QVC files for bankruptcy in TikTok shop era
The TV shopping network QVC announced Thursday it intends to file for Chapter 11 bankruptcy protection.
The network, which also owns the Home Shopping Network, has faced stiff competition as viewers turn away from traditional television and towards influencer-sold products on TikTok or other online marketplaces, such as Temu.
Sales on the network, also known as Quality Value Convenience, were down 30% in 2024 from their COVID-era peak in 2020. Moves to expand digital sales, such as with QVC’s own TikTok livestream, have fallen short.
The network said it hopes is can emerge from bankruptcy protection at the end of this summer, but it could not guarantee it would be able to raise enough funding to continue operations.
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