BRADLEES INC

BRADLEES INC

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Company Overview
Bradlees Inc. is an American-based company which is primarily engaged in the operation of department stores. The company has its registered head office in Braintree, Massachusetts, United States of America. It has an annual estimated operating revenue/turnover of approximately $1.5 billion.
Bradlees is a leading regional discount retailer with 104 stores in seven Northeastern states. It offers an assortment of merchandise focused on basic and casual apparel, basic and fashion items for the home, and commodity and convenience products. The company principally conducts its business operations within the United States.
Bradlees is affiliated with Arthur Andersen LLP, which serves as its business auditor.
Business Summary
Bradlees, Inc., along with its subsidiaries, operated 105 discount department stores, as of December 2000, in seven states in the Northeast, primarily in the heavily populated corridor running from the Boston to the Philadelphia metropolitan areas. The Company has been active in the discount department store business for over 40 years. The Company is focused on three core product lines: moderately priced basic and casual apparel, basic and fashion items for the home and edited assortments of frequently purchased commodity and convenience products. In December 2000, the Company filed for Chapter 11 bankruptcy after exploring several options to change its financial outlook, including a possible sale of the company. As of April 12, 2001, the Company had completed its going-out-of-business sales, closed all of its stores, disposed of all of its inventory and was in the process of liquidating its remaining physical assets and real estate interests.
Description and history
Bradlees, Inc., incorporated in 1992, along with its subsidiaries, operated 105 discount department stores, as of December 2000, in seven states in the Northeast, primarily in the heavily populated corridor running from the Boston to the Philadelphia metropolitan areas. The Company has been active in the discount department store business for over 40 years.

Bradlees filed petitions for relief under Chapter 11 of the United States Bankruptcy Code (Chapter 11) on June 23, 1995. Prior to emerging from Chapter 11 on February 2, 1999 (the Effective Date), the Company operated its business as a debtor-in-possession subject to the jurisdiction of the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court). In December 2000, the Bradlees once again filed for Chapter 11 bankruptcy after exploring several options to change its financial outlook, including a possible sale of the Company. As of April 12, 2001, the Company had completed its going-out-of-business sales, closed all of its stores, disposed of all of its inventory and was in the process of liquidating its remaining physical assets and real estate interests.

Bradlees stores provided a broad spectrum of basic and fashion apparel (including private-label brands), basic and fashion home furnishings, convenience hard goods and extensive seasonal offerings. The Company’s average merchandise mix, in 1999, was comprised of approximately 51% softlines, shoes and soft home furnishings and 49% hardlines, versus an estimated industry average of 42% softlines, shoes and soft home furnishings and 58% hardlines. Softline products generally have higher gross margins than hardline products.

The Company continued its efforts to improve sales and profitability in 1999, including the expansion of both the “Certified Value” and “WOW!” programs. In April 2000, Bradlees implemented a “Silver Circle” program that highlighted various senior citizen (62 years or older) offerings, including a 10% discount on all purchases every Tuesday and Wednesday.

Business Line
Engaged in the operation of department stores
Subsidiary

Advisor
ARTHUR ANDERSEN LLP
IPO date
7/1992
US SIC Code
5331
Company Address
1, Bradlees Circle

City province or state postal code
02184, BRAINTREE, MA
Phone: +1 781 380 3000
Fax: +1 781 380 8096
Country address: UNITED STATES OF AMERICA
Website url: www.bradlees.com