Home shopping network QVC Group Inc. has filed for Chapter 11 bankruptcy court protection in Texas to cut $5.3 billion off its debt load.

Among the shoe vendors in its top 30 list of creditors holding the largest unsecured claims are C&J Clark America Inc., Waco Shoe Co LLC, and Skechers USA Inc. C&J Clark, the U.S. subsidiary of British footwear firm Clarks, is owed $6.27 million. Waco, which sells shoes for men and women that help with relief from plantar fasciitis and heel pain, is owed $2.91 million. Skechers, the popular comfort shoe brand, is owed $1.65 million.

Other fashion brands holding trade claims include beauty brand Beekman 1802, owed $3.15 million; Diane Gilman Jeans LLC, owed $2.21 million, and denim brand NYDJ, owed $2.15 million.

QVC said Thursday night that it has entered into a restructuring support agreement with the majority of its lenders. The bankruptcy is a voluntary pre-packaged Chapter 11 filing that includes a restructuring plan that should enable the company to exit bankruptcy proceedings within a 90-day period. QVC’s international operations are not a part of the bankruptcy process. The restructuring support agreement with creditors would cut QVC’s debt load from $6.6 billion to $1.3 billion. The petition listed total estimated assets and liabilities each at between $1 billion to $10 billion.

QVC said that the terms of the agreement with creditors provides for paying vendors, suppliers and other general unsecured creditors to be “paid in full for all goods and services.” The company added that there are “no planned layoffs or furloughs” in connection with the financial restructuring process.

The home shopping firm said all QVC Group brands are operating as usual across its platforms for QVC, HSN (formerly Home Shopping Network), and Cornerstone Brands. Cornerstone is the group that includes its Ballard Designs, Frontgate, Grandin Road and Garnet Hill home and apparel lifestyle brands.

“QVC Group is uniquely positioned to compete and win in live social shopping, and we are seeing early momentum in our WIN Growth Strategy,” David Rawlinson, QVC Group’s president and CEO, said. “Over the past year, we have become a top seller on TikTok Shop U.S. while expanding our business on streaming and other platforms.”

Rawlinson also said the company has consolidated its HSN and QVC operations, struck new deals with critical social and media partners, and rebalanced sourcing to account for the changing tariff environment.

He emphasized that the support of lenders and a more appropriate capital structure will allow the company to deliver on its WIN Growth Strategy.

Rawlinson said the company remains focused on serving its customers and that the Chapter 11 process “will allow for QVC Group to have the financial structure it needs to accelerate our return to growth.”

Consumption of traditional cable television — historically the foundation of QVC’s business model — has experienced a structural decline as social platforms and streaming services have changed how consumers. While the company has leaned in on live social shopping, it didn’t move fast enough on that front. The business was also impacted by tariffs imposed under the Trump administration, and had to pivot its sourcing of goods away from China.

QVC said its three-year WIN Growth Strategy (2024 to 2026) to reposition QVC Group to drive live social shopping focuses on reaching customers wherever they shop while also driving operating efficiencies with new ways of working. It said the transforming moves are already showing results.

“QVC Group acquired nearly 1 million new U.S. customers on TikTok Shop in 2025, leading QVC US to grow its total customer file last year for the first time in over four years,” the company said, adding that the QVC+ and HSN+ streaming service now has 1.5 million monthly active users and sales attributed to streaming grew 19 percent in 2025.

The company said it has over $1 billion in cash and cash equivalents as of Dec. 31, 2025, and that together with cash generated from ongoing operations, QVC Group has “ample liquidity to meet its business obligations during the U.S. court-supervised process.”

Data from S&P Global Market Intelligence said last week that court-supervised bankruptcy filings in the U.S. are expected to remain elevated this year. According to S&P data, large U.S. corporate bankruptcies rose in March to 69 from 54 in February, marking the highest monthly total of the first quarter. The number of large corporate filings for the three months totaled 180.

Of the 10 largest U.S. bankruptcies filed since Jan. 1, with more than $1 billion in liabilities, two were fashion companies. Saks Global Enterprises filed on Jan. 13, while Eddie Bauer LLC submitted its petition on Feb. 9. Lycra Co. LLC was the third fashion firm to file last month, with between $100 million to $500 million in liabilities. Now QVC Group can be added to the list.