Joann Inc. announces plans to close around 500 of its 850 stores as part of its strategy to restructure in light of slumping sales and a second Chapter 11 bankruptcy filing. The closures will affect nearly every state, particularly California, Florida, and Great Lakes regions. The company cites unsustainable debt and inventory challenges, indicating a shift towards maximizing business value through a potential sale process. Going-out-of-business sales are expected to begin soon at the affected locations.