QVC Group has warned of “substantial doubt” over its ability to continue as a going concern, after missing a key regulatory filing deadline and confirming ongoing discussions with creditors.
In a filing with the US Securities and Exchange Commission, the parent company of QVC and HSN said it was unable to submit its annual financial report on time “without unreasonable effort or expense”.
The delay follows an earlier postponement of earnings results scheduled for late February, and comes following reports by Bloomberg that the company has been exploring a potential restructuring of its debt.
QVC Group acknowledged it is in active discussions with lenders, with CFO Bill Wafford confirming that uncertainty linked to those negotiations has delayed the preparation of its financial statements.
The company said it expects to confirm that there remains “substantial doubt” about its ability to continue operating, echoing warnings already issued in its November quarterly report.
At that time, QVC Group highlighted $2.9 billion (€2.67 billion) in debt due in October. As of September, the company had total debt of $6.6 billion (€6.07 billion) against cash and equivalents of $1.8 billion (€1.66 billion).
The situation raises fresh questions over the future of one of the pioneers of TV retailing. QVC and HSN have faced sustained pressure from ecommerce and social commerce platforms, particularly Amazon and newer entrants such as TikTok Shop.
Customer numbers have declined significantly in recent years, falling from 11.6 million buyers in 2020 to around 7 million in the 12 months to September 2025. The company has also struggled to attract younger audiences, with filings indicating that nearly three-quarters of its customer base is now women aged over 50.
Efforts to pivot towards digital commerce, including a partnership with TikTok Shop, have yet to offset declining linear TV sales, although the initiative added more than 250,000 new customers in Q3 2025.
QVC Group has also been cutting costs, including the closure of HSN’s Florida studio and consolidation of operations in Pennsylvania, resulting in significant job losses.
Any potential bankruptcy filing is expected to take the form of Chapter 11 protection, which would allow the company to restructure its debt while continuing operations, rather than liquidation.
QVC Group said it intends to file its delayed results within 15 days, as talks with creditors continue.
