(WJET/WFXP) — Craft retailer JOANN has filed for Chapter 11 bankruptcy for the second time in a year Wednesday morning. Now, the company has moved to sell the company. The filing comes after JOANN moved to close several of its locations around the nation. However, despite these closures, the company announced that all its stores will remain open during the process, and online shopping will also be available. North Carolina company buying 400 Big Lots stores with plans to save business JOANN previously filed for bankruptcy in March 2024, where it originally cited issues with increasing interest rates and decreasing sales after a spike in sales during the COVID-19 lockdown in 2021 and 2022. Despite attempts in June 2023 to reduce costs, at the time of filing, the company held over $1.06 billion in funded debt. Following this, it quickly exited its Chapter 11 bankruptcy and became a private company nearly a month later saying it had strengthened its balance sheet while improving liquidity. A year later, the company is now looking to sell the company. Once exiting the previous bankruptcy, JOANN began to implement its next business plan, but those plans hit a major roadblock when they experienced unanticipated inventory challenges coupled with steady, excessive sluggish retail sales. These two factors combined put JOANN back in major debt, which now sits at approximately $615 million. Inflation and high interest rates, as referenced in the previous filing, continued to impact the company despite a strong emergence from its last restructuring. The company did post net sales of $2 billion in 2024, though, the inventory challenges ultimately did "irreparable harm" to its ability to service its restructured funded debt. As part of the bidding process, a stalking horse bidder, Gordon Brothers Retailer Partners, has been established and has set the base price for bidding. The company, which was founded in 1943, currently operates approximately 800 stores along with 40 distribution centers. JOANN currently employs 19,000 employees, 3,400 of whom are full-time and 15,600 are part-time. The retailer is best known for selling its sewing, arts and crafts, home decor, and additional merchandise.