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.

Sewing and crafts retailer Joann will close 500 of its 800 stores in the United States while undergoing bankruptcy restructuring.

Fabric and crafts chain Joann filed a motion to close hundreds of underperforming stores as part of Chapter 11 bankruptcy proceedings.