Arts-and-crafts retailer Joann Inc. JOAN, has filed its initial public offering prospectus with plans to offer 10.9 million shares priced at $15 to $17 each.
工艺品零售商Joann Inc.。该公司已提交了首次公开募股招股说明书，计划以每股15至17美元的价格发行1,090万股股票。
The Hudson, Oh.-based company expects to trade on the Nasdaq under the ticker “JOAN.” There are 11 banks underwriting the deal, led by BofA Securities and Credit Suisse.
哈德逊,哦。这家总部位于美国的公司预计将在纳斯达克上市交易，股票代码为“JOAN”。以美银证券(BofA Securities)和瑞士信贷(Credit Suisse)为首的11家银行承销了这笔交易。
Joann was previously a publicly traded company, but was taken private by private-equity firm Leonard Green & Partners in 2011 in a $1.6 billion deal that left if saddled with debt. The company was founded nearly 75 years ago in Cleveland.
乔安此前是一家上市公司，但在2011年被私募股权公司Leonard Green & Partners以16亿美元收购，导致乔安背上债务负担。该公司于近75年前在克利夫兰成立。
Joann calls itself the leader in the sewing category, but is growing in the broader arts-and-crafts category, which has gained interest during COVID-19 as shoppers spend more time at home and seek out pastimes.
乔安称自己是缝纫类的领先者，但在更广泛的工艺品类领域，她的业务正在增长。在2019冠状病毒病期间，随着购物者花更多时间呆在家里，寻找消遣方式，这一领域的兴趣越来越浓厚。
See: Dollar Tree expanding in fresh food, higher prices, and new store formats
参见:Dollar Tree在新鲜食品、更高的价格和新的商店形式方面进行扩张
Michaels Cos. Inc. MIK, -0.32% announced on March 3 that it will be taken private in a $3.3 billion deal, and the following day reported fourth-quarter profit and sales that beat expectations.
因为麦克。公司。3月3日，MIK宣布将以33亿美元的价格私有化，次日公布的第四季度利润和销售额超出预期。
And Dollar Tree Inc. DLTR, +0.27% announced last week during its fourth-quarter earnings that it has completed the nationwide rollout of Crafter’s Square, its expanded arts-and-crafts department.
还有美元树公司。上周，该公司在第四季度财报中宣布，其扩大的工艺品部门手工艺坊(crafafter’s Square)已经在全国范围内完成了推广工作。
The tailwinds Joann has enjoyed during COVID-19 were accompanied by headwinds.
乔安在2019冠状病毒病(COVID-19)期间享受的顺风也伴随着逆风。
“[O]ur momentum was temporarily interrupted in fiscal year 2020 by the unanticipated headwind of incremental U.S. tariffs on Chinese imports that we estimate, before mitigation, would have amounted to $75 million of additional annual costs,” wrote Wade Miquelon, chief executive of Joann, in a letter included in the prospectus.
“在2020财年，美国对中国进口商品加征关税的意外阻力，暂时中断了我们的增长势头。我们估计，在关税缓解之前，每年将增加7500万美元的成本，”Joann的首席执行官韦德·密卡伦(Wade Miquelon)在招股说明书中包括的一封信中写道。
However, it was able to reduce its debt load, which stood at $1.36 billion on Nov. 2, 2019 using internally generated cash flow. That allowed the company to retire and repay $433.8 million in principal amount, leaving it with a debt balance of $929.7 million as of October 31, 2020.
然而，该公司能够利用内部产生的现金流减少其债务负担，截至2019年11月2日，其债务负担为13.6亿美元。这使得该公司得以退休并偿还4.338亿美元的本金，截至2020年10月31日，该公司的债务余额为9.297亿美元。
Miquelon has been CEO since February 2019 after serving as chief financial officer and as CEO on an interim basis.
