Could a Joann fabric, craft store be closing near you? The national retail chain is declaring bankruptcy for the second time in a year. What we know

The craft supplies and fabric retailer Joann filed for bankruptcy for the second time in less than a year, as the chain wrestles with declining sales and inventory shortages, the company said Wednesday.

The specialty retail chain, which says it has $615 million in debt and just $8 million in cash, is seeking Chapter 11 protection for the second time in a year.