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QVC Group is considering a Chapter 11 filing as it negotiates with lenders to restructure $6.6 billion in outstanding debt, according to a report published Tuesday by Bloomberg, citing unnamed sources.

The company, once synonymous with at-home shopping and televised retail spectacle, is seeking what sources described as a voluntary debt restructuring agreement with creditors — one that could be executed within a Chapter 11 bankruptcy process. No final decision has been made, Bloomberg reported.

QVC Group did not respond to a request for comment by press time.

Debt, Declining Viewership and a Shifting Landscape

The potential bankruptcy filing emerges against a backdrop of mounting financial strain. QVC is grappling not only with billions in debt but also a prolonged decline in viewership and sales as fewer consumers tune in to cable television.

The shift away from traditional TV — once QVC’s stage and spotlight — has steadily eroded its audience.

“Returning our company to growth continues to be difficult,” President and CEO David Rawlinson said during the company’s third-quarter earnings call in November. He cited a “challenging tariff, viewership, and macroeconomic backdrop” as headwinds weighing on performance.

In November’s quarterly report, QVC acknowledged that its level of indebtedness “raise[s] substantial doubt about the company’s ability to continue as a going concern” — language that underscores the gravity of its financial position.

Restructuring Moves Already Underway

Cost-cutting measures have already reshaped the company’s footprint.

Last March, QVC eliminated 900 jobs following the closure of longtime headquarters for HSN in St. Petersburg, Florida. QVC merged with rival HSN in 2017, consolidating two once-dominant forces in televised retail.

In May, QVC’s stock was delisted from the Nasdaq and now trades over the counter — another sign of its shifting financial standing.

Jewelry Sales Show Flicker of Strength

Though no longer the jewelry powerhouse they once were, QVC and HSN continue to sell significant volumes of adornments. QVC Group reported $100 million in jewelry sales for the third quarter of 2025, according to its most recent financial filing.

During the same earnings call, Rawlinson pointed to “a notable improvement in trend” within the jewelry category, highlighting strong performances from J. King and the company’s lab-grown diamond assortment.

Even so, isolated bright spots may not be enough to offset the broader pressures facing the retailer.