Fabric and crafts retail company Jo-Ann Stores LLC., publicly known as Joann, has filed for bankruptcy for the second time in a year.
The company filed a petition for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the District of Delaware on Jan. 15, seeking court approval to sell “substantially all of its assets” to Massachusetts-based Gordon Brothers Retail Partners, according to a Jan. 15 statement from Jo-Ann Stores. Founded in the 1940s, the Ohio-based brand has approximately 850 stores spread across 49 states and employs around 19,000 people.