QVC, the home shopping network headquartered in West Chester, Pennsylvania, has emerged from Chapter 11 bankruptcy protection. The company began the restructuring process four months ago and has reduced its debt by more than $5 billion as part of the bankruptcy proceedings.
Leadership Change
QVC also announced a leadership change, with President and CEO David Rawlinson stepping down, effective immediately. Mike George will succeed Rawlinson as interim chief executive officer and chair of the company’s board of directors.
The network operated as usual during the bankruptcy process, which included significant cost-cutting efforts, including the elimination of about 900 jobs last year.
Original reporting: Allentown News – 6abc Philadelphia — read the source article.
