QVC Group, the live social shopping company whose brands include QVC and HSN, emerged from bankruptcy with its debt reduced by more than $5 billion, access to a new $600 million asset-based lending facility, and new leadership, the company said in a Thursday (Aug. 6) press release.
The news followed QVC Group’s April 16 announcement that it had begun voluntary Chapter 11 proceedings to implement a comprehensive prepackaged financial restructuring plan.
QVC Group said in its Thursday release that it completed its financial restructuring and that the $600 million asset-based lending facility to which it has access is led by funds managed by Strategic Value Partners and its affiliates and Oaktree Capital.
In addition, QVC Group’s common stock has been approved for trading on Nasdaq under the symbol “QVCG,” according to the release.
QVC Group’s leadership transition announced Thursday includes President and CEO David Rawlinson stepping down and being succeeded by Mike George, who will serve as interim CEO and chair of the board of directors, effective immediately.
George served as president and CEO of QVC Group and its predecessor, QVC Inc., for nearly 16 years, from November 2005 to September 2021, according to his LinkedIn profile.
Before that, George held leadership roles at Dell and McKinsey & Company, where he led the firm’s North American Retail Practice, according to the release.
QVC Group also announced Thursday that it appointed a new board of directors that includes George; David Charles Boone, CEO of The Michaels Companies; Nicolas Le Bourgeois, former leader of TikTok Shop in the United States and former Amazon executive; Jason Lee Horowitz, former global head of marketing and media at Mattel; James A. Marcum, executive chair and former CEO of David’s Bridal; Ann Mather, former chief financial officer of Pixar; Richard Andrew Mayfield, senior advisor at McKinsey; and Jonathan Seth Zinman, managing member of JZ Advisors.
George said in the release: “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.”
It was reported in April that QVC Group sought Chapter 11 protection after years of declining sales, mounting debt and a shift in consumer shopping behavior toward mobile, social and lower-priced digital rivals.
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