Joann, a fabric and craft retailer, announced it filed for bankruptcy for the second time within a year due to financial and inventory issues.

Joann fabrics and craft store filed for bankruptcy for a second time within a year and is seeking a sale. The retailer said sluggish sales and inventory issues forced Joann to file for Chapter 11 again,

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.