Aug. 6 (Reuters) - Live shopping company QVC Group said on Thursday that it has emerged from Chapter 11 bankruptcy protection, shedding more than $5 billion in debt with its CEO, David Rawlinson, stepping down.
Here are some details:
- QVC, part of QVC Group, is a U.S.-based video commerce retailer that markets products through television shopping channels, streaming services and digital platforms.
- Mike George, former CEO of QVC Group, has been appointed interim chief executive as the company searches for a permanent replacement.
- The company has also appointed a new board, composed of eight directors.
- In addition to a trimmed debt load, the live shopping company said it had secured access to a $600 million asset-based lending facility.
- The retailer entered bankruptcy proceedings in April, with plans to slash its debt to $1.3 billion from $6.6 billion, as TV network shopping faces increasing competition from e-commerce.
