Home shopping pioneer QVC plans bankruptcy protection filing as consumers jump on deals elsewhere

The owner of home shopping network pioneer QVC _ which for years garnered the attention of millions of TV viewers looking for a deal on baubles and housewares, is planning to file for Chapter 11 bankruptcy protection.

A filing about imminent bankruptcy protection by parent company QVC Group, which also owns HSN, formerly the Home Shopping Network, arrives as long-running TV shopping networks struggle to adapt to the rapid shift by consumers now tuning in to livestreams on TikTok, or online marketplaces like Shein.

The goal is to emerge from bankruptcy protection before the summer is over, but the West Chester, Pennsylvania, company warned that its access to funding is difficult to predict.