QVC Group, the owner of the iconic TV shopping network QVC and its sister channel HSN, has announced plans to file for Chapter 11 bankruptcy. Faced with over $5 billion in debt, the company cites a loss of relevance and delayed innovation as key factors contributing to its financial troubles. The filing comes as the home shopping pioneer struggles to compete in the era of social media influencers and e-commerce platforms like TikTok and Temu. As consumer interests shift, QVC has seen significant stock declines, with its shares collapsing up to 70%. The anticipated bankruptcy filing marks a pivotal moment for the brand that has been a staple in home shopping for nearly four decades.