New York —
QVC, the home shopping TV network that has been a staple for almost four decades, has filed for bankruptcy.
The channel’s parent company, QVC Group, announced Thursday that it has voluntarily entered Chapter 11 proceedings in an effort to slash its debt from $6.6 billion to $1.3 billion.
Based in West Chester, Pennsylvania, the network sells everything from kitchen appliances to a Martha Stewart clothing collection. However, it has struggled in recent years from a surge in online shopping and live-streaming apps, like TikTok and Whatnot; as well as President Donald Trump’s tariffs