FILE-Cars sit in the parking lot outside a Joann store in Davenport, Iowa. (Daniel Acker/Bloomberg via Getty Images)
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.S. stores.
Why is Joann filing for bankruptcy again?
Joann is searching for a buyer to rescue the company from liquidation.
Court documents obtained by Bloomberg show that under a proposed deal with lenders who are owed over $450 million, Joann would be required to hold an auction within 30 days or risk losing its access to money being held as collateral.
RELATED: Joann, the fabrics…
