Major TV Shopping Channel ShopHQ Files for Bankruptcy Due to Declining Sales and Rising Debt
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A major TV shopping channel, ShopHQ, filed for bankruptcy as it faced declining cable subscribers and sales. The channel reaches 90 million U.S. households.
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ShopHQ's parent company, iMedia Brands, owed over $100 million to creditors and had total debts exceeding $370 million. It reported a $40 million loss in 2022.
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Company executives blamed the bankruptcy filing on shoppers cutting spending due to high inflation. Sales have declined this year.
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ShopHQ saw increased revenue during the pandemic as more people used home shopping channels.
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ShopHQ was sold to another company, IV Media, as part of a $55 million deal. It sells fashion, jewelry, beauty and home goods on TV and online.
