Filing Alert: QVC Group Chapter 11

Update (Apr. 17, 2026): A comprehensive case summary is now available for the Chapter 11 bankruptcy filing of QVC Group, Inc.

QVC Group, Inc. and its debtor affiliates⁽¹⁾, a West Chester, PA-based video retailing, ecommerce, and social commerce company, filed for Chapter 11 protection on Apr. 16 in the U.S. Bankruptcy Court for the Southern District of Texas.

The company attributes its distress to the secular decline of linear television and accelerating cord-cutting, which eroded the historically reliable cash flows that underpinned its capital structure. Compounding these headwinds were record inflation, COVID-era supply chain disruption, elevated labor costs, uncertainty around U.S. tariff policy, and a December 2021 fire at the Rocky Mount distribution center that cost the company more than 1 million customers and over $500 million in revenue. Over several years, QVC Group executed a series of prepetition liability management transactions, debt exchanges, and sale-leaseback transactions that provided runway to implement parallel operational turnaround initiatives—Project Athens, which delivered over $500 million in annual adjusted OIBDA impact, and the successor WIN Strategy, aimed at digital and live social commerce growth. Ultimately, however, the company's approximately $6.53 billion in funded debt, together with $1.272 billion in preferred equity, impaired its ability to invest at the level necessary to fully transition to the new digital and live social shopping age.

The prearranged filing aims to implement a comprehensive balance sheet restructuring pursuant to a Restructuring Support Agreement (RSA) with three ad hoc groups of Key Debt Stakeholders: the Bank Group (revolving credit facility lenders), the QVC, Inc. Notes Group (noteholders whose claims are secured by the stock of QVC, Inc., with crossover holdings in LINTA notes), and the LINTA Notes Group (unsecured LINTA noteholders). The RSA contemplates the elimination of over $5 billion in funded debt and incorporates the Governing Body Settlement—a resolution of historical intercompany claims produced through the work of disinterested fiduciaries and Special Committees at the Key Entities. To preserve going-concern value, the plan leaves all general unsecured claims—including employee, trade, and vendor claims—unimpaired, and separately preserves non-impairment for creditors of Cornerstone Brands, Inc., which will emerge as a subsidiary of Reorganized QVC, Inc. The debtors are simultaneously running a process for a committed exit ABL facility, including outreach to existing creditors and a third-party market check, with emergence targeted in less than two months.

The company reports $1 billion to $10 billion in both assets and liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 26-90447.

⁽¹⁾ For a complete list of debtor entities, see the Chapter 11 Debtors table.

Chapter 11 Debtors

Top Unsecured Claims

Key Parties

Counsel:

• Jason S. Brookner
  Gray Reed
  Email: [email protected]

Co-counsel:

• Kirkland & Ellis LLP

Financial Advisor:

• AlixPartners, LLP

Investment Banker:

• Evercore Group L.L.C.

Tax Advisor:

• PricewaterhouseCoopers LLP

Legal Counsel to QVC Group, Inc.:

• Kobre & Kim LLP

Legal Counsel to QRI Cornerstone, Inc.:

• Seward & Kissel LLP

Legal Counsel to Liberty Interactive LLC and Qurate Retail Group, Inc.:

• Milbank LLP

Legal Counsel to QVC, Inc.:

• Katten Muchin Rosenman LLP

Signatories:

• Bill Wafford – Authorized Signatory

Claims Agent:

• Kroll Restructuring Administration LLC

Equity Security Holders:

• [Redacted] – Class A Common: 7.7%, Class B Common: 0%
• [Redacted] – Class A Common: 1.4%, Class B Common: 89.2%
• Asymmetry Point LP – Class A Common: 5.5%, Class B Common: 0%
• Charles Schwab Investment Management Inc. – Class A Common: 12.6%, Class B Common: 0%
• Contrarius Investment Management Limited – Class A Common: 8.9%, Class B Common: 0%
• The Vanguard Group – Class A Common: 7.3%, Class B Common: 0%

Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.

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