The specialty retail chain, which says it has $615 million in debt and just $8 million in cash, is seeking Chapter 11 protection for the second time in a year.

Joann, a once popular craft chain, has filed for voluntary Chapter 11 bankruptcy proceedings, according to a an announcement.

For the second time since March, national crafts retailer Joann has filed for Chapter 11 bankruptcy and is now looking for a buyer. On Tuesday, the Ohio-based chain confirmed stores will remain open and employees will continue to be paid while it seeks a sale of the company.