Joann, the well-known fabrics and craft store company, has announced plans to close approximately 500 stores across the country as it seeks to reorganize during Chapter 11 bankruptcy protection, the company announced this week.

Craft retailer Joann said on Wednesday it has sought the court's permission to close 500 stores across the United States as part of its ongoing bankruptcy process. In January, Joann filed for Chapter 11 protection in Delaware as inventory shortages and increased competition forced the retailer into bankruptcy for the second time in less than a year.