Craft supplier Joann to close 60% of its stores across U.S. as it looks for a buyer

A Joann retail store seen here in Arlington Heights, Ill., on Jan. 15 is among the outlets slated for closure.

The move to close 500 stores comes after Joann declared bankruptcy for the second time in less than a year. The closures would leave it with far fewer stores than competitors Hobby Lobby and Michaels.

(Image credit: Nam Y. Huh)