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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.