Joann files for Chapter 11 bankruptcy again, aims to sell assets, close stores, and restructure amidst financial struggles.

Joann, a once popular craft chain, has filed for voluntary Chapter 11 bankruptcy proceedings, according to a an announcement.

Last year was tough for brick-and-mortar businesses big and small, and this year is starting off no differently. Joann Fabrics announced that it was declaring Chapter 11 bankruptcy for the second time within a 12-month period as it seeks a buyer to rescue the beleaguered chain.