Aurum Resources (AUE:AU) has announced Aurum