Miquelon自2019年2月起担任首席执行官，此前他曾担任首席财务官和临时首席执行官。
The company has been undergoing a strategic turnaround since 2016, with a focus on digital enhancement and a goal of making gains across “creative products.” Joann’s assortment now spans 95,000 SKUs (stock-keeping units) in stores, and as many as 245,000 SKUs online.
自2016年以来，该公司一直在经历战略转型，专注于数字增强和通过“创意产品”获得收益的目标。乔安的产品种类现在在商店里有95,000个库存单位(库存单位)，在网上多达245,000个库存单位。
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Joann had net sales of $2.241 billion in 2020, up from $2.324 billion in 2019, and $2.314 billion in 2018. But it swung to a net loss of $546.6 million in 2020, after net income of $35.3 million in 2019 and $96.5 million in 2018.
乔安2020年的净销售额为22.41亿美元，高于2019年的23.24亿美元和2018年的23.14亿美元。但在2019年和2018年分别实现净利润3530万美元和9650万美元之后，该公司在2020年出现了5.466亿美元的净亏损。
Joann says the company generated $423 million in net sales during the 12 months ending Oct. 31, 2020 from its omnichannel platform. As of the end of the fiscal third-quarter, the company had more than 69 million customers in its database.
乔安表示，在截至2020年10月31日的12个月里，该公司通过全渠道平台实现了4.23亿美元的净销售额。截至第三财季末，该公司的数据库中有6900多万客户。
Joann’s fiscal year ends on the Saturday closest to the last day of January.
乔安的财政年度在最接近1月最后一天的周六结束。
Joann estimates proceeds from the IPO will come to $78.2 million, assuming an IPO price of $16. The company plans to use the proceeds from the offering to pay down its $72.8 million in outstanding borrowings under a Second Lien Facility.
乔安预计，如果IPO价格为16美元，IPO的收益将达到7,820万美元。该公司计划用此次发行的资金偿还根据第二留置权安排偿还的7,280万美元未偿贷款。
Here are five more things to know about Joann as it prepares to go public:Joann plans to offer a dividend
在乔安准备上市之际，还有五件事需要了解
Joann says it will pay a quarterly dividend of 40 cents per share.
乔安表示，公司将支付每股40美分的季度股息。
And: National Retail Federation forecasts 2021 retail sales growth between 6.5% and 8.2% as COVID-19 vaccine continues roll outJoann has proprietary fabric designs and patterns
并且:美国零售联合会预计，随着COVID-19疫苗的继续推出，2021年零售量增长将在6.5%至8.2%之间
Among the company’s private-label brands are Casa and Place & Time.
公司自有品牌包括Casa和Place & Time。
The company also has a partnership with WeaveUp that allows customers to create their own fabrics and other items using digital printing tools.
该公司还与WeaveUp建立了合作关系，允许客户使用数码打印工具制作自己的面料和其他物品。
And Joann has a patented technology called Ditto that helps users with pinning and cutting sewing patterns, “the most common pain point reported by our customers.”The majority of Joann customers make items to give or donate
乔安拥有一项名为“同上”(Ditto)的专利技术，可以帮助用户钉住和裁剪缝纫图案，“这是我们客户报告的最常见的痛点。”乔安的大多数顾客制作物品来捐赠
Joann says that 70% of its customers make their creations to give away or donate.
乔安表示，70%的客户制作的作品是赠送或捐赠的。
Another quarter of customers make items to be sold on platforms including eBay Inc. EBAY, -1.89% and Etsy Inc.ETSY, -0.07%
另外四分之一的客户生产商品，在eBay等平台上销售。EBAY和Etsy inc .的股价分别下跌1.89%和0.07%
Joann has acquired eight million new customers since Feb. 1, 2020, many of whom made their own face masks. Joann also put a program in place called “Make to Give,” which donates mask-making materials to any individual or organization that needs them.
自2020年2月1日以来，乔安已经获得了800万新客户，其中许多人自己制作口罩。乔安还设立了一个名为“Make to Give”的项目，将制作面具的材料捐赠给任何需要的个人或组织。
“Customers typically purchase from Joann with a project in mind that requires several component items,” the prospectus said.
