JOANN Stores has submitted the paperwork for a proposed $100 million initial public offering, according to the SEC. The proceeds of the IPO are intended for “general corporate purposes,” according to the filing.
However, the filing could be a placeholder for a deal that could raise up to $400 million, according to IPO research firm Renaissance Capital. The company noted that JOANN has 860 stores and controls approximately one-third of market share for sewing sales. The retailer also has pivoted to an omnichannel model in recent years which positions it for success in a post-COVID world.
JOANN was recognized for some of its latest efforts by Retail TouchPoints during the 2020 Retail Innovator Awards. Chris DiTullio, Chief Customer Officer at JOANN Stores, won in the Marketing/Promotions category for leading the implementation of a new product that lets retailers simulate different promotion scenarios, allowing them to see the unit and margin impact and make a more informed decision on promotion planning. This helps the JOANN team weigh the quantity increase against the margin decrease during sales events.