Cherokee Inc. on Thursday said that it acquired the Liz Lange Maternity and Completely Me brands for $14 million.

The deal with LLM Management Co. LLC, an affiliate of Bluestar Alliance LLC, closed on Tuesday.

Cherokee is a Sherman Oaks brand management company with a portfolio that includes names such as Cherokee, Sideout Sport and Carole Little.

Cherokee said it expects the latest deal to improve cash flow. The Liz Lange brand sells an exclusive collection at Target stores, which also sells other Cherokee products. Completely Me is a Liz Lange sportswear line that launched in 2010.

The company also reported fiscal second-quarter net income of $1.6 million (19 cents a share) for the quarter ended July 28, 6 percent lower than in the same period a year earlier. Revenue fell 6 percent to $6.3 million.

Shares closed down 19 cents, or 1.4 percent, to $13.07 on the Nasdaq.