QVC Group, the parent company of QVC and HSN, has filed for Chapter 11 bankruptcy protection in the United States.

The company said its international operations are not included and that it still has over $1 billion in cash to continue operating normally.

QVC has been struggling with declining sales as consumers increasingly move to livestream shopping and online marketplaces like TikTok and Shein.

Its revenue has dropped sharply in recent years, and its stock value has fallen dramatically from previous highs, the AP has reported.

The company hopes to complete restructuring and emerge from bankruptcy within about 90 days while continuing normal customer operations.