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                                                                   Exhibit 10.48

                              EMPLOYMENT AGREEMENT


     THIS AGREEMENT made as of the 30th day of April, 2000, by and between
ValueVision International, Inc., a Minnesota corporation (hereinafter referred
to as "Employer"), and Nathan Fagre (hereinafter referred to as "Employee").

                                   WITNESSETH:

     WHEREAS, Employer desires to obtain the services of Employee and Employee
desires to be employed by Employer as an employee on the terms and conditions
set forth below;

     NOW, THEREFORE, in consideration of the premises and mutual promises
contained in this Agreement, the parties hereto agree as follows:

     1.   Employment. Employer agrees to employ Employee and Employee agrees to
          be employed by Employer on the terms and conditions set forth in this
          Agreement.

     2.   Term. The term of Employee's employment hereunder shall commence on
          the date hereof and shall continue on a full-time basis until the
          third anniversary of the date hereof (the "Term"), provided that
          Employee shall not commence working or receive any compensation until
          May 1, 2000. The "Employment Period" for purposes of this Agreement
          shall be the period beginning on the date hereof and ending at the
          time Employee shall cease to act as an employee of Employer.

     3.   Duties. Employee shall serve as Senior Vice President and General
          Counsel of Employer reporting to Employer's Chairman and Chief
          Executive Officer and shall perform the duties as assigned by
          Employer, from time to time, and shall faithfully, and to the best of
          his ability, perform such reasonable duties and services of an active,
          executive, administrative and managerial nature as shall be specified
          and designated, from time to time, by Employer. Employee agrees to
          devote his full time and skills to such employment while he is so
          employed, subject to a vacation allowance of not less than four (4)
          weeks during each year of the Term except for two (2) weeks during
          calendar year 2000, or such additional vacation allowance as may be
          granted in the sole discretion of Employer. Employer's Chairman and
          Chief Executive Officer shall provide Employee with a performance
          review at least annually.

     4.   Compensation. Employee's compensation for the services performed under
          this Agreement shall be as follows:

          a.   Base Salary. Employee shall receive a base salary of at least Two
               Hundred Thousand and No/100 Dollars ($200,000.00) per year for
               the Term of this Agreement ("Base Salary").

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          b.   Bonus Salary. Employee shall receive bonus salary ("Bonus
               Salary") within 90 days after each of Employers' fiscal years
               during the Term of this Agreement of up to $100,000 based on the
               following calculation: $25,000 if ValueVision obtains an
               operating profit equal to at least 1% of net sales, an additional
               $25,000 if ValueVision obtains a net operating profit of at least
               2% of net sales, an additional $25,000 if ValueVision obtains a
               net operating profit of at least 3% of net sales and an
               additional $25,000 if ValueVision obtains a net operating profit
               of at least 4% of net sales, unless prior to such date,
               Employee's employment shall be terminated pursuant to Sections
               6.c. or 6.d. hereof. Employer may in its discretion pay Employee
               bonus amounts greater than the Bonus Salary as calculated above
               in any fiscal year.

          c.   Automobile Allowance. Employer shall pay Employee a monthly
               automobile allowance of $550.00 per month ("Auto Allowance").

          d.   Moving Expenses. Employer shall pay for the normal household
               moving expenses associated with Employee's move to Minneapolis
               from California ("Moving Expenses") in accordance with Employer's
               relocation expense policy previously provided to Employee.

     5.   Other Benefits During the Employment Period.


          a.   Employee shall receive all other benefits made available to
               executive officers of Employer, from time to time, at its
               discretion ("Benefits"). It is understood and agreed that
               Employer may terminate such Benefits or change any benefit
               programs at its sole discretion, as they are not contractual for
               the term hereof.

          b.   Employer shall reimburse Employee for all reasonable and
               necessary out-of-pocket business expenses incurred during the
               regular performance of services for Employer, including, but not
               limited to, entertainment and related expenses so long as
               Employer has received proper documentation of such expenses from
               Employee.

          c.   Employer shall furnish Employee with such working facilities and
               other services as are suitable to Employee's position with
               Employer and adequate to the performance of his duties under this
               Agreement.

