QVC emerges from Chapter 11 bankruptcy, names interim CEO

WEST CHESTER, Pa. (WPVI) -- QVC has emerged from Chapter 11 bankruptcy protection, four months after beginning the restructuring process.

The home shopping network is headquartered in West Chester, Chester County.

According to court filings, QVC reduced its debt by more than $5 billion as part of the bankruptcy proceedings.

The restructuring follows significant cost-cutting efforts by the company, including the elimination of about 900 jobs last year.

QVC also announced a leadership change. President and CEO David Rawlinson is stepping down, effective immediately.

Mike George will succeed Rawlinson as interim chief executive officer and chair of the company's board of directors.

The network operated as usual during the bankruptcy process.