Joann Files IPO

The 78-year-old chain has seen growth in sales and customer database
Posted February 19, 2021

Fabrics and crafts retailer Joann (Hudson, Ohio) filed an S-1 registration with the SEC for a public offering, reports Forbes.

In 2020, total comparable sales were up 38 percent since May, and over eight million new customers were added to Joann’s marketing database.

Joann President and CEO Wade Miquelon told Forbes: “Over the last four or five years we’ve done a lot of work to really transform the business and take it to the next level.”

Miquelon continued: “We’re seeing a lot more do-it-yourself, a lot more personalization, and major movements on market exchanges like Etsy and Shopify where people are converting their kitchen table into manufacturing plants. We feel those are solid trends we play into really well.”