Earlier this week, the parent company of West Chester’s QVC, Qurate Retail Group, announced the layoffs of around 400 employees, which led to their stocks declining and members of the Chester County community to react, writes Jeff Blumenthal for the Philadelphia Business Journal.
After the company reported a $51 million fourth-quarter loss, shares went down 16 percent to $1.78. For the entirety of 2022, Qurate lost $2.59 billion.
In a push to make a positive turnaround, the layoffs were deemed “necessary in realigning how we manage the business and heighten focus on critical priorities.” CEO David Rawlinson said it is a movement to strengthen the balance sheet, cut costs, and improve execution.
Yet, it leaves Chester County Commissioners and members of the Chester County Economic Development Council concerned and willingly to take action to help those who have been laid off.
“We have worked with QVC from their days as a start-up and helped to locate them in their current headquarters building in West Chester,” said Gary Smith, President and CEO of CCEDC, in a recent press release. “We were saddened to learn of the layoffs announced yesterday and stand ready to provide resources, support and guidance to the individuals and families that will be impacted. We pledge to work alongside the County, the Chamber, and countless local partners to support our fellow Chester Countians in the weeks and months ahead.”
Read more about Qurate in the Philadelphia Business Journal.