Stores will remain open for now, but Joann says a “stalking horse” bidder has grim plans for the beloved arts-and-crafts retailer if it can’t find a better offer. Popular arts-and-crafts retailer Joann Inc.

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.