Is ShopHQ going out of business? As we all know, ShopHQ is an America-based shopping channel that offers televised home shopping since the onset of the Coronavirus pandemic in 2020. ShopHQ has struggled with economic slaughter similar to other big box retail stores. The channel also decided to downsize the company by cutting down its staff.
Some reports said there is no clear answer to this question, “Is ShopHQ Going Out Of Business?”. While a recent bill released in May 2023 indicated that ShopHQ was being discontinued on May 12, 2023, by Comcast. On the other hand, people are saying that they are still getting the channel… so the answer is unclear whether ShopHQ went out of business or not so far?
You are viewing: Why Is Everyone Leaving Shophq
Moreover, since 2017, ShopHQ noted there was no profit in the business. Chief Executive Tim Peterman made efforts to make a drastic change in the turnaround at the company but was defeated.
To streamline its structure, it laid off employees and released a list of the employees who were set to be fired. The list represented the 10 most famous QVC (Quality Value Convenience) hosts at stake to leave the channel. Although, like any other company, workers are set to lay off or may leave the channel for several other reasons.
Due to tough times during the COVID-19 outbreak in 2020, ShopHQ decided to downsize its company and laid off 152 employees and its host Laura Duffek last year. The company is believed to have made this decision because of significant and recent unforeseeable business conditions.
The spread of COVID-19 impacted the financial and substantial market.
DiscontinuedNews is impartial and independent, and every day, we create distinctive, world-class programs, news, and content that inform, educate and entertain millions of people worldwide.
Who Owns ShopHQ?
IMedia Brands Inc. owns ShopHQ, formerly known as ShopNBC, ValueVision, Evine, and Evine Live). It is a cable satellite, multi-channel video retailer, and broadcast home shopping television network in America. iMedia Brands and ShopHQ are both headquartered in Eden Prairie, Minnesota. Comcast holds the company’s 12.5 percent stake (The Clinton Group controls it).
The channel was released on March 12, 1991, and was known as ValueVision. iMedia also holds the two other brands along with ShopHQ, i.e., ShopHQ Health and Bulldog Shopping Network. ShopHQ Health provides health and wellness products and services, while Bulldog Shopping Network offers men’s products only.
How Was ShopHQ Initiated?
It was founded in June 1990 as ValueVision Media. After one year, In March, a home shopping channel was established by the name of ValueVision.
Later, the company’s shares were purchased by NBC. At that same time, ValueVision was renamed ShopNBC. Besides, the logo was rebranded and featured the NBC peacock.
In 2010, the reports stated, NBC decided to sell its stake in ValueVision Media because of its pending merger with Comcast. The company already announced this decision in May 2010. Unfortunately, the stake was retained in the company in June 2010.
The network was renamed ShopHQ, as the parent company ValueVision Media took over NBC Universal’s stake in 2013. A year after its launch as ShopHQ, the Clinton Group Management decided to feature celebrities as hosts, so Mark Cuban’s American Dream was aired on the channel.
Read more : Why Does Cumin Smell Like Body Odor
Again, the channel was rebranded as EVINE Live on February 13, 2015, when ValueVision. The company sells its products on its e-commerce website, i.e., Evine.com.
Once ShopHQ was founded, the network hired QVC host Kathy Levine. The network featured several reality TV stars, including Countess Luann DeLesseps, and Lisa Vanderpump, to merchandise brands.
Not only these celebrities but other well-known celebrities were also premiered, including Dr. Terry Dubrow, Holly Robinson Peete, Bob Vila, Nancy O’Dell, Paula Deen, Karen Fairchild, Vanessa Williams, Heather Dubrow, Todd English, and Donny Osmond.
Later, the Evine Live channel later acquired the HD Tier channels slots and introduced a channel with a high-definition feed in 1080i.
In September 2017, it was developed in standard definition and again broadcasted in the SD. Later, the network decided to upscale its standard and presented it in HD a year later.
In July 2016, EVINE sacrificed ‘Live’ from their on-air name.
In July 2019, the network started to do business with iMedia Brands Inc. Then, Invicta Watch Group invested in the company.
The name that the company used to brand between 2013 and 2015, again on August 21, the TV network rebranded itself by the name ShopHQ.
Why Is Everyone Leaving ShopHQ?
