ShopHQ Parent to Lay Off Dozens More, Close Eden Prairie Facility
IV Media LLC, the Eden Prairie parent company of home shopping network ShopHQ, is adding another round of layoffs, starting June. The company also anticipates closing its Eden Prairie facility.
IV Media initially reported 122 layoffs to the Minnesota Department of Employment and Economic Development in December. That figure rose to 128 the following month. A WARN notice last week added 72 workers to the toll, permanently impacted starting June 16.
The first WARN notice, on December 18, blamed “changes in the direction of our business.” IV Media has not yet responded to a request for comment.
A notice identifying the 128 laid-off jobs in January showed a range of professions, from buyer and on-air host to engineer and regional manager.
IV Media acquired ShopHQ from its former parent company, iMedia Brands, in 2023. iMedia had filed for bankruptcy before announcing IV Media would buy its assets, including ShopHQ, for about $55 million.
IV Media is a subsidiary of Innovation Ventures, the Michigan-based maker of 5-Hour Energy drinks. Innovation founder and CEO Manoj Bharhava in 2023 told TCB that his company planned to put “a huge amount of capital into [ShopHQ] so they’ll have more inventory than they ever had.”
