Joann Set To Issue An Initial Public Offering
Popular fabric and crafts retailer, Joann, reportedly files a registration statement to issue an initial public offering of stocks
Joann has become the latest retailer to want go public as the Ohio-based company recently filed a registration statement to launch an IPO. The fabric and crafts reportedly grosses over $2.6 billion in annual sales with 855 stores, ranking as a major competitor of the Irving-based arts and crafts retailer Michaels Group.
Joann was founded in 1943, making itone of the oldest players in the market and the only surviving large chain that began as a fabric store. Joann is one of the leaders in the fabric category, with a market share estimated at more than 30%, said Renaissance Capital. Joann is reported to be initially planning to raise $100 million. However, the amount was probably a placeholder for a deal the company estimates could raise up to $400 million, Renaissance said.
Several other retailers in recent weeks have expressed interest in filing IPOs, with the list including Petco and Instacart. Saks Fifth Avenue has said it may spin off its Saks.com business. Shares of Mytheresa, the former German-based subsidiary of Dallas-based Neiman Marcus, started trading in late January, with the IPO raisingabout $407 million.
The shares of Joann will be listed on NASDAQ with the symbol JOAN.BofA Securities, Credit Suisse, Guggenheim Securities, Barclays, Wells Fargo Securities, Piper Sandler and William Blair are reported to be taking the shares to market, with Telsey Advisory Group acting as co-manager for the proposed offering.
Michaels and Joann were in the process of building up their online businesses before the Covid-19 pandemic, with the chains quickly ratcheting up that side of the business in 2020, following customers need to shop online and do curbside pickup.
Wade Miquelon, the CEO of Joann stated in the IPO registration statement that the company’s accomplishments during the pandemic were driven by the efforts that have been under way since 2016, to transform Joann into a digitally focused retailer.
Miquelon replaced Jill Soltau following her departure to try to create a turnaround strategy at J.C. Penney. Penney hired her as the CEO in late 2018 and she left the department store chain in December after it was sold out of bankruptcy to Simon and Brookfield.
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