QVC Group announced Wednesday that it plans to file for bankruptcy. The news follows weeks of speculation about the shopping network’s financial distress.

The company announced its plans in its annual report filing with the U.S. Securities and Exchange commission. It had delayed filing the report twice, most recently noting “that there remains substantial doubt about the company’s ability to continue as a going concern.”

West Chester, Pennsylvania-based QVC Group, which consists of QVC and HSN, had more than $5 billion in debt at the end of 2025, according to the report, and nearly $1.5 billion in cash or cash equivalents.

QVC Group plans to file cases in the U.S. Bankruptcy Court for the Southern District of Texas. As of Thursday morning, a search for “QVC Group” in online court records did not yield any results.

The company plans to continue operating its businesses through the bankruptcy, according to the annual report. A Chapter 11 bankruptcy allows for the reorganization of debt, and does not mean a company is going out of business.

QVC Group said in the report that it hopes to emerge from bankruptcy within months.

A company spokesperson did not immediately return a request for comment.

The announcement marks a low point for the once-groundbreaking retailer, which has been selling clothes, home goods, accessories, and electronics on TV since 1986. QVC maintains a loyal following of longtime fans, mostly women. In 2025, about 97% of its sales were from repeat customers, according to its report, while it brought in 2 million new customers.

The network has struggled to pull in younger customers amid increased competition from the likes of Amazon and TikTok Shop.

Its recent expansion into online and social-media shopping, including as part of a deal with TikTok Shop, has not been enough to right the ship.

The last few years have been particularly turbulent for QVC and HSN, which merged as part of a $2 billion deal in 2017.

In recent years, their combined revenue and operating income have plummeted, according to recent earnings reports, as they struggled to retain customers: In 2020, when many people were stuck at home amid the pandemic, 11.6 million shoppers nationwide made a purchase on QVC or HSN. Customers fell off in the years that followed. As of December, 6.6. million people in the U.S. had bought merchandise on the networks in the past year.

In early 2025, company executives shuttered HSN’s studio in St. Petersburg, Fla., and consolidated the networks in West Chester. Hundreds of employees lost their jobs as a result.

QVC employed about 15,300 people worldwide in 2025, according to Wednesday’s report. The company leases its West Chester headquarters and several U.S. distribution centers, including one in Bethlehem, Pa..

Lawrence Duke, a clinical professor at Drexel University’s LeBow College of Business, said last month that a Chapter 11 bankruptcy would not necessarily spell the end for QVC.

“It buys them time,” Duke said, to “adjust that business model, try different methods to be able to get more successful.”

“They have to make sure they use that time pretty wisely.”

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