B. Riley Financial, Inc. Stock Price, News & Analysis

B. Riley Financial, Inc. (NASDAQ:RILY) announced the commencement of store closing sales at 17 additional Sur La Table locations across the U.S. as part of a restructuring strategy initiated on August 28. This decision follows the identification of 56 stores slated for closure during the company's bankruptcy proceedings. Customers can expect discounts of up to 30% on merchandise. The liquidation sales are anticipated to last approximately five weeks or until stock is depleted, with final purchases being non-returnable. Sur La Table continues operations at over 55 locations under new ownership.

B. Riley Financial (NASDAQ: RILY) announced the pricing of its underwritten public offering of 1,300,000 depositary shares at $25.00 each, raising gross proceeds of $32.5 million. Each share represents a 1/1000th fractional interest in the Company's 7.375% Series B Cumulative Perpetual Preferred Stock, with dividends paid when declared at 7.375%. The offering is set to close around September 4, 2020, with an additional 195,000 shares available to underwriters for overallotments. Proceeds will support general corporate purposes, including acquisitions and debt repayment.

B. Riley Financial announced an underwritten public offering of depositary shares, each representing a 1/1000th fractional interest in its Series B Cumulative Perpetual Preferred Stock, with a liquidation preference of $25.00 per share. The offering will be subject to market conditions, and the company plans to use the net proceeds for general corporate purposes including acquisitions, debt repayment, and working capital. The offering is facilitated by B. Riley FBR, Incapital, and others, under an SEC shelf registration statement.

On August 12, 2020, Stein Mart filed for Chapter 11 reorganization, initiating going out of business sales across all 279 locations in the U.S. This process, overseen by a joint venture including B. Riley Financial, offers discounts of up to 30% off the lowest ticketed prices storewide. Customers can find a wide selection of discounted brand name fashions, home décor, and essentials. Additionally, gift cards and loyalty rewards will be accepted for a limited time while store fixtures will also be sold at reduced prices.

B. Riley Financial (RILY) reported strong second quarter 2020 results with consolidated revenues of $266.5 million, up from $164.7 million in Q2 2019. The net income reached $82.8 million, or $3.07 per diluted share. Investment gains surged to $114.5 million, reflecting market recovery from COVID-19 impacts. Operating revenues were $151.9 million, down slightly from the prior year, but adjusted EBITDA increased significantly to $148.3 million. A regular dividend increase to $0.30 per share, plus a special $0.05 dividend, was announced.

On July 28, 2020, B. Riley Financial's affiliate, Great American Group, announced the initiation of store closing sales at approximately 380 New York & Company locations following the bankruptcy of its parent company, RTW Retailwinds. Customers can access discounts of up to 60% on in-store merchandise. The liquidation sales are expected to last 8-10 weeks, allowing for the sale of all remaining products including store fixtures. B. Riley Financial specializes in diverse financial services, providing solutions in investment banking, corporate advisory, and liquidation services.

B. Riley Financial (NASDAQ:RILY) announced its upcoming conference call to discuss Q2 2020 financial results, scheduled for July 30, 2020, at 4:30 p.m. ET. The call will feature key executives, including Bryant Riley, Tom Kelleher, and Phillip Ahn. A press release detailing the financial results will be issued before the call. Interested parties can access the live broadcast and archived recording on the company's investor relations website.

B. Riley Financial (NASDAQ: RILY) announced a share repurchase agreement for 900,000 shares at $22.00 per share, totaling $19.8 million. This purchase represents approximately 3.5% of the company's outstanding shares as of July 1, 2020. B. Riley's management expresses confidence in the company's performance, indicating this repurchase supports shareholder interests. The transaction will occur in two block purchases of 450,000 shares each, aligning with the existing share repurchase program.

B. Riley Financial (NASDAQ:RILY) announced the election of Randall E. Paulson to its Board of Directors, effective June 18, 2020. Paulson, an independent director and member of the Audit Committee, brings extensive financial services experience, most recently as a Managing Principal at Odyssey Investment Partners. His appointment enhances the board's independence, now comprising seven independent directors. This change follows the non-re-election of Andy Gumaer, co-founder of Great American Group, emphasizing the company's growth strategy post-merger.