On Wednesday, Joann announced it would be shutting down over half of its locations nationwide following a second bankruptcy filing within a year.

The craft and fabric retailer plans to close roughly 500 of its 800 stores, stating that “right-sizing our store footprint is essential to pave the way for future success,” according to a company representative.

“This decision was incredibly challenging, as we understand the significant impact it will have on our employees, customers, and the communities we serve,” the spokesperson shared with The Post.

Earlier, CNN reported on these impending store closures.

Locations are expected to shut down in all 50 states, with the most significant losses occurring in California, New York, Florida, Indiana, Michigan, and Pennsylvania, as detailed in court documents.

The fabric retailer initially filed for bankruptcy in March 2024, but managed to emerge as a private entity shortly thereafter, keeping all stores operational.

Recently, Joann’s interim CEO, Michael Prendergast, attributed the latest bankruptcy to a tough retail landscape, where consumers are limiting spending due to persistent inflation and decreased sales.

The company also cited “acute and unexpected” inventory challenges as contributing factors, as mentioned in their filing.

Prendergast indicated that the company is actively seeking a new buyer in light of its recent challenges.

“After thoroughly evaluating all strategic options, we concluded that initiating a court-supervised sale process is the best way to maximize the business’s value,” Prendergast stated.

“We hope this process will help us find a way for Joann to continue operating as a viable entity,” he added.

As potential buyers examined the business, “the debtors and their advisors identified underperforming stores that are unlikely to be part of any ongoing operation bid,” according to court filings.

Joann isn’t the only retailer facing challenges amid falling sales as persistent inflation heavily impacts the sector.

Inflation rates have shown little sign of abating, rising to 3% last month, as reported by the Bureau of Labor Statistics’s Consumer Price Index released Wednesday.

Department stores are particularly struggling as consumers remain cautious, with retailers like Kohl’s and Macy’s both planning to close several locations this year.