I like seeing clothing on a real person, moving around. I also like all the detailed measurements in the âclick hereâ section online.
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Yikes! That doesnât sound good.
âEverythingâs great!â Post from QVC about the Chapter 11 filing:
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Shipping and return policies remain the same. Do they not realize that is part of their problem?
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Good point. Not that I expected any different, but for sure Iâve heard horror stories about it for a long time now.
I doubt that there will be any changes (near term) with programming, hosts, product, etc.
The point of this exercise is debt reduction and theyâve basically achieved that, subject to final Court approval: $6.5 billion down to $1.3 billion.
Thatâs quite a balance sheet cleanup. Poor existing shareholders: wiped out completely.
The purpose of Chapter 11 is debt reduction, not a change in business operations or practices (although that could happen.)
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I tuned into ABC News around 8:30 am, and the âofficialâ announcement about the current state of affairs @ QVC/HSN was released. Everyone was acting shocked & surprised at this big news story. Seriously, are we to believe that those in the news industry didnât know about this major QVC issue when all of us already knew? ⌠I thought bad news traveled fast?
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I wonder if itâs because thereâs little to no interest in the company? I believe the stock has been in danger of being delisted for a while, not sure if that happened though.
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QVC, subject to approval by the court appointed overseer, could still sell off parts of its operations (maybe the European operations or anything else that doesnât have a role in the studio park business). Yep, the stock holders lost their investments. And maybe, like Delta Airlines, they will live on after the terms of the Chapter II is done. But they wonât look like they used to. And they probably shouldnât.
I watched part of that video about the 40 years of QVC and one of the things they emphasized was the trusted and familiar relationship between the show hosts and their audience. They said it was unlike anything that had been done before by the previous online purveyors. I think that they donât realize how broken that is. There are still some people who call in and say that they love certain show hosts. But I think that between the lousy customer service and lack luster merchandise, it is definitely not the same.
Recently my daughter had to speak to customer service people twice about some items she had ordered when she received the wrong stuff. She said that those people could not have been more accommodating. Two of the things were final purchase and couldnât be returned but they refunded her money.
A lot of the talk here is about behaviors of current and former show hosts due to how they act away from jobs. There are those on air who are rude like Shawn and Jane, or crude like Shawn and Mally, or just annoying like David and Kim G and Susan. I personally donât care for most of the show hosts, but if I want something, I just go online and buy it. I rarely watch live shows. I think that is something they need to address. The behavior of the show hosts needs to change.
I donât have any way to know what will happen to QVC, but it could survive this. BTW, someone mentioned Sears as an example of not changing business practices leading to their demise. They actually got screwed by a private equity firm who sold off their assets, making it impossible for them to function any longer. The owners who sold off control of Sears were interviewed a few times on NPR and they said they deeply regretted their decisions to sell off their controlling stake. QVC seems to still be in control of the company, so that may make a difference.
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I agree that few of the current show hosts have built the kind of relationship with their audience that existed earlier in the Qâs history. Maybe because there are more hosts now than in the past, and then add all the product reps. Early on it was just the host presenting directly to the audience, so it seemed a more personal, one on one experience between host and audience. Now there can be as many as 3 people on set during a presentation. Even with just the host and product rep, if the rep is someone like Gravel or Gravuh, loud and talking over the host, dominating the presentation, the focus is on the rep, not product or the host. Who knows how TPTB will approach streamlining the business, but IMO they donât need the product reps and could make the presentations more focused and about the actual product, rather than the behavior of those presenting it.
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Lucky MaryBeth got out just in time. Can Chapter 11 effect retirement plan money? And I agree about so many âsellersâ on set at once. In the âold daysâ, one host was all that was needed, and you learned a whole lot more about the productâlike actual the measurements of the clothing.
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The shareholders will be coming for BLOOD ! ! !
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Current shareholders are wiped out completely.
Sorry, nothing they can do about it.
QVC Group will be recapitalized with new equity, much of which will be given to debt holders as partial compensation.
Thatâs just the way Chapter 11 works.
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So, does that also include HSN, now that they are under the same group? I canât imagine how they can continue with the same number of employees they have now. I would think that getting rid of the multiple channels might help. And the highest paid employees. Maybe the presentations on QVC2 were successful when they just had the vendor and NO HOST? I know that companies come back from this, but when youâre talking about debt over a BILLION dollars, itâs hard to see how lenders will agree to take that much less.
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They had about $6.6 billion dollars of debt, now reduced to $1.3 billion dollars. I know that a billion dollars sounds like a lot of money, but it really isnât anymore. So their creditors have already accepted those terms. And the creditors cannot come back at them for old debts after theyâve accepted this deal.
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And just exactly how many vendors will stay? . . . . . . .
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Who knows? Iâm sure that some vendors wonât be back (some have already left) but new ones might take a chance. And some will work out an arrangement and stay.
