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QVC Exits Chapter 11 Bankruptcy, Names New Interim CEO
QVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
QVC Group has emerged from Chapter 11 bankruptcy with new financing and new leadership. The West Chester, Pennsylvania-based company owns both QVC and HSN.
West Chester, Pa.—QVC Group Inc. has exited Chapter 11 bankruptcy, completing its restructuring plan and emerging with a new temporary CEO.
The retailer, which filed in April, announced Thursday that it has reduced its debt by more than $5 billion and has access to a new $600 million asset-based lending facility led by funds managed by investment firms Strategic Value Partners and its affiliates, and Oaktree Capital.
The company also announced that President and CEO David Rawlinson is stepping down and will be succeeded by retail industry veteran and former QVC CEO Mike George.
George served as CEO of QVC Group, known then as Qurate Retail Group, from 2005 to 2021.
He will step in as interim CEO and chair of the board of directors, effective immediately, while the board searches for a permanent CEO.
“It has been a privilege to lead QVC Group over the past five years, and I am incredibly proud of the resilience, commitment, and execution our teams have demonstrated throughout that time,” Rawlinson said.
Rawlinson joined QVC Group in 2021, navigating several challenges, including a drop in the number of people who have cable, global tariffs, and a warehouse fire that affected its operations.
When filing for bankruptcy, the company cited its debt, increased competition, and the costs related to some of its cost-saving measures, like consolidating QVC’s U.S. and HSN operations into one location.
It closed HSN’s campus in St. Petersburg, Florida, last year as part of its restructuring. Layoffs followed, with the company cutting 900 jobs in the United States.
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The retailer, which filed in April, announced Thursday that it has reduced its debt by more than $5 billion and has access to a new $600 million asset-based lending facility led by funds managed by investment firms Strategic Value Partners and its affiliates, and Oaktree Capital.
The company also announced that President and CEO David Rawlinson is stepping down and will be succeeded by retail industry veteran and former QVC CEO Mike George.
George served as CEO of QVC Group, known then as Qurate Retail Group, from 2005 to 2021.
He will step in as interim CEO and chair of the board of directors, effective immediately, while the board searches for a permanent CEO.
“It has been a privilege to lead QVC Group over the past five years, and I am incredibly proud of the resilience, commitment, and execution our teams have demonstrated throughout that time,” Rawlinson said.
Rawlinson joined QVC Group in 2021, navigating several challenges, including a drop in the number of people who have cable, global tariffs, and a warehouse fire that affected its operations.
When filing for bankruptcy, the company cited its debt, increased competition, and the costs related to some of its cost-saving measures, like consolidating QVC’s U.S. and HSN operations into one location.
It closed HSN’s campus in St. Petersburg, Florida, last year as part of its restructuring. Layoffs followed, with the company cutting 900 jobs in the United States.
Rawlinson said his two goals as CEO were to stabilize the company and establish new growth platforms, expanding its live social shopping offerings.
“After successfully accomplishing both objectives, I believe it is the right time for me to step aside and pursue other transformative opportunities,” he said.
“Now, as I step down, I can think of no one better qualified to lead QVC Group than Mike George. Mike’s industry knowledge, sound judgment, and character make him the right leader to position the company well for continued success.”
George, who previously held leadership roles at Dell and McKinsey & Company, is also on the boards of AutoZone and Ralph Lauren, serves on the executive committee and is past chair of the National Retail Federation, and chairs the board of the National Constitution Center.
“I am energized by the opportunity to return to QVC Group at such an important moment in its journey,” he said.
“I am excited to work closely with the new board and current management team, and to reconnect with our team members, building upon the strong foundation that has been established. Together, we will continue to create innovative shopping experiences for customers and evolve the business to capture value for all of our stakeholders as the board searches for a permanent CEO.”
QVC Group also has appointed a new board of directors, with eight members from the retail and advisory sectors.
In addition to George, the new board members are:
The Michaels Companies CEO David Charles Boone;
Former leader of the TikTok Shop Nicolas Le Bourgeois;
Mattel’s former Global Head of Marketing and Media Jason Lee Horowitz;
Executive Chair and former David’s Bridal CEO James A. Marcum;
Former Pixar Chief Financial Officer Ann Mather;
McKinsey Senior Advisor Richard Andrew Mayfield; and
JZ Advisors LLC Managing Member Jonathan Seth Zinman.
Post-bankruptcy, the retailer’s common stock has been approved for trading on the Nasdaq under the symbol “QVCG.”
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