PHILADELPHIA (KYW Newsradio) — QVC is filing for bankruptcy.
The home shopping channel, based in West Chester, said in a filing with federal regulators that “there is substantial doubt about our ability to continue” operations.
QVC said it is turning to Chapter 11 bankruptcy in the hopes of successfully restructuring its debt — around $5.8 billion.
The company said it would be “forced to cease operations” if it fails to emerge successfully from Chapter 11.
QVC lost a staggering $2.4 billion last year, double its losses from the previous year.
