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    Home shopping network pioneer QVC files for bankruptcy protection

    By SHOOTNo Comments117 Views
    In this Monday, Jan. 5, 2015 photo shown is a sign at a QVC facility in West Chester, Pa. (AP Photo/Matt Rourke, File)

    By Michelle Chapman, Business Writer

    WEST CHESTER, Penns. (AP) --

    The owner of home shopping network pioneer QVC has filed for Chapter 11 bankruptcy protection.

    The filing by parent company QVC Group, which also owns HSN, formerly the Home Shopping Network, arrives as long-running TV shopping networks struggle to adapt to the rapid shift by consumers now tuning in to livestreams on TikTok, or online marketplaces like Shein.

    QVC Group, which filed in the U.S. Bankruptcy Court for the Southern District of Texas, said that its international operations are not included in the process. It has more than $1 billion in cash on hand and said that it has ample liquidity to meet its business obligations.

    QVC Group added that all of its brands are operating as usual, including customer-facing operations in the UK, Germany, Japan, and Italy. It will continue to serve its customers across all channels and platforms for QVC, HSN, and Cornerstone Brands.

    “Bankruptcy may allow the necessary restructuring to give QVC the room to operate with better financials. However, it does not solve the need to reinvent and become relevant,” Neil Saunders, managing director of GlobalData, said in a statement.

    QVC Group has attempted to revive flagging sales for some time, which in 2024 were down almost 30% compared with its peak of more than $14 billion in 2020. Shares in QVC Group, which went for over $900 a decade ago, were trading for less than $3 earlier this week.

    The company is looking to emerge from bankruptcy protection in about 90 days.

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    OpenAI files confidential SEC paperwork for IPO, opening the door to a Wall Street debut

    Tuesday, June 9, 2026
    Sam Altman arrives at the U.S. District Court in Oakland, Calif., April 30, 2026. (AP Photo/Godofredo A. Vásquez, file)

    ChatGPT maker OpenAI filed preliminary paperwork that would open the door to it becoming a publicly traded company, the third in a powerhouse trio of artificial intelligence companies racing to Wall Street debuts.

    The San Francisco-based company said Monday it has filed confidential paperwork with the U.S. Securities and Exchange Commission.

    "We expect it to leak so we're just announcing it," the company said in a statement. "We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it's a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best."

    OpenAI's move follows its rival Anthropic's June 1 disclosure that it is also moving toward an initial public offering of shares. Both are now following Elon Musk's rocket company SpaceX, which has started an IPO roadshow pitching itself as an AI-focused space company.

    OpenAI CEO Sam Altman first publicly floated the possibility of an IPO last fall, describing it as the "most likely path" for the company given its size and the need for vast amounts of capital to advance its technology.

    OpenAI began in 2015 as a nonprofit dedicated to developing AI for the common good and is now a company valued at $852 billion.

    The filing comes at a "precarious moment" for OpenAI as it appears to be losing ChatGPT's strong early leads with consumers and businesses to Google and Anthropic, said Emarketer analyst Nate Elliott.

    "But OpenAI doesn't have a lot of other places to look for the enormous capital required to support its costs," Elliott said.

    Paving the way for going public was OpenAI's decision last year to reorganize its business structure and... Read More

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