QVC parent files for bankruptcy

QVC Group has voluntarily initiated bankruptcy proceedings for its U.S. businesses to restructure billions of dollars in liabilities.

The company cited a 'crushing mountain of debt' and the need to strengthen its financial position in an increasingly digital marketplace.

While the channels have been cable mainstays for decades, they have struggled to adapt to the rise of platforms like TikTok.

The restructuring plan aims to reduce the company's debt while maintaining operations for its millions of customers.