Author: Mary Vanac

All of Joann Inc.’s more than 800 fabric and craft stores nationwide — including nine in the Houston area — will be liquidated.

Joann’s new owners plan to discount “every item in every store” and to empty Joann’s five distribution centers into the stores ahead of their closures.

Joann’s assets are being auctioned as the fabric retailer navigates its second bankruptcy filing in a year.

The parent of hundreds of Jo-Ann fabrics and craft stores nationwide filed for Chapter 11 bankruptcy protection again.

The deal will bring Galveston’s Schlitterbahn waterpark and Houston’s Hurricane Harbor Splashtown under a single corporate entity.

Joann Inc. emerged from bankruptcy without reducing its retail footprint or employee head count.

Joann started its bankruptcy reorganization as a publicly traded company but ends the process as a “private company owned by certain of the company’s financial stakeholders and industry parties.”

The parent of hundreds of Joann fabric and craft stores nationwide filed for Chapter 11 bankruptcy protection on March 18.

The acquisition of TravelCenters of America provides a “turbo-boost to (BP’s) convenience and mobility business in the U.S.”

The shareholder approval of the BP deal came after TravelCenters leaders rejected a competing acquisition bid by Arko Corp. in Richmond, Virginia.