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QVC Group is late filing its annual report and is casting doubts about its financial future.
The company’s 10-K form for its latest fiscal year has not yet been submitted in light of “discussions and negotiations with the company’s lenders,” and additional time is needed to finalize the documents, the company stated in a Wednesday filing with the U.S. Securities and Exchange Commission. QVC Group also wants to allow time for a review by its independent accounting firm.
Based on current information, the company’s management anticipates that it will disclose substantial doubt about QVC Group’s ability to continue as a going concern.
On Feb. 20, the company announced that it had revised the expected timing of the release of its Q4 and 2025 financial results, which were originally scheduled for Feb. 26.
QVC Group recently received a Fitch Rating of CCC+, meaning it has a “substantial credit risk” and a “real possibility” of default. It also received a Caa3 from Moody’s Ratings, which is in the lower performance end of the category with a “very high credit risk.”
The company launched a growth and turnaround strategy at the end of 2024 with the aim of establishing itself as the leader in shoppable entertainment. By the following spring, QVC Group announced a reorganization that resulted in cutting around 900 roles.
QVC recently added new wellness and beauty brands to its product lineup and furthered its partnership with fashion designer Rebecca Minkoff.
