8 ON YOUR SIDE: JOANN files for bankruptcy for a second time in a year

A logo sign outside of a Joann retail store is seen in Arlington Heights, Ill., Wednesday, Jan. 15, 2025. (AP Photo/Nam Y. Huh)

8 ON YOUR SIDE: The fabrics and crafts store chain JOANN has filed for bankruptcy for a second time within a year.

The 82-year-old chain blamed slow sales and inventory issues for the filing.

JOANN first filed for bankruptcy in March of 2024, and emerged a month later as a private company. It kept all stores open.

This time, JOANN is seeking to sell most of its assets.

Gordon Brothers Retail Partners, which recently bought much of Big Lots, has already emerged as a potential buyer and made a bid. The price hasn’t been announced.

JOANN stores and its website remain open for now. The chain has stores in Montgomery and elsewhere in Alabama, plus a distribution center in Opelika.