QVC Group

West Chester, Pennsylvania · Corporate Headquarters · Lease · QxH

Bethlehem, Pennsylvania · Distribution Center · Lease · QxH

Suffolk, Virginia · Distribution Center · Lease · QxH

Florence, South Carolina · Distribution Center · Lease · QxH

Ontario, California · Distribution Center · Lease · QxH

Piney Flats, Tennessee · Distribution Center · Lease · QxH

Chiba, Japan · Distribution Center · Own · QVC-International

Hückelhoven, Germany · Distribution Center · Lease · QVC-International

Knowsley, U.K. · Multi-functional · Lease · QVC-International

Chiba, Japan · Multi-functional · Own · QVC-International

Brugherio, Italy · Multi-functional · Own · QVC-International

Düsseldorf, Germany · Multi-functional · Own · QVC-International

London, U.K. · Multi-functional · Lease · QVC-International

We supplement the facilities listed above by leasing various facilities worldwide, none of which are individually material. We believe that the duration of each lease is adequate and we do not anticipate any future problems renewing or obtaining suitable leases for our principal properties.

In September 2025, QVC entered into agreements to sell the St. Petersburg properties to independent third parties and two of the St. Petersburg property sales closed in December 2025. The sale of the remaining property is expected to be completed within the next twelve months. Refer to note 12 of the accompanying consolidated financial statements for additional details.

• QVC eService LLC & Co. KG (fka QVC eService Inc. & Co. KG) Germany⁸
• RQ Holdings Corp. Nova Scotia⁸

