Joann, a fabric and craft retailer, announced it filed for bankruptcy for the second time within a year due to financial and inventory issues.

Joann fabrics and craft store has filed for bankruptcy — again. The craft retailer filed for bankruptcy Wednesday, about nine months after its first bankruptcy filing in March 2024. After last year's filing, the company went private and was able to keep all of its stores open, despite owing $1 billion in debt.

For the second time since March, national crafts retailer Joann has filed for Chapter 11 bankruptcy and is now looking for a buyer. On Tuesday, the Ohio-based chain confirmed stores will remain open and employees will continue to be paid while it seeks a sale of the company.