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QVC Explores Debt Restructuring Under Chicago CEO
Shopping channel faces shrinking TV audiences and $6.6B in debt as CEO David Rawlinson leads negotiations.
Published on Feb. 11, 2026
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QVC, the shopping channel giant, is in confidential talks with its creditors over a voluntary debt restructuring that could potentially involve a Chapter 11 filing. The company, led by Chicago-based CEO David Rawlinson, is grappling with declining linear TV viewership and a hefty $6.6 billion debt load. While no final decision has been made, the negotiations aim to address QVC's complex balance sheet and looming debt maturities.
Why it matters
QVC's debt restructuring efforts highlight the challenges facing traditional retail and media companies as consumer viewing habits shift away from linear TV. The outcome of these negotiations could have significant implications for QVC's future, its employees, and the broader retail landscape, especially in Chicago where the company's headquarters are located.
The details
QVC has hired legal and financial advisers to assist with the debt restructuring talks, and key creditor groups have also retained their own advisers to coordinate their response. The company has already tried to address its debt issues by floating exchange offers for notes due in 2027 and 2028, but the looming maturities on its $2.9 billion bank credit facility have continued to put pressure on the business. If the current voluntary talks stall, creditors could push for a distressed exchange or seek to force a Chapter 11 filing.
- In September 2024, QVC floated exchange offers for notes due in 2027 and 2028.
- By 2025, QVC was working with Evercore and outside law firms as it evaluated restructuring options.
- As of September 30, 2025, QVC had about $6.6 billion of group debt and roughly $2.9 billion drawn on its bank credit facility, with that facility scheduled to mature in October 2026.
The players
QVC Group Inc.
A shopping channel giant that is deep in confidential talks with its creditors over a voluntary debt restructuring.
David Rawlinson
The Chicago-based CEO of QVC who is leading the negotiations over the company's debt restructuring.
What they’re saying
“Declining linear television viewership has put pressure on our business.”
— David Rawlinson, CEO, QVC (QVC)
What’s next
If the current voluntary talks stall, creditors could push for a distressed exchange or seek to force a Chapter 11 filing. The already coordinated lender group has shown it is willing to act in unison, which could heavily influence the timing and structure of any deal.
The takeaway
QVC's debt restructuring efforts underscore the broader challenges facing traditional retail and media companies as consumer viewing habits shift away from linear TV. The outcome of these negotiations could have significant implications for QVC's future, its employees, and the broader retail landscape, especially in Chicago where the company's headquarters are located.
