QVC Group, which operates a warehouse at 2200 TV Road in Florence, said it — along with some domestic subsidiaries, including QVC Inc. — has commenced voluntary Chapter 11 proceedings in the US Bankruptcy Court for the Southern District of Texas. The company expects to reduce its principal debt from $6.6 billion, as of Dec. 31, to $1.3 billion and emerge as a deleveraged company in about 90 days.

All QVC Group brands are operating as usual, the statement said, adding, “There are no planned layoffs or furloughs in connection with the financial restructuring process, and all team members should fully expect to continue receiving their wages and benefits without interruption.”

QVC said that traditional cable television has declined because of rapid growth of mobile, social platforms and streaming services, and that it has adopted its three-year “win growth strategy” to reach and engage customers and drive operating efficiencies.

David Rawlinson, president and CEO of QVC Group, said in the statement, “We have consolidated our HSN and QVC operations, struck new deals with critical social and media partners, and rebalanced sourcing to account for the changing tariff environment. With the support of our lenders and a more appropriate capital structure, we believe we can deliver on our Win growth strategy.”

QVC Group operates 15 television channels across cable, satellite, broadcast and livestreaming television, as well as Internet, print catalogs and in-store destinations. It owns the Ballard Designs, Frontgate, Garnet Hill and Grandin Road brands.