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.

In a Feb. 12 court filing, Joann lays out 533 locations in a list of “initial store closings,” which amounts to approximately 63% of the roughly 850 stores the company reported having as this latest bankruptcy commenced last month.

Bankrupt arts and crafts retailer Joann is closing about 500 of its 800 stores, the company announced Wednesday. The big picture: The retailer is pursuing a bankruptcy sale of its assets but has determined that many of its locations won't attract a buyer,