The 82-year-old retailer Joann confirmed in a corporate statement Wednesday that ongoing soft sales and inventory issues had forced it to file for Chapter 11 once again.

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.

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.

The specialty retail chain, which says it has $615 million in debt and just $8 million in cash, is seeking Chapter 11 protection for the second time in a year.

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.

Fabric retailer Joann's is facing a cash crunch, and could file Chapter 11-the second in less than a year-before the end of January.

When the company exited bankruptcy in April 2024, it touted its "strongest financial foundation in many years."

Joann, the crafts and fabrics chain, has filed for bankruptcy a second time in less than a year. The Ohio-based company first filed for bankruptcy in March 2024 and became a private company a month later to keep its U.

Joann Fabrics has once again filed for Chapter 11 bankruptcy protection and said it would try to sell the business.“The company is seeking court approv