WEST CHESTER, PA — QVC Group, Inc. (Nasdaq: QVCG) emerged from Chapter 11 this month after reducing debt by more than $5 billion and securing a $600 million asset-based lending facility, while longtime executive Mike George returned as interim chief executive officer following David Rawlinson’s departure.
The restructuring gives the West Chester-based retailer a substantially lighter debt load as it attempts to expand beyond traditional television shopping into social platforms, streaming, e-commerce and physical retail.
The new lending facility is led by funds managed by Strategic Value Partners LLC and its affiliates, along with Oaktree Capital. QVC Group’s common stock has been approved for Nasdaq trading under the symbol QVCG.
Rawlinson, who had served as president and CEO since 2021, stepped down as the company completed the restructuring. George was appointed interim CEO and chair of a newly constituted eight-member board, effective immediately.
George previously spent nearly 16 years as president and CEO of QVC Group, formerly known as Qurate Retail Group. He currently serves on the boards of AutoZone and Ralph Lauren and previously held leadership positions at Dell and McKinsey & Co.
“I am energized by the opportunity to return to QVC Group at such an important moment in its journey,” George stated. He said the company would continue evolving its shopping model while the board searches for a permanent CEO.
Rawlinson’s tenure included QVC Group’s push into live social shopping and streaming as the company contended with declining traditional television audiences, tariffs, a major warehouse fire and its debt burden.
“My goals when joining QVC Group involved navigating two complex phases,” Rawlinson stated, identifying stabilization of the business and development of new growth platforms while reducing debt as his principal objectives.
The restructuring also brings a wholesale change to QVC Group’s board.
Joining George are David Charles Boone, CEO of The Michaels Companies; Nicolas Le Bourgeois, former head of TikTok Shop in the U.S.; Jason Lee Horowitz, former global head of marketing and media at Mattel; and James A. Marcum, executive chair and former CEO of David’s Bridal.
The board also includes Ann Mather, former chief financial officer of Pixar; Richard Andrew Mayfield, a senior adviser at McKinsey and former CFO of Walmart International; and Jonathan Seth Zinman, managing member of JZ Advisors and a former managing director at Silver Point Capital.
QVC Group’s existing executive leadership team will remain in place during the transition.
Kirkland & Ellis LLP and Gray Reed served as legal counsel to QVC Group, with Evercore Group L.L.C. as financial adviser and AlixPartners LLP as restructuring adviser.
Davis Polk & Wardwell LLP and Porter Hedges LLP advised an ad hoc group of QVC Inc. noteholders, with PJT Partners LP serving as financial adviser. Simpson Thacher & Bartlett LLP and Howley Law PLLC advised a revolving-credit lender group, while Lazard Frères & Co. LLC served as its financial adviser.
Akin Gump Strauss Hauer & Feld LLP advised an ad hoc group of Liberty Interactive noteholders, with Centerview Partners LLC serving as financial adviser.
Support the local news that supports Chester County. MyChesCo delivers reliable, fact-based reporting and essential community resources—free for everyone. If you value that, click here to become a patron today.