New York CNN —
Joann, the fabrics and crafts retailer, has filed for bankruptcy for a second time within a year and announced that it’s seeking a sale.
The 82-year-old retailer said in statement Wednesday that sluggish sales and inventory issues forced Joann to file for Chapter 11 again. Joann first filed for bankruptcy in March 2024 and emerged a month later as a private company, keeping all of its stores open.
Joann blamed inventory issues that were “acute and unexpected,” revealing in court documents that it faced an “unexpected ramp-down, and, in some cases,
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