It saw a decline in customers in the last five years
Bankruptcy is where a popular TV channel is headed for, its bosses have warned, as their ability to continue is now in “substantial doubt”.
It comes as they were unable to submit its annual financial report on time “without unreasonable effort or expense”, the parent company of QVC and HSN said.
The company has missed a key regulatory filing deadline and confirmed discussions with creditors.
The famous TV channel has been on air for 32 years.
Previously, Bloomberg had reported that the company has been exploring a potential restructuring of its debt.
In the UK, shopping channel QVC had sold viewers cooking supplies, clothing, and many other items since 1993.
However, over the last five years it has seen a decline in its customer numbers.
As its filings indicate that nearly all of its customer base is now women aged over 50, the company has been unable to attract younger audiences.
As bosses have confirmed that uncertainty linked to negotiations has delayed its financial statements, QVC Group have revealed that it is in discussions with lenders.
According to the company, it expects to confirm that there remains “substantial doubt” about its ability to continue operating.
Any potential bankruptcy filing, however, is expected to take the form of Chapter 11 protection.
Last year in November, the QVC Group highlighted $2.9 billion (€2.67 billion) in debt due in October.
In September the company had total debt of $6.6 billion (€6.07 billion) against cash and equivalents of $1.8 billion (€1.66 billion).
According to the QVC Group, as it continues talks with creditors, it intends to file its delayed results within 15 days.
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