The parent company of QVC and HSN has filed for Chapter 11 bankruptcy as part of a major restructuring plan to slash billions in debt. The company says it will continue normal operations with no planned layoffs.

QVC Group, the company that owns and operates QVC and HSN shopping channels that have been mainstays of cable TV for decades, has filed for Chapter 11 bankruptcy protection of its U.S. businesses in the face of a crushing mountain of of debt.

Television shopping network QVC Group filed for bankruptcy Thursday as part of a plan to cut more than $5 billion of debt, as declining viewership and a shift to online retail weighed on sales and squeezed margins.

Home-shopping channels QVC and HSN have filed for bankruptcy, vowing to invest more in social media platforms. (AP photo)

The parent company of the long-running TV shopping networks QVC and HSN is filing for Chapter 11 bankruptcy protection amid financial challenges. The QVC Group, which is based in West Chester, Pennsylvania,

The parent company of QVC, which owns the QVC and Home Shopping Network group of channels, plans to file for chapter 11 bankruptcy protection.

QVC Group, the parent company the home shopping TV brands HSN and QVC, will file for Chapter 11 bankruptcy protection. The company disclosed the plan in a filing with the Securities and Exchange Commission.

Television shopping network QVC Group filed for bankruptcy Thursday as part of a plan to cut more than $5 billion of debt, as declining viewership and a shift to online retail weighed on sales and squeezed margins.