Joann Fabrics announced it was declaring Chapter 11 bankruptcy for the second time within a 12-month period as it seeks a buyer to rescue the beleaguered chain. Chapter 11 bankruptcies provide businesses with some breathing room to get their finances in order without liquidating all their assets and effectively go out of business.

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

Joann Fabrics is filing for bankruptcy for the second time since last March, and there is already talk of a bidder that might buy the company.