QVC Plunges 65% as TV-Shopping Network Plans to File Bankruptcy

QVC Group shares tumbled after the television shopping network outlined plans to file for imminent Chapter 11 bankruptcy as it grapples with viewer declines and a heavy debt burden.

The company and some of its direct and indirect subsidiaries plan to file in the US Bankruptcy Court for the Southern District of Texas, it said in a regulatory filing late Wednesday. QVC also said it expects to enter a restructuring support agreement with certain creditors, according to the filing.

Shares were down nearly 65% at 10:15 a.m. in New York on Thursday.

QVC has faced a slew of challenges, ...