April 17 (UPI) -- The parent company of QVC, which owns the QVC and Home Shopping Network group of shopping channels, plans to file for chapter 11 bankruptcy protection.
QVC Group is entering into a restructuring agreement with the holders of its $6.6 billion of debt amid declining revenue in the last several years because of increased competition from social media and internet shopping sites.
The company said in a press release that all of its brands -- QVC, HSN and Cornerstone Brands -- continue to operate "as usual," as QVC said it has "ample liquidity" to handle paying vendors, suppliers and other non-secured creditors for all goods and services.
It also noted that "there are no planned layoffs or furloughs in connection with the financial restructuring process, and all team members should fully expect to continue receiving their wages and benefits without interruption."
The company started on cable television in 1986 -- its name stands for Quality, Value, Convenience -- and quickly became one of the most popular channels available.
