Taking Action to Reduce Debt and Position QVC Group to Continue Advancing Live Social Shopping Growth Strategy
QVC Group has initiated a prepackaged Chapter 11 financial restructuring process in the U.S. to substantially reduce debt. Ensuring we have the right balance sheet in place to support our business is a key pillar of our WIN Growth Strategywhich is positioning QVC Group to thrive and grow as a leader in live social shopping.
We are operating as usualand we remain focused on delivering an exceptional experience – surprising and delighting our customers every step of the way.
The Company expects to complete this process on an expedited basis and is targeting emergence within approximately 90 days.
QVC Group’s subsidiaries and entities located outside of the United States are not included in the U.S. court-supervised process. The Company’s global business operations are continuing as usual - including customer-facing operations in the UKGermanyJapan and Italy as well as its Global Business Services in Poland and Global Sourcing in China.
Continuing to Provide Customers With Joyful and Engaging Shopping Experiences
Customers can continue to shop our brands as always on broadcast TVon streaming and socialon our branded websites and appsin our stores and through our catalogs.
Our programming across broadcast TVstreamingsocial and digital continues as normal
Our return policies and procedures remain the same
Our gift cards and credits remain valid
Our promotions continue as normal
Our retail locations are open and operating on normal schedules
Our store and merchandise policies remain the same
Our branded credit cards continue to be honored
Continuing to Work Closely With Our Valued Business Partners
Our vendors and suppliers remain an important part of our businessand we remain fully committed to partnering with you to deliver the exceptional shopping experiences that have come to define our beloved brands.
Our operations are continuing without interruption
QVC Group has ample liquidity to meet its business obligations
We expect to pay vendors and suppliers in full under normal terms for goods and services provided before and after the filing date
Vendors and suppliers should continue to submit invoices through the usual channels
We will continue working closely with vendors and suppliers to ensure our mutual success
Our WIN Growth Strategy: Creating a QVC Group for the Future
Over the past several yearsQVC Group has navigated significant changes in how consumers discover and purchase products.
In responsethe Company launched its three-year WIN Growth Strategy to reposition QVC Group to drive the future of live social shopping. This strategy focuses on reaching customers Wherever She Shopsengaging customers with Inspiring People and Productsand driving operating efficiencies with New Ways of Working.
We are seeing early momentumdriving new customer acquisition and expanding our reach to a broader audience of shoppers.
With the support of our lenders and a more appropriate capital structurewe believe we can deliver on our WIN Growth Strategy to drive the future of live social shopping.
We are determined to come through this process as a much stronger company so we can continue bringing innovative productscompelling content and unforgettable moments to shoppers worldwide.