The big box retail channel has been struggling with issues for several years. Now, it is noted that people are leaving ShopHQ. Here you will get to know what were the reasons behind leaving ShopHQ.
Due to the hard times during the coronavirus pandemic, the economic conditions were tough, which led the company to reduce its staff and property. The sales have been declining since 2020, and COVID is to be blamed as it puts a financial strain on ShopHQ. During the coronavirus outbreak, the company decided to cut its staff members. It laid off 152 employees. Ever since, ShopHQ has never come back to its track afterward.
This could be the probable reason behind everyone leaving ShopHQ.
Who All Left ShopHQ?
Michael Valitutto, a veteran jewelry vendor, has been there for several years. He left the company and decided to sell its Gems En Vogue products online. Later, he connected with HSN. After some time, he returned to ShopHQ with his Gems En Vogue line.
In October 2022, another host Natasha Chughtai also left ShopHQ. Her image disappeared from the members of the company on the website. Her picture was depicted on the Meet the Host portion of the company’s website before October 2022. Like Michael, she left the company and returned to ShopHQ.
Read more : Why Is Clyde Going Offline
There are rumors that Isomers, a skincare line, is also leaving ShopHQ. But we need to be clear on this point. Moreover, customers said the brand usually eliminates their older products to launch the latest products on the listings online as they are also doubtful whether Isomers left ShopHQ or not. Some said the brand uses that technique most of the time so that customers are ready to buy products at double rates.
Again, the host named, Heather Hall left ShopHQ suddenly in 2022. It is noted that she has been there for over 14 years. When she departed, she wrote on social media, “I am stepping away from ShopHQ, a TV shopping center. Because I want to spend quality time with my children and grandchildren.”
The Top Competitors Of ShopHQ
ShopHQ is a digital retailer that provides home and food, health and fitness, watches, jewelry, beauty, fashion, electronics, and other products. ShopHQ has two investors, including InvictaWatch. 20 million US dollars have raised the total funding of ShopHQ.
The company has several competitors. Let’s have a look at the top possible competitors and alternatives to ShopHQ, including:
- Gymshark
- ThredUp
- Purplle
- Shop
- Famsa
- Metropolitano
- BrandsMart USA
- Furniture & Appliance Mart
- Tivol
- Gorjana
- Diamondere
- Awe Inspired
- The Clear Cut
- Jomashop
Is ShopHQ In Financial Trouble?
iMedia, the parent company of digital commerce retailer ShopHQ stated that when a financial advisory firm was hired to rework its credit facilities. The company informed the SEC that it couldn’t file an annual report of its fiscal year within the given time period.
The parent company, iMedia Brands Inc., stated that it requires some more time to fulfill the channel’s entire reports, including its analysis and accounting.” Also added, “We are not sure that the company would be able to continue as a going concern.”
Along with ShopHQ, iMedia Brands Inc., controls another 3 commerce TV channels and several related e-commerce sites, including 123tv, ShopHQ Health, and ShopBulldog TV.
The company employed advisor Lincoln International and an investment banker in April to predict the refinancing of its revolving credit facility. After some days in the same month, the parent company of ShopHQ observed that under its 80 million US dollars revolving loan, iMedia had 29 million US dollars outstanding.
However, for the fourth quarter of the year, the company assumes that it may be declined 33 percent to 133.5 million US dollars with a net loss pre-tax. The pre-tax net loss increased to nearly 62.7 million US dollars from the pre-tax net loss of the previous quarter year. The pre-tax net loss for the previous year was 5 million US dollars.
It is believed that the revenues tumbled by 1 percent for the full fiscal year, and the estimated revenue was 544.4 million US dollars. For the previous fiscal year, the pre-tax net loss was 22 million US dollars, while for 2023, it ballooned to nearly 108.6 million US dollars.
Conclusion
We have concluded that the channel ShopHQ has to be discontinued by May 12, 2023. Even though several other sources say this, it still needs to be clarified.
Apart from all these, If we put light on the network’s demographics, the recent report indicated that the company had dropped its value in revenue, total visits, and several more.
It has 1,314 employees. Out of which 40.55 percent are male, 59.45 percent are female.
The Global rank of ShopHQ is 27,028, and the country’s rank is 4,992, with total visits of 1.7 million and annual revenue of 500 million US dollars to 1 billion US dollars.
Source: https://t-tees.com
Category: WHY
