Sign of the times: Onetime king of at-home shopping seeks bankruptcy protection
QVC Group, the parent company the home shopping TV brands HSN and QVC, will file for Chapter 11 bankruptcy protection, reports The Hollywood Reporter.
The specifics around the bankruptcy remain to be determined, states The Hollywood Reporter, “though Chapter 11 allows a company to continue operating while it is restructured.
A year ago, the company laid off 900 staffers as it consolidated its operations and plotted a shift to live shopping on social platforms like TikTok, which have emerged as the next-generation home for that type of content.”
“Linear TV is a highly engaging, highly profitable platform and it remains our cornerstone. However, as traditional TV declines and a mix of video platforms takes a greater share of customer attention, we must hurry our expansion beyond TV to find growth,” the company said at the time.
“Platforms like TikTok Shop and shopping creators on YouTube and Instagram have stolen much of the thunder, continues The Hollywood Reporter, “helped along by cheap products that can be shipped from Asia and other markets.
“The company also pursued other content deals for programming that could complement its shopping offerings, like a deal to carry pickleball matches.”
One online post stated the QVC Group was the “onetime king of at-home shopping.”
PHOTO: QVC
