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

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.

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.