The company — with its headquarters in West Chester, PA — said in an Aug. 6 statement that it had reduced its total debt by more than $5 billion and has access to a new $600 million asset-based lending facility led by funds managed by Strategic Value Partner LLC and affiliates, as well as Oaktree Capital. According to the statement, the company is “well positioned to accelerate growth under a new leadership team and expand its position in live social shopping across social platforms, streaming apps, ecommerce sites, retail stores and television networks.”
QVC Group operates a warehouse at 2200 TV Road in Florence.
Rawlinson said in the statement, “It has been a privilege to lead QVC Group over the past five years ... I am grateful to our team, customers, partners and stakeholders for their trust, support and partnership. Together, we built exciting momentum on new platforms, earned recognition as a TikTok Shop Seller of the Year for 2025 and exponentially grew the reach of our streaming business, all while resetting our financial base.”
According to the statement, George brings retail, ecommerce and consumer engagement experience, “including almost 16 years as president and CEO of QVC Group.” He sits on the boards of AutoZone and Ralph Lauren, serves on the executive committee of the National Retail Federation, and is chairman of the board of the National Constitution Center. George has held leadership roles at Dell Inc. and McKinsey & Co.
George said in the statement, “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 also announced the appointment of a new board of directors, comprising eight directors:
George as chairman
David Charles Boone, CEO of The Michaels Companies and former interim CEO of Essendant and former CEO of Staples Canada
Nicolas Le Bourgeois, former leader of TikTok Shop in the US and former Amazon executive
Jason Lee Horowitz, former global head of marketing and media at Mattel
James A. Marcum, executive chairman and former CEO of David's Bridal
Ann Mather, a former CFO of Pixar who has served on the boards of Netflix, Alphabet, Airbnb and Pattern Group; as well as board chairwoman of Bumble
Richard Andrew Mayfield, senior advisor at McKinsey and former executive vice president and CFO of Walmart International
Jonathan Seth Zinman, managing member of JZ Advisors LLC and former managing director at Silver Point Capital
Current executive leadership will remain in place and “partner closely with George and other key stakeholders to accelerate the company’s path forward,” the statement said.
In its April 16 statement, QVC had said it had not planned layoffs or furloughs as a result of the restructuring. In an April email interview, a company spokesperson said the bankruptcy proceedings would not affect the Florence warehouse or its operations. Though the spokesperson did not disclose how many people the Florence fulfillment center employs, the company had announced in 2021 that it would invest about $27.5 million in the site and add about 360 jobs.
According to a US Securities and Exchange Commission filing from April 17, one day after QVC’s initial announcement, “Nasdaq has determined to delist the company’s Series A common stock (Nasdaq: QVCGA) and 8.0% Series A Cumulative Redeemable Preferred Stock (Nasdaq: QVCGP) (collectively, the ‘QVC Group Listed Securities’) from Nasdaq.”
According to QVC’s August statement, the company’s common stock had been approved for trading on Nasdaq under ticker symbol QVCG. Trading had resumed Aug. 10 at 20.00. Shares have since fallen 21.3% to 15.73 at time of writing.