QVC Group, whose networks pioneered the concept of live TV shopping in the 1980s and built it into a mainstay of the late-20th century media business, has filed for Chapter 11 bankruptcy.
The voluntary filing in the U.S. Bankruptcy Court for Southern Texas was cited by company management as a way to help it transition from TV to live social media retailing via a restructuring program. The move is expected to provide “a more appropriate capital structure,” QVC Group CEO David Rawlinson said. Debt is projected to be reduced to $1.3 billion from $6.6 billion.
The company said its
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