QVC has emerged from Chapter 11 after completing its financial restructuring, reducing its debt by more than $5 billion and securing a new $600 million asset-based lending facility led by funds managed by Strategic Value Partners and Oaktree Capital.

The restructuring coincides with a leadership shake-up. President and CEO David Rawlinson will step down, with former QVC Group CEO Mike George returning as interim CEO and chair of the board, effective immediately.

QVC said its stronger balance sheet positions the company to accelerate growth and expand its live social shopping business across social media platforms, streaming services, e-commerce, retail stores, and television.

“It has been a privilege to lead QVC Group over the past five years, and I am incredibly proud of the resilience, commitment, and execution our teams have demonstrated throughout that time,” Rawlinson said.

Since joining the company in 2021, Rawlinson has led the launch of QVC’s WIN Growth Strategy, expanded its live social shopping business, and guided the retailer through its Chapter 11 restructuring.

“Now, as I step down, I can think of no one better qualified to lead QVC Group than Mike George. Mike’s industry knowledge, sound judgment, and character make him the right leader to position the company for continued success,” he added.

George previously spent nearly 16 years as president and CEO of QVC Group, formerly Qurate Retail Group, and brings decades of experience across retail, e-commerce, and consumer engagement.

“I am energized by the opportunity to return to QVC Group at such an important moment in its journey,” George said.

“I am excited to work closely with the new board and current management team, and to reconnect with our team members, building upon the strong foundation that has been established.”

The company also appointed a new eight-member board of directors, including executives from The Michaels Companies, TikTok Shop, Mattel, Walmart International, and Netflix.

• Mike George, chair and interim CEO of QVC Group.
• David Charles Boone, CEO of The Michaels Companies, former interim CEO of Essendant and former CEO of Staples Canada.
• Nicolas Le Bourgeois, former leader of TikTok Shop in the US and former Amazon executive.
• Jason Lee Horowitz, former global head of marketing and media at Mattel.
• James A Marcum, executive chair and former CEO of David’s Bridal.
• Ann Mather, former CFO of Pixar and director of Netflix, Alphabet, Airbnb, and Pattern Group, and as chair of Bumble.
• Richard Andrew Mayfield, senior advisor at McKinsey and former EVP and CFO of Walmart International.
• Jonathan Seth Zinman, managing member of JZ Advisors and former MD at Silver Point Capital.

QVC said its existing executive leadership team will remain in place to support the transition and execute the company’s long-term strategy.