QVC Group, the US home shopping business behind QVC and HSN, is preparing to file for Chapter 11 bankruptcy protection as it looks to restructure its finances and stabilise the business.

In its delayed annual report, the group said it intended to file on or about 15 April in the US Bankruptcy Court for the Southern District of Texas, continue operating in the ordinary course during the process and target an emergence from Chapter 11 within around 90 days.

It also said it expected to receive a Nasdaq delisting notice.

For UK audiences, the filing does not directly pull in QVC’s non-US operating subsidiaries.

The company said the planned Chapter 11 cases would cover QVC Group and certain subsidiaries, excluding businesses outside the US other than one non-operating Luxembourg entity.

QVC International, which spans the UK, Germany, Japan and Italy, remained profitable at operating level in 2025, generating $2.357bn in revenue and $218m in operating income. The business also continues to operate multiple UK channels including QVC Beauty, QVC Extra and QVC Style.

At group level, QVC Group reported net revenue of $9.23bn for 2025, down eight per cent year on year, while net loss attributable to shareholders widened to $2.439bn.

The balance sheet showed $5.075bn of current debt and a further $790m of long-term debt at the end of the year, while the company separately said the outstanding principal on its credit facility and senior secured notes stood at $5.046bn.

The core QVC business also came under heavier pressure. QVC’s own revenue fell to $8.293bn from $8.997bn in 2024, while operating loss widened to $2.017bn.

Across the wider group, QVC Group employed about 16,900 full-time and part-time staff at the end of 2025 and had roughly 10.3 million customers on a trailing 12-month basis, including 3.7 million in its international division.

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