Several Joann stores are closing as the fabric and crafts store files for Chapter 11 bankruptcy for the second time.

For some companies, bankruptcy can mean the end. For others, it can be a way to restructure and stay afloat amid business challenges.

The chain is the latest national retailer to announce closures. Party City announced at the end of December it was closing all its stores. Big Lots is also shuttering locations but a recent deal may ...