An Update on Project Athens
February 28, 2023: Projects Athens is Qurate Retail Group’s multi-year turnaround plan, designed to stabilize the core businesses and expand the company’s leadership in video streaming commerce. The five-point plan includes actions intended to strengthen customer relationships, improve execution, reduce costs, optimize the brand portfolio, and grow faster in streaming. We shared an update on these efforts with our team today:
After careful consideration, we have made the very difficult decision to eliminate a number of roles within our Qurate Retail Group team, impacting our QVC US and HSN teams, and our corporate shared services teams in the U.S. Today will be the last day worked for most of these team members, although a small number will transition over time. Today’s impacts affect approximately 400 of our team members across these groups. These decisions are not easy but are necessary in realigning how we manage the business and heighten focus on critical priorities.
We are committed to supporting impacted team members through this transition with severance pay and outplacement services, including access to an alumni talent directory to support them on their career journey, as well as extended access to our Employee Assistance Program. Impacted team members will also receive continued benefits coverage at the team member rate through COBRA for an extended period.
Our immediate focus is supporting those directly affected by these changes. Tomorrow, March 1st, we will release our fourth quarter and year end 2022 earnings, where we will recap our performance for the year and provide additional context on today’s actions.