• Even if the Plan is consummated, we may not be able to achieve our stated goals and continue as a going concern.
• Changes to QVC, Inc.'s capital structure may have a material adverse effect on existing holders of our senior secured notes.
• The negotiations regarding the Restructuring have consumed and will continue to consume a substantial portion of the time and attention of our management, which may have an adverse effect on our business and results of operations, and we may face increased levels of employee attrition.
• Our long-term liquidity requirements and the adequacy of our capital resources are difficult to predict at this time.
• Upon emergence from Chapter 11 bankruptcy, Reorganized QVC will be subject to risks related to its substantial indebtedness.
• Our actual financial results after emergence from bankruptcy may not be comparable to our projections filed with the Bankruptcy Court in the course of the Chapter 11 Cases.
• As a result of the Chapter 11 Cases, our historical financial information may not be indicative of our future financial performance, which may be volatile.
• In connection with the Chapter 11 Cases, we expect that our 2067 Notes and 2068 Notes will be delisted from NYSE and there is no guarantee that the 2067 Notes or 2068 Notes will be regularly traded on the over-the-counter markets.
• Our ability to use certain tax attributes and tax basis in assets may be reduced or eliminated in connection with the implementation of the Plan, which may increase our future cash tax liabilities.
• Taxing authorities may challenge tax positions we will take with respect to the consequences of the Chapter 11 Cases and the transactions contemplated thereby and, in the event such a challenge were successful, it could result in a material current tax liability for Reorganized QVC.
• We may be subject to claims that will not be discharged in the Chapter 11 Cases.
• In certain instances, a Chapter 11 case may be converted to a case under Chapter 7 of the Bankruptcy Code.
• There are questions about our ability to continue operating as a going concern.
• Business improvement initiatives focused on promoting business growth strategies and generating cost savings may not be successful in generating results in the anticipated amounts, may take longer than expected to realize, or could produce results for only for a limited period
• The retail business environment is subject to intense competition, and we may not be able to effectively compete for customers
• Our net revenue and operating results depend on our ability to predict or respond to consumer preferences
• Our long-term success depends in large part on our continued ability to attract new customers and retain existing customers and we may not be able to do that in a cost-effective manner
• We depend on the television distributors that carry our programming and no assurance can be given that we will be able to maintain and renew our affiliation agreements on favorable terms or at all
• The failure to maintain suitable placement for our programming or to adapt to changes in consumer behavior driven by online video distribution platforms for viewing content or achieve success in our social media and digital streaming efforts could adversely affect our ability to attract and retain television viewers and could result in a decrease in revenue
• We are subject to risks of adverse government regulation, and we may be subject to claims for representations made in connection with the sale and promotion of merchandise or for harm experienced by customers who purchase merchandise from us
• Use of social media and influencers may materially and adversely affect our reputation or subject us to fines or other penalties
• Legislation or regulations related to corporate sustainability and varied perspectives of governmental and non-governmental organizations, stockholders and customers on sustainability issues may have a material adverse effect on our business and results of operations
• We may fail to adequately protect our intellectual property rights or may be accused of infringing intellectual property rights of third parties
• We offer our installment payment option on most of our merchandise and, in certain circumstances, offer it as the default payment option. Failure to effectively manage our installment sales plans and revolving credit card programs could negatively impact our results of operations
• Increases in labor costs could adversely affect our business, financial condition and results of operations
• Natural disasters, political crises, and other catastrophic events or other events outside of our control, including climate risk, may damage our facilities or the facilities of third parties on which we depend, adversely affect our ability to operate our businesses and have broader effects
• Impairment of our goodwill or other intangible assets could have a material adverse effect on our business, results of operations and financial condition
• Any continued or permanent inability to transmit our programming via satellite would result in lost revenue and could result in lost customers
• Our e-commerce business could be negatively affected by changes in third-party digital platform algorithms and dynamics as well as our inability to monetize the resulting web traffic
• Our e-commerce business may experience difficulty in the ongoing development, implementation and customer acceptance of applications for personal electronic devices, which could harm our business
• Our businesses and information systems are subject to cybersecurity risks, including cybersecurity threats and cybersecurity incidents, such as security breaches and identity theft
• System interruption and the lack of integration and redundancy in these systems and infrastructures may adversely affect our ability to transmit our television programs, operate websites, process and fulfill transactions, respond to customer inquiries and generally maintain cost-efficient operations
• The processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements and policies or differing views of personal privacy rights
• Our integration and use, or the use by our competitors, of artificial intelligence and similar technology may pose risks and present challenges to our business, reputation, and results of operations
• Our businesses may be materially adversely affected by the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures implemented by the U.S. and other countries.
• Significant developments stemming from U.S. and international trade policy with China, including in response to tariffs, as well as forced labor and human rights abuses in China, may adversely impact our businesses and operating results
• We have operations outside of the U.S. that are subject to numerous operational and financial risks
• Fluctuations in currency exchange rates may lead to lower revenues and earnings
• Weak and uncertain economic conditions worldwide may reduce consumer demand for our products and services
• Uncertainty and increases in market interest rates could increase our operating costs and decrease consumer demand, which may adversely affect our business
• We rely on distribution facilities to operate our businesses, and any damage to one of these facilities, or any disruptions caused by incorporating new facilities into our operations (including third party logistic service providers), could have a material adverse impact on our business
• We rely on independent shipping companies to deliver the products we sell
• We depend on relationships with vendors, manufacturers and other third parties, and any adverse changes in these relationships could result in a failure to meet customer expectations which could result in lost revenue
• The unanticipated loss of certain larger vendors or the consolidation of our vendors could negatively impact our sales and profitability on a short-term basis
• Risks Related to the Seasonality of Our Business
• We face significant inventory risk as a result of seasonality, new product launches, rapid changes in product cycles and pricing, defective merchandise, changes in consumer demand, consumer spending patterns, changes in consumer tastes with respect to our products, spoilage and other factors.
• The seasonality of our business places increased strain on our operations
• Our success depends in large part on our ability to recruit and retain key employees capable of executing our unique business model
• We have significant indebtedness and other financial obligations, which could limit our flexibility to respond to current market conditions, restrict our business activities and adversely affect our financial condition.
• We may not be able to generate sufficient cash to service our debt obligations
• Credit ratings downgrades or being put on negative watch could adversely affect our liquidity, capital position, borrowing cost and access to capital markets.