They were never going to do that, it doesn't exactly sit with their marketing and image to admit that one of their biggest clients terminated their account because QVC aren't high brow enough!
I think you have not considered 'what are the alternatives?'
a) QVC sit on their hands, keep it a secret, eventually people notice something odd, it leaks out in places like here, maximum bad impact on reputation of QVC (they like to give the impression of being friends to their customers) and eventually dire embarrassment when it has to be admitted live on air, followed by weeping t-callers et al.
b) QVC admit it immediately, come up with some explanation (truthful or not, who can tell?), pledge to fill the gap with something of equal or better quality. Cue sadness and regret but it's all over in a week, tops, and they can forget about it long before Xmas.
You're saying a), then?