Joann, the well-known fabrics and craft store company, has announced plans to close approximately 500 stores across the country as it seeks to reorganize during Chapter 11 bankruptcy protection, the company announced this week.

The fabric and crafts chain is looking to sell the business and said in a filing that closing “underperforming” locations is necessary to complete that process.

Crafts and fabric retailer Joann plans to close around 500 stores, or roughly half its total, as part of its ongoing Chapter 11 bankruptcy process.

Joann has started going-out-of-business sales at some of its stores around the country, including two locations in Vermont. The fabric and craft retail chain announced last week that it would be closing roughly 500 of its more than 800 stores around the country.

The closings are part of a Chapter 11 bankruptcy. Chapter 11 gives companies breathing room to get finances in order without going out of business.

Joann has started going-out-of-business sales at some of its stores around the country, including one in Rhode Island. The fabric and craft retail chain announced last week that it would be closing roughly 500 of its more than 800 stores around the country.