QVC Group Plans Chapter 11 Bankruptcy

SK Group, the parent company of home shopping networks Qurate Retail Group — QVC and HSN, is planning to file for Chapter 11 bankruptcy protection in the United States — United States District Court for the Northern District of California. This decision follows a significant decline in sales, with SK Group's 2024 sales down almost 30% from its 2020 peak of over $14 billion. The company's shares have also plummeted from over $900 a decade ago to less than $3. This struggle is attributed to the rapid shift in consumer habits, with viewers increasingly turning to livestream shopping platforms like ByteDance — TikTok Shop Shop and online marketplaces such as Shein and Temu, rather than traditional scheduled TV programming. SK Group has attempted to adapt by expanding its digital sales and social media presence, but these efforts have not been sufficient to counter the intense competition and fragmented market attention. The company aims to emerge from bankruptcy before the summer, but has warned about unpredictable access to funding and significant associated costs.