Key Takeaways:The QVC Group has voluntarily entered Chapter 11 proceedings in an effort to slash its debt from $6.6 billion to $1.3 billion.The prepackaged nature of the financial restructuring will allow QVC to complete the process on an expedited basis.  QVC is targeting emergence from bankruptcy in approximately 90 days.The home shopping TV network has filed for bankruptcy after almost four decades in business.WHO: Headquartered in West Chester, Pennsylvania, QVC Group, which stands for Quality, Value, Convenience, started in 1986, helping pioneer the live-shopping format. In 2017, QVC bought its older rival, Home Shopping Network (HSN), and merged the operations. Together, they operate nearly a dozen TV channels and a website.WHY: QVC Group has navigated significant changes in how consumers discover and purchase products over the past several years. The rapid growth of mobile devices, social platforms, and streaming services has fundamentally shifted video consumption, while traditional cable television, historically the foundation of the company's business model, has experienced structural decline.In response, the company launched its three-year WIN Growth Strategy to reposition QVC Group to drive the future of live social shopping. The transformation is already showing measurable results. A stronger balance sheet, together with revenue growth from social and streaming, is expected to enable QVC Group to stabilize and return to sustainable growth over time.