QVC Group and HSN filed for Chapter 11 bankruptcy protection in the Southern District of Texas.
The prepackaged restructuring agreement aims to reduce total debt to $1.3 billion.
The company currently carries approximately $6.6 billion in debt.
QVC expects to emerge from bankruptcy within approximately 90 days.
The filing excludes international operations, while domestic business continues as usual.
The company plans no layoffs and will pay vendors and other unsecured creditors in full.
Declining viewership and sales amid the shift to online and social media shopping triggered the filing.