招股说明书称:“客户向乔安购买产品时，通常考虑的是一个项目，需要几个零部件。”
“In that vein, we believe our physical footprint is an advantage, as most customers regularly want to explore what is new, see how various items and colors work together, see how a fabric drapes, feel the texture and seek help from our experienced team members.”
“在这方面，我们相信我们的物理足迹是一个优势，因为大多数客户经常想要探索新事物，看看各种项目和颜色如何配合，看看面料如何褶皱，感受纹理，并寻求我们经验丰富的团队成员的帮助。”
Many of the new customers are younger and more affluent, and tend to spend more, with many purchasing a crafting machine and subsequently spending an average of more than $500 in the following year.
许多新用户都更年轻、更富有，他们往往会花更多钱，许多人会购买锻造机，然后在接下来的一年平均花费超过500美元。
Joann quotes data from SVP Worldwide showing that the 65% of new sewing enthusiasts in 2020 were 30 years old or younger.
Joann引用SVP Worldwide的数据显示，2020年65%的新缝纫爱好者年龄在30岁或以下。
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Joann’s core customer is a woman in her upper 40s with a higher-than-average household income.Half of Joann’s store locations have been identified for a refresh over the next seven-to-10 years
乔安的核心客户是一位40多岁、家庭收入高于平均水平的女性。在接下来的7到10年里，Joann一半的门店都将进行更新
Joann has four levels of store redesign, costing $150,000 on the low end for a “light” refresh to $3 million for the most extensive revamps. Joann has conducted 24 pilots to devise this tiered plan.
乔安将店面重新设计为四层，低端的“轻度”翻新花费15万美元，最大规模的翻新花费300万美元。乔安已经指导了24个飞行员来设计这个分级计划。
There were 855 Joann stores in 49 states as of Jan. 30, 2021. The company says that a select group are in need of the most extreme redesign.
截至2021年1月30日，乔安在美国49个州有855家门店。该公司表示，一群经过挑选的人需要进行最极端的重新设计。
“Based on the positive outcomes and learnings from these pilots as well as additional improvements being developed, we believe we can achieve an average net sales uplift ranging from 5% to 25% from projects where we refresh an existing location.”Leonard Green & Partners will own more than two-thirds of Joann stock once the company is public
“基于这些试点项目的积极成果和经验，以及正在进行的其他改进，我们相信，通过更新现有地点的项目，我们可以实现平均净销售额增长5%至25%。一旦Joann上市，Leonard Green & Partners将持有其超过三分之二的股份
Joann is controlled by Leonard Green & Partners, and the firm will own 69% of the company’s common stock once shares begin trading, meaning it will continue to make most of the decisions.
乔安目前由伦纳德•格林合伙公司(Leonard Green & Partners)控制，一旦该公司股票开始交易，该公司将持有69%的普通股，这意味着公司将继续做出大部分决策。
As long as Leonard Green owns 50% of common stock, it can nominate up to five directors once the company is public. If it owns a smaller percentage, it can nominate fewer directors. Leonard Green would have to own 10% of shares or fewer to lose the ability to nominate at least one director.
只要伦纳德·格林持有50%的普通股，一旦公司上市，他就可以提名最多五名董事。如果它拥有的股份比例更小，它可以提名的董事也更少。伦纳德·格林必须持有10%或更少的股份才能失去提名至少一名董事的资格。
“Accordingly, LGP currently controls the election of our directors and could exercise a controlling interest over our business, affairs and policies, including the appointment of our management and the entering into of business combinations or dispositions and other corporate transactions,” the prospectus said.
招股说明书称:“因此，LGP目前控制着我们董事的选举，并可以对我们的业务、事务和政策行使控股权，包括任命我们的管理层、进行业务合并或处置以及其他公司交易。”