QVC Group – the parent company of QVC and HSN – is filing for Chapter 11 bankruptcy as as the iconic TV shopping network contends with viewer declines and heavy debts of reportedly over $5 billion (€4.2bn).

The company and some of its direct and indirect subsidiaries plan to file in the US Bankruptcy Court for the Southern District of Texas, it said in a regulatory filed on April 15th, reported Bloomberg.

QVC Group said that it plans to emerge from bankruptcy within 90 days via a restructuring support agreement with certain creditors.​ However, the company warned that it had incurred “significant professional fees” in preparing for bankruptcy and that it could amass even wider costs throughout the proceedings. ​

“We cannot assure that cash on hand, cash flow from operations will be sufficient to continue to fund our operations and allow us to satisfy our obligations related to the chapter 11 cases,” added the filing. ​

QVC  was founded in 1986 in Pennsylvania and has been on air for almost 40 years around various parts of the world. It was watched by some 380 million homes through 15 television networks at its peak, but has struggled to maintain relevance amidst modern shopping habits.

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