billion) in debt due in October.

QVC Group intends to file its delayed results within 15 days, Broadband TV News reports.

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It has also been rumoured that any potential bankruptcy filing is expected to be a Chapter 11 protection.

This would allow the company to restructure its debt while continuing operations, rather than liquidation.

Newsquest has contacted The QVC Group for comment.

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