Bradlees Inc. has arranged a new $500 million debtor-in-possession financing package with a group of banks led by BankBoston Corp.

The Braintree, Mass.-based discount retailer has been in Chapter 11 bankruptcy since June 1995. The company's problems largely stemmed from competition from larger discount competitors, including Wal-Mart Stores Inc. and the Target chain, owned by Dayton-Hudson Corp.

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