<PAGE>


                                                                      EXHIBIT 11


                                 BRADLEES, INC.
                                AND SUBSIDIARIES

                 COMPUTATION OF EARNINGS PER SHARE (UNAUDITED)
                (AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                                                  13 WEEKS ENDED                            13 WEEKS ENDED
                                                                 OCTOBER 28, 2000                          OCTOBER 30, 1999
                                                                 ----------------                          ----------------
<S>                                                              <C>                                       <C>
BASIC INCOME (LOSS) PER SHARE
Net Income                                                          $(18,257)                                  $(7,604)
                                                                   =========                                 =========
Weighted average number of shares outstanding                          9,955                                     9,986
                                                                   =========                                 =========
Basic net income per share                                            $(1.83)                                   $(0.76)
                                                                   =========                                 =========
DILUTED INCOME PER SHARE
Net income                                                          $(18,257)                                  $(7,604)
                                                                   =========                                 =========
Weighted average number of shares outstanding                          9,955                                     9,986
Incremental shares for assumed exercise of
   stock options (1)                                                      --                                        --
Incremental shares for assumed exercise of warrants (1)                   --                                        --
Incremental shares for assumed exercise of
   convertible notes (1)                                              N/A                                           --
                                                                   ---------                                 ---------
Weighted average common and common equivalents
   shares                                                              9,955                                     9,986
                                                                   =========                                 =========
Diluted net loss per share                                            $(1.83)                                   $(0.76)
                                                                   =========                                 =========
</TABLE>

(1) No incremental shares are considered since the
    impact would be anti-dilutive.

<TABLE>
<CAPTION>
                                                                  39 WEEKS ENDED                            39 WEEKS ENDED
                                                                 OCTOBER 28, 2000                          OCTOBER 30, 1999
                                                                 ----------------                          ----------------
<S>                                                              <C>                                       <C>
BASIC INCOME (LOSS) PER SHARE
Net Loss                                                            ($37,261)                                 ($28,348)
                                                                   =========                                 =========
Weighted average number of shares outstanding                          9,955                                     9,959
                                                                   =========                                 =========
Basic net loss per share                                              ($3.74)                                   ($2.85)
                                                                   =========                                 =========
DILUTED LOSS PER SHARE
Net loss                                                            ($37,261)                                 ($28,348)
                                                                   =========                                 =========
Weighted average number of shares outstanding                          9,955                                     9,959
Incremental shares for assumed exercise of
   stock options (1)                                                      --                                        --
Incremental shares for assumed exercise of warrants (1)                   --                                        --
Incremental shares for assumed exercise of
   convertible notes (1)                                              N/A                                           --
                                                                   ---------                                 ---------
Weighted average common and common equivalents
   shares                                                              9,955                                     9,959
                                                                   =========                                 =========
Diluted net loss per share                                            ($3.74)                                   ($2.85)
                                                                   =========                                 =========
</TABLE>

(1) No incremental shares are considered since the
    impact would be anti-dilutive.