TVSN, the home shopping network that has been free-to-air for over three decades and sells fashion, homewares and accessories through Seven Network's channels and its own livestream, has commenced a closing-down sale on Tuesday after its parent company Direct Group failed to secure a buyer.
An email sent to customers on Sunday and Monday, seen by this masthead, stated that Direct Group had spent recent months seeking new investment or a buyer for the business. "Unfortunately, it has not been possible to secure a transaction that would allow TVSN to continue in its current form," the email said. "Absent finding such a buyer, the board expects to close TVSN."
The email urged customers to stock up on Christmas gifts and to use their gift cards, vouchers or store credit. The closing-down sale will liquidate stock, but the sale will end if a buyer is found.
Suppliers were reportedly kept in the dark about the impending closure as the network prepares to wind up operations.