     6.   Termination of Employment.


          a.   Death. In the event of Employee's death, this Agreement shall
               terminate and Employee shall cease to receive Base Salary, Bonus
               Salary, Auto Allowance, and Benefits as of the date on which his
               death occurs, except that, Employee shall receive Bonus Salary
               prorated for the number of months to date of death.


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          b.   Disability. If Employee becomes disabled such that Employee
               cannot perform the essential functions of his job, and the
               disability shall have continued for a period of more than one
               hundred twenty (120) consecutive days, then Employer may, in its
               sole discretion, terminate this Agreement and Employee shall then
               cease to receive Base Salary, Bonus Salary, Auto Allowance, and
               all other Benefits, on the date this Agreement is so terminated
               except that, Employee shall receive Bonus Salary prorated for the
               number of months to date of disability; provided however,
               Employee shall then be entitled to such disability, medical, life
               insurance, and other benefits as may be provided generally for
               disabled employees of Employer when payments and benefits
               hereunder ceases.

          c.   Voluntary Termination. In the event that Employee voluntarily
               terminates his employment, he shall cease to receive Base Salary,
               Bonus Salary, Auto Allowance, and all other Benefits as of the
               date of such termination. In addition, Employee shall repay
               Employer on a pro-rata basis (calculated based on the remaining
               months in the Term), the Moving Expenses.

          d.   Termination With Cause. Employer shall be entitled to terminate
               this Agreement and Employee's employment hereunder for Cause (as
               herein defined), and in the event that Employer elects to do so,
               Employee shall cease to receive Base Salary, Bonus Salary, Auto
               Allowance, and Benefits as of the date of such termination
               specified by Employer. In addition, Employee shall repay Employer
               on a pro-rata basis (calculated based on the remaining months in
               the Term), the Moving Expenses. For purposes of this Agreement,
               "Cause" shall mean: (i) a material act or act of fraud which
               results in or is intended to result in Employee's personal
               enrichment at the direct expense of Employer, including without
               limitation, theft or embezzlement from Employer; (ii) public
               conduct by Employee substantially detrimental to the reputation
               of Employer, (iii) material violation by Employee of any Employer
               policy, regulation or practice; (iv) conviction of a felony; or
               (v) habitual intoxication, drug use or chemical substance use by
               any intoxicating or chemical substance. Notwithstanding the
               forgoing, Employee shall not be deemed to have been terminated
               for Cause unless and until Employee has received thirty (30)
               days' prior written notice (a "Dismissal Notice") of such
               termination. In the event Employee does not dispute such
               determination within thirty (30) days after receipt of the
               Dismissal Notice, Employee shall not have the remedies provided
               pursuant to Section 6.g. of this Agreement. In addition, Employee
               shall repay Employer on a pro-rata basis (calculated based on the
               remaining months in the Term), the Moving Expenses.

          e.   By Employee for Employer Cause. Employee may terminate this
               Agreement upon thirty (30) days written notice to Employer (the
               "Employee Notice") upon the occurrences without Employee's
               express written consent, of any one or more of the following
               events, provided, however, that Employee shall not have the right
               to terminate this Agreement if Employer is able to cure such
               event within thirty (30)


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               days (ten (10) days with regard to Subsection (ii) hereof)
               following delivery of such notice:

               (i)  Employer substantially diminishes Employee's duties such
                    that they are no longer of an executive nature as
                    contemplated by Section 3 hereof; or

               (ii) Employer materially breaches its obligations to pay Employee
                    as provided for herein and such failure to pay is not a
                    result of a good faith dispute between Employer and
                    Employee.


          f.   Other. If Employer terminates this Agreement for any reason other
               than as set forth in Sections 6.a, 6.b., 6.c or 6.d. above, or if
               Employee terminates this Agreement pursuant to Section 6.e.
               above, Employer shall immediately pay Employee in a lump sum
               payment, an amount equal to Base Salary, Bonus Salary and Auto
               Allowance which would otherwise be payable until the end of the
               Term (collectively, the "Severance Payment"). In addition,
               Employer shall continue to provide Employee with Benefits until
               the end of the Term. For purposes of calculating Bonus Salary
               payable pursuant to this Section 6.f., Employee shall receive
               Bonus Salary equal to the last Bonus Salary actually paid the
               Employee, prorated for the number of months to be covered by the
               Severance Payment.

          g.   Arbitration. In the event that Employee disputes a determination
               that Cause exists for terminating his employment pursuant to
               Section 6.d. of this Agreement, or Employer disputes the
               determination that cause exists for Employee's termination of his
               employment pursuant to Section 6.e of this Agreement, either such
               disputing party may, in accordance with the Rules of the American
               Arbitration Association ("AAA"), and within 30 days of receiving
               a Dismissal Notice or Employee Notice, as applicable, file a
               petition with the AAA for arbitration of the dispute, the costs
               thereof (including legal fees and expenses) to be shared equally
               by the Employer and Employee unless an order of the AAA provides
               otherwise. Such proceeding shall also determine all other items
               then in dispute between the parties relating to this Agreement,
               and the parties covenant and agree that the decision of the AAA
               shall be final and binding and hereby waive their rights to
               appeal thereof.

     7.   Confidential Information. Employee acknowledges that the confidential
          information and data obtained by him during the course of his
          performance under this Agreement concerning the business or affairs of
          Employer, or any entity related thereto, are the property of Employer
          and will be confidential to Employer. Such confidential information
          may include, but is not limited to, specifications, designs, and
          processes, product formulae, manufacturing, distributing, marketing or
          selling processes, systems, procedures, plans, know-how, services or
          material, trade secrets, devices (whether or not patented or
          patentable), customer or supplier lists, price lists, financial
          information including, without limitation, costs of materials,
          manufacturing processes


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          and distribution costs, business plans, prospects or opportunities,
          and software and development or research work, but does not include
          Employee's general business or direct marketing knowledge (the
          "Confidential Information"). All the Confidential Information shall
          remain the property of Employer and Employee agrees that he will not
          disclose to any unauthorized persons or use for his own account or for
          the benefit of any third party any of the Confidential Information
          without Employer's written consent. Employee agrees to deliver to
          Employer at the termination of this employment, all memoranda, notes,
          plans, records, reports, video and audio tapes and any and all other
          documentation (and copies thereof) relating to the business of
          Employer, or any entity related thereto, which he may then possess or
          have under his direct or indirect control. Notwithstanding any
          provision herein to the contrary, the Confidential Information shall
          specifically exclude information which is publicly available to
          Employee and others by proper means, readily ascertainable from public
          sources known to Employee at the time the information was disclosed or
          which is rightfully obtained from a third party, information required
          to be disclosed by law provided Employee provides notice to Employer
          to seek a protective order, or information disclosed by Employee to
          his attorney regarding litigation with Employer.

     8.   Inventions and Patents. Employee agrees that all inventions,
          innovations or improvements in the method of conducting Employer's
          business or otherwise related to Employer's business (including new
          contributions, improvements, ideas and discoveries, whether patentable
          or not) conceived or made by him during the Employment Period belong
          to Employer. Employee will promptly disclose such inventions,
          innovations and improvements to Employer and perform all actions
          reasonably requested by Employer to establish and confirm such
          ownership.

     9.   Noncompete and Related Agreements.

          a.   Employee agrees that during the Noncompetition Period (as herein
               defined), he will not: (i) directly or indirectly own, manage,
               control, participate in, lend his name to, act as consultant or
               advisor to or render services alone or in association with any
               other person, firm, corporation or other business organization
               for any other person or entity engaged in the television home
               shopping and infomercial business, any mail order or internet
               business that directly competes with Employer or any of its
               affiliates by selling merchandise primarily of the type offered
               in and using a similar theme as any of Employer's or its
               affiliates' catalogs or internet sites during the Term of this
               Agreement or any business which Employer (upon authorization of
               its board of directors) has invested significant research and
               development funds or resources and contemplates entering into
               during the next twelve (12) months (the "Restricted Business"),
               anywhere that Employer or any of its affiliates operates during
               the Term of this Agreement within the continental United States
               (the "Restricted Area"); (ii) have any interest directly or
               indirectly in any business engaged in the Restricted Business in
               the Restricted Area other than Employer (provided that nothing
               herein will prevent Employee from owning in the aggregate not
               more than one percent (1%) of the outstanding stock of any class
               of a corporation engaged in the Restricted Business in the
               Restricted Area which is publicly traded, so long as Employee has
               no


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               participation in the management or conduct of business of such
               corporation), (iii) induce or attempt to induce any employee of
               Employer or any entity related to Employer to leave his, her or
               their employ, or in any other way interfere with the relationship
               between Employer or any entity related to Employer and any other
               employee of Employer or any entity related to Employer, or (iv)
               induce or attempt to induce any customer, supplier, franchisee,
               licensee, other business relation of any member of Employer or
               any entity related to Employer to cease doing business with
               Employer or any entity related to Employer, or in any way
               interfere with the relationship between any customer, franchisee
               or other business relation and Employer or any entity related to
               Employer, without the prior written consent of Employer. For
               purposes of this Agreement, "Noncompetition Period" shall mean
               the period commencing as of the date of this Agreement and ending
               on the last day of the sixth (6th) month following the date on
               which Employee is terminated during the Term of this Agreement.

          b.   If, at the time of enforcement of any provisions of Section 9, a
               court of competent jurisdiction holds that the restrictions
               stated therein are unreasonable under circumstances then
               existing, the parties hereto agree that the maximum period, scope
               or geographical area reasonable under such circumstances will be
               substituted for the stated period, scope or area.

          c.   Employee agrees that the covenants made in this Section 9 shall
               be construed as an agreement independent of any other provision
               of this Agreement and shall survive the termination of this
               Agreement.

          d.   Employee represents and warrants to Employer that he is not
               subject to any existing noncompetition or confidentiality
               agreements which would in any way limit him from working in the
               television home shopping, catalog, infomercial or internet
               businesses, or from performing his duties hereunder or subject
               Employer to any liability as a result of his employment
               hereunder. Employee agrees to indemnify and hold Employer and its
               affiliates harmless from and against any and all claims,
               liabilities, losses, costs, damages and expenses (including
               reasonable attorneys' fees) arising as a result of any noncompete
               or confidentiality agreements applicable to Employee.

     10.  Termination of Existing Agreements. This Agreement supersedes and
          preempts any prior understandings, agreements or representations,
          written or oral, by or between Employee and Employer, which may have
          related to the employment of Employee, Employee's Agreement Not to
          Compete with Employer, or the payment of salary or other compensation
          by Employer to Employee, and upon this Agreement becoming effective,
          all such understandings, agreements and representations shall
          terminate and shall be of no further force or effect.

     11.  Specific Performance. Employee and Employer acknowledge that in the
          event of a breach of this Agreement by either party, money damages
          would be inadequate and the nonbreaching party



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          would have no adequate remedy at law. Accordingly, in the event of any
          controversy concerning the rights or obligations under this Agreement,
          such rights or obligations shall be enforceable in a court of equity
          by a decree of specific performance. Such remedy, however, shall be
          cumulative and nonexclusive and shall be in addition to any other
          remedy to which the parties may be entitled.

     12.  Sale, Consolidation or Merger. In the event of a sale of the stock, or
          substantially all of the stock, of Employer, or consolidation or
          merger of Employer with or into another corporation or entity, or the
          sale of substantially all of the operating assets of Employer to
          another corporation, entity or individual, Employer may assign its
          rights and obligations under this Agreement to its
          successor-in-interest and such successor-in-interest shall be deemed
          to have acquired all rights and assumed all obligations of Employer
          hereunder.

     13.  Stock Options. Employee is being granted non-qualified stock options
          for 200,000 shares of ValueVision International, Inc. common stock
          ("Stock Options") with an exercise price of $19.9375 per share (being
          the per share closing price of Employer's common stock on the last
          trading day immediately preceding the date hereof), subject to the
          provisions of and exercisable at the time or times established by the
          stock option agreement representing the Stock Options (the "Stock
          Option Agreement"). The Stock Options vest in equal amounts as
          follows: one-third on the date of grant, one-third on the first
          anniversary of the date of grant, and one-third on the second
          anniversary of the date of grant. All such Stock Options shall
          automatically vest upon a termination of this Agreement prior to the
          end of the Term (unless pursuant to Sections 6.c or 6.d.).

     14.  No Offset - No Mitigation. Employee shall not be required to mitigate
          damages under this Agreement by seeking other comparable employment.
          The amount of any payment or benefit provided for in this Agreement,
          including welfare benefits, shall not be reduced by any compensation
          or benefits earned by or provided to Employee as the result of
          employment by another employer.

     15.  Waiver. The failure of either party to insist, in any one or more
          instances, upon performance of the terms or conditions of this
          Agreement shall not be construed as a waiver or relinquishment of any
          right granted hereunder or of the future performance of any such term,
          covenant or condition.

     16.  Attorney's Fees. In the event of any action for breach of, to enforce
          the provisions of, or otherwise arising out of or in connection with
          this Agreement, the prevailing party in such action, as determined by
          a court of competent jurisdiction in such action, shall be entitled to
          receive its reasonable attorney fees and costs from the other party.
          If a party voluntarily dismisses an action it has brought hereunder,
          it shall pay to the other party its reasonable attorney fees and
          costs.

     17.  Notices. Any notice to be given hereunder shall be deemed sufficient
          if addressed in writing, and delivered by registered or certified mail
          or delivered personally: (I) in the case of Employer, to Employer's
          principal business office; and (ii) in the case of Employee, to his
          address appearing on the records of Employer, or to such other address
          as he may designate in writing to Employer.


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     18.  Severability. In the event that any provision shall be held to be
          invalid or unenforceable for any reason whatsoever, it is agreed such
          invalidity or unenforceability shall not affect any other provision of
          this Agreement and the remaining covenants, restrictions and
          provisions hereof shall remain in full force and effect and any court
          of competent jurisdiction may so modify the objectionable provisions
          as to make it valid, reasonable and enforceable.

     19.  Amendment. This Agreement may be amended only by an agreement in
          writing signed by the parties hereto.

     20.  Benefit. This Agreement shall be binding upon and inure to the benefit
          of and shall be enforceable by and against Employee's heirs,
          beneficiaries and legal representatives. It is agreed that the rights
          and obligations of Employee may not be delegated or assigned except as
          specifically set forth in this Agreement.

     21.  Governing Law. This Agreement shall be governed by and construed in
          accordance with the laws of Minnesota.




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     IN WITNESS WHEREOF, the parties hereto have executed or caused this
Agreement to be executed as of the day, month and year first above written.


EMPLOYER:                              VALUEVISION INTERNATIONAL, INC.


                                       By : /s/  Gene McCaffery
                                           -------------------------------------
                                            Its:   Chief Executive Officer




EMPLOYEE:                              /s/ Nathan Fagre
                                       -----------------------------------------
                                           Nathan Fagre