Home-shopping channel company QVC plans to lay-off 910 employees due, in part, to the recent aversion to credit card spending...and spending in general.
- In late October, Liberty Media said third-quarter profits dropped at its QVC home-shopping unit as the credit crunch slowed consumer spending and more customers missed payments on QVC-issued credit cards.
Some 27 percent of QVC sales are paid for with the company-issued credit cards, George said.
"People are struggling," [Mike George, QVC's president and CEO] said. "QVC will be more careful, more conservative when opening up new Q-Card accounts."
http://www.dailylocal.com/articles/2008/11/13/news/srv0000004031487.txt