Major TV Shopping Channel ShopHQ Files for Bankruptcy Due to Declining Sales and Rising Debt

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.

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.

Company executives blamed the bankruptcy filing on shoppers cutting spending due to high inflation. Sales have declined this year.

ShopHQ saw increased revenue during the pandemic as more people used home shopping channels.

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.