Shopping channel QVC exits bankruptcy

QVC Group has exited bankruptcy. The Pennsylvania-based TV shopping channel filed for Chapter 11 reorganization bankruptcy last April but says it has now reduced its debt by more than $5 billion as part of a financial restructuring process. The company also named Mike George, who previously spent 16 years with QVC, its interim CEO and chair of the board of directors, replacing David Rawlinson. Rawlinson is credited with several “wins” since joining the company in 2021, including an expansion into live “social” shopping. It’s estimated that women comprise up to 80% of QVC’s total customer base and revenue, with the core demographic being women over the age of 50. QVC reaches more than 200 million homes across the globe via 15 TV channels.