QVC Group is preparing to file for Chapter 11 bankruptcy as TikTok Shop, Shein, and Temu erode the TV shopping model it pioneered

QVC Group, the parent company of QVC and HSN, disclosed in an SEC filing that it intends to file for Chapter 11 bankruptcy protection in the Southern District of Texas after reaching a restructuring agreement with creditors, with a goal of emerging before the end of summer. The company's sales in 2024 were down nearly 30% from its 2020 peak of more than $14B, as its core audience of women aged 50 and older has aged and shrunk while younger consumers have shifted to TikTok Shop, Instagram influencers, and low-cost platforms like Shein and Temu. QVC, founded in 1986, expanded its digital presence and social media efforts but has been unable to compete in what analysts describe as a fragmented attention marketplace with low switching costs.