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Stock impact report

TV shopping empire behind QVC, HSN files for bankruptcy amid mounting losses [Yahoo! Finance]

QVC Group, Inc. - Series A (QVCGA) 
Company Research Source: Yahoo! Finance
Bankruptcy Court for the Southern District of Texas, announced the filing in a press release Thursday, saying the company will undergo a restructuring support agreement (RSA) to reduce its debt from $6.6 billion to $1.3 billion. The goal of the RSA is to emerge from bankruptcy within 90 days. "The company has ample liquidity to support the business and, importantly, the terms of the RSA provide for vendors, suppliers and all other general unsecured creditors of the filing entities to be paid in full for all goods and services," the press release says. Steak And Seafood Chain 801 Restaurant Group Files For Bankruptcy After Closing Denver, Minneapolis Spots The QVC logo displayed on a smartphone · Getty Images During this time, QVC Group plans for all of its businesses to operate as normal with no planned layoffs or furloughs as it continues to evaluate its finances. Both QVC, which stands for Quality, Value and Convenience, and HSN, the Home Shopping Network, have been la Show less Read more
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