Television in the 1980s disrupted the media landscape with MTV and the QVC Shopping Network.
MTV long ago gave up playing music videos, and the QVC Group on Thursday officially filed for Chapter 11 protection in the bankruptcy court in the Southern District of Texas, citing $6.6 billion in debts.
The television shopping network, in a statement, said it witnessed a significant decline in viewership and its efforts to shift to more internet-focused operations had been hampered by large debt. The tariffs imposed by the Trump administration also had a sizable impact on the West Chester, Pennsylvania—headquartered business, the company stated in court documents.
The prepackaged plan, which was filed Friday, seeks to reduce its debt by $5 billion and states it will have access to $300 million in debtor-in-possession financing.
QVC hired Kirkland & Ellis as its lead legal advisors and Gray Reed lawyers Jason Brookner, Lydia Webb and Emily Shanks as local counsel.
Evercore Group is serving as financial advisor, while AlixPartners is serving as restructuring advisor.
The case has been assigned to U.S. Bankruptcy Judge Alfredo Perez.
The case number is 26-90477.