Joann files for bankruptcy again [Video]

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, the entire cessation of production” of important items that shoppers come to the store for. That stunted sales and put its $615 million debt in an “untenable position.”The company joins a growing list of struggling brick-and-mortar stores that are unable to stay financially viable in a changing consumer environment. Inflation has made Americans dial back on discretionary purchases. The post-pandemic shopping …