B. Riley Raises $236 Million in Asset Sale to Pay Down Debt (1)

B. Riley Financial Inc. sealed its second deal in less than a month to raise cash and cut its debt load, this time collecting $236 million by divesting rights to its stable of consumer brands. The shares gained as much as 18% in New York trading.

Among the brands included were Hurley, English Laundry and Limited Too, the company said in a statement Tuesday. B. Riley secured about $189 million in net proceeds for that part of the deal, while a transaction for licenses to the bebe and Brookstone brands took in $47 million.

Hilco Global and TPG Angelo Gordon ...