Joann, a once popular craft chain, has filed for voluntary Chapter 11 bankruptcy proceedings, according to a an announcement. The filing, the release says, is to help “facilitate a sale process to maximize the value of the business.” It’s the second time in two years the Ohio-based chain, which describes itself as “the nation’s category leader in sewing and fabrics with one of the largest arts and crafts offerings,” has filed for bankruptcy. “Since becoming a private company in April, the Board and management team have continued to execute on top- and bottom-line initiatives to manage costs and drive value,” Michael Prendergast, interim chief executive officer of JOANN, said in a statement. “However, the last several years have presented significant and lasting challenges in the retail environment, which, coupled with our current financial position and constrained inventory levels, forced us to take this step. After carefully reviewing all available strategic paths, we have determined that initiating a court-supervised sale process is the best course of action to maximize the value of the business. We hope that this process enables us to find a path that would allow JOANN to continue operating as a going concern.” According to the Wednesday announcement, Joann’s more than 800 stores and its website “are open in the ordinary course and continue to serve customers.” Team members are also continuing to receive pay and benefits, the announcement said. “On behalf of the Board and leadership, I want to thank the thousands of JOANN Team Members across the nation for their dedication to our customers and mission, especially in light of everything our company has gone through in recent years,” Prendergast’s statement read. “We remain committed to continuing to support them and serving our customers – the sewists, quilters, crocheters, crafters and other creative enthusiasts we have served for more than 80 years – during the process.” The company was originally founded in 1943. According to the filing, Joann is looking to “commence a process for the sale of substantially all of its assets.” With that, Gordon Brothers Retail Partners “would serve as the ‘stalking horse’ bidder.” That would mean the sale would be open to other potential bids, though Gordon Brothers would set the floor for the auction process. “If the sale to Gordon Brothers is ultimately completed, Gordon Brothers has indicated that it intends to pursue a liquidation of the company and conduct going-out-of-business sales at all store locations,” the company said. The filing comes as a number of major chains announce closures. Walgreens announced plans to close up to 1,200 “underperforming stores” by 2027. Kohl’s announced 27 closures set for April of this year. Macy’s announced it would close 66 stores nationwide. And Party City, a popular party and balloon supplies store, is closing hundreds of stores as it goes out of business.