QVC Group exits bankruptcy after reducing debt by over $5 billion, CEO steps down
QVC Group exits bankruptcy after reducing debt by over $5 billion, CEO steps down Aug 6 (Reuters) - Live shopping company QVC Group QVCAQ.PK said on Thursday that it has emerged from Chapter 11 bankruptcy protection, shedding more than $5 billion in debt with its CEO, David Rawlinson, stepping down.
Here are some details:
QVC, part of QVC Group, is a U.S.-based video commerce retailer that markets products through television shopping channels, streaming services and digital platforms.
Mike George, former CEO of QVC Group, has been appointed interim chief executive as the company searches for a permanent replacement.
The company has also appointed a new board, composed of eight directors.
In addition to a trimmed debt load, the live shopping company said it had secured access to a $600 million asset-based lending facility.
The retailer entered bankruptcy proceedings in April, with plans to slash its debt to $1.3 billion from $6.6 billion, as TV network shopping faces increasing competition from e-commerce.
(Reporting by Ananya Palyekar in Bengaluru; Editing by Mrigank Dhaniwala)