QVC shoppers may soon have to find another place to spend their time and money.
The QVC Group — which includes the QVC, HSN, Ballard Designs, Frontgate, Garnet Hill and Grandin Road brands — has been late filing its annual report and results for the fourth quarter of 2025 and full year, raising doubts about its ability to survive.
Ratings firms have been downgrading QVC Group, with Fitch giving the business a CCC+ rating reflecting the retailer’s “substantial credit risk” and Moody’s tagging QVC with a Caa3 rating designating the business as a “very high credit risk.”
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“The QVC Group Inc. is unable to file its annual report on form 10-K for the fiscal year ended December 31, 2025 within the prescribed time period without unreasonable effort or expense,” the company indicated in a recent filing with the Securities and Exchange Commission. “In light of ongoing discussions and negotiations with the company’s lenders and the associated uncertainty related to such discussions, additional time is required for the company to compile and analyze certain information and documentation and finalize certain disclosures required to be included in the form 10-K, as well as to allow for the review by its independent registered public accounting firm.”
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QVC also indicated, “Based on currently available information, management anticipates it will disclose, in the form 10-K, that there remains substantial doubt about the company’s ability to continue as a going concern.”
In filings last year, the company disclosed a cascade of declining revenues for the first three quarters, compared to the first three quarters of 2024.
Warnings about the company’s ability to keep operating have been around for quite some time. Over the past two years, the company has undergone a series of consolidations, layoffs and a rebranding. Among the changes, last year roughly 900 positions in the U.S. were eliminated in one round of layoffs, and HSN’s operations in St. Petersburg, Fla., were shut down and moved into QVC’s headquarters in West Chester, Pa. When the 900 jobs were eliminated, the company reported that it had around 17,000 employees globally, meaning around 5 percent of its workforce had been impacted by the cuts.
Also last year, the company changed its name from Qurate Retail to QVC Group Inc. The group lived with the Qurate name for six years, which was a curious amalgamation of QVC and the word “curate,” although it’s close to the word “quorate” which means having a quorum.
QVC has a history of innovation, by first becoming a pioneer in shopping via cable television decades ago, then advancing into e-commerce and mobile shopping, and more recently leaning into streaming and social media. The company built a track record of recruiting designers and celebrities to sell their wares. However, there have been questions whether the company innovated fast enough to keep up with competitors such as Amazon and emerging retail formats and attract new generations of shoppers. Whether the company can innovate itself out of its financial bind, find a white knight or some sort of financial infusion remains to be seen.