QVC Group Inc SEC Filings

Asymmetry Point LP, Asymmetry Point Capital LLC and Mr. Aviv Argaman report beneficial ownership of 435,000 shares of QVC Group, Inc. Series A common stock, representing 5.52% of the 7,885,884 shares outstanding used for the calculation. The filing states the shares are held by Asymmetry Point LP, with Asymmetry Point Capital LLC as the general partner and Mr. Aviv Argaman the fund manager, each reporting sole voting and dispositive power over the 435,000 shares. The reporting persons certify the holdings were not acquired to change or influence control of the issuer. Contact and organizational details for each reporting person and the issuer's principal office are included.

Alex B. Wellen, President & Chief Growth Officer of QVC Group, Inc., reported on Form 4 that 27,027 previously granted restricted stock units (RSUs) tied to QVCGA Series A common stock were cancelled in a disposal on 08/19/2025. The filing states these RSUs are cash-settled and represent the economic equivalent of one share each. The cancellation was made in connection with revised compensation arrangements disclosed by the issuer in a Current Report filed on August 14, 2025. The RSU award had been adjusted for a 1-for-50 reverse stock split effected by the issuer on May 22, 2025, and the cancelled award would have otherwise vested in two substantially equal installments on March 15, 2026 and March 15, 2027.

David Rawlinson II, President/CEO and director of QVC Group, Inc. (QVCGA), filed a Form 4 reporting cancellation of previously granted restricted stock units (RSUs). The filing shows 324,324 RSUs were disposed (canceled) effective 08/20/2025 and that the reporting person holds 0 shares of the underlying Series A common stock following the transaction. The RSUs were contingent rights to receive one share each and had been scheduled to vest in equal installments on December 10, 2025, 2026 and 2027 before cancellation. The filing notes the RSUs were adjusted on May 22, 2025 for a 1-for-50 reverse stock split and the cancellation occurred in connection with revised compensation arrangements disclosed in the issuer’s Current Report filed August 14, 2025.

QVC Group, Inc. is guaranteeing cash payments to eligible employees who remain employed through the end of 2026. Nine senior executives, including Messrs. Rawlinson and Wafford, will receive payments equal to 50% of their 2025 target variable compensation and 100% of their 2026 target variable compensation. All other eligible employees (excluding those nine) will receive 50% of their target variable compensation for both 2025 and 2026. Except for the senior executives, these Guaranteed Compensation amounts will be earned and paid quarterly through the end of 2026. A portion of the senior executives' Guaranteed Compensation is contingent on meeting specified performance conditions. The company will prepay the Guaranteed Compensation for the senior executives and certain existing retention benefits for other specified employees; prepaid amounts to senior executives must be repaid on an after-tax basis if certain employment or performance conditions are not met. Payments for Messrs. Rawlinson and Wafford are described as aligned with the approximate 50th percentile of peer executive compensation.

Contrarius Investment Management Limited and Contrarius Investment Management (Bermuda) Limited filed an Amendment to Schedule 13G reporting beneficial ownership of 702,768 shares of QVC Group, Inc. Series A common stock (CUSIP 74915M605), representing 8.9% of the class. The filing lists shared voting and shared dispositive power over the 702,768 shares and states the holdings were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.

The filing identifies the filers' jurisdictions (Jersey and Bermuda), cites Item 6 disclosure that other persons have rights to dividends or sale proceeds for these shares, and is presented as Amendment No. 4 to a Schedule 13G. Signatures are dated 08/12/2025 and the event date requiring the filing is shown as 06/30/2025.

Charles Schwab Investment Management Inc. reported beneficial ownership of 475,621 shares of QVC Group, Inc. Series A Common Stock, representing 5.89% of the class. The filer states it has sole voting and sole dispositive power over those shares and certified the securities were acquired and are held in the ordinary course of business and not to change or influence control of the issuer. This Schedule 13G provides a public disclosure of a >5% stake in QVC Group but does not specify a group affiliation or a parent/ subsidiary relationship.

QVC Group, Inc. – Form 10-Q, quarter ended 30 Jun 2025

Top-line softness and a large non-cash write-down drove steep losses. Net revenue declined 7 % YoY to $2.24 bn (-9 % YTD to $4.34 bn). A $2.40 bn impairment (goodwill $1.47 bn; tradenames $0.93 bn) reversed prior profitability, producing an operating loss of $(2.27) bn and a net loss attributable to shareholders of $(2.22) bn, or $(275.46) per diluted share after a 1-for-50 reverse split effective 22-May-25.

• Gross margin held at 36 %, but operating cash flow collapsed to $26 m (-91 % YoY); cap-ex $72 m.
• Total assets fell to $6.7 bn from $9.2 bn; equity deficit deepened to $(3.0) bn.
• Total debt carrying value rose to $4.92 bn (principal $5.64 bn); $1.93 bn outstanding under the $3.25 bn credit facility, leaving $1.20 bn availability at 30-Jun and ≈$0.20 bn after a $975 m July draw; average rate 6.1 %.
• Leverage >3.5× triggers dividend restrictions under senior-note covenants; 8 % preferred stock ($1.27 bn) dividends continue.
• Cash & restricted cash $927 m; current ratio 1.9×.
• Series B shares migrated to OTCQB on 28-May-25.

Management cites macro pressure, share-price weakness and rating downgrades for the impairment. Despite the hit, QVC remains covenant-compliant and recorded $176 m OCI gain from credit-risk adjustments.