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The world's most iconic TV shopping network which revolutionised the genre in the 1990s could be heading for financial turmoil. According to Bloomberg, QVC has been in talks to voluntarily restructure its debt, which could include filing Chapter 11 bankruptcy.

It's understood the network has been struggling with debts, weak sales and tariffs, although no final decision has been made and it's reported discussions with creditors are ongoing. Express.co.uk have contacted QVC for comment.

On Tuesday last week, the QVC stock fell 66% to $3.74, the steep one-day drop on record. However, at the time of writing (February 14), the stock has rallied somewhat to around $4.23 a share, potentially signalling investors are not falling out of love with the brand yet.

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American-based QVC took the retail sector by storm when it was launched in the late 80s and became a global giant over the next decade with its model of selling products to TV customers taking root in the UK, Germany, Japan, Italy and China.

In recent years, flourishing online competition and reduced audiences have seen the network making less money than before. Last year, the firm its 107,000-square-foot Florida studio and restructured leading to hundreds of job losses.

Over the years the brand has attracted a host of TV and film stars supporting the sales on screen. Models Heidi Klum and Miranda Kerr have helped push products, as well as musical legend Elton John, Marvel actor Scarlett Johansson and comedy film star Kevin Hart.

QVC was launched in the UK in 1993 and more than seven million people now tune in every month. With 15 million orders last year generating sales of over £368million in 2009.

Last year the network launched a 24/7 QVC TikTok livestream, combining the live shopping model with modern scrolling habits and social media purchasing.

According to a CNBC report, shoppers switching off from the traditional TV sales model of QVC has been a big problem, with figures showing from 2018 to 2024 the firm reached 44% fewer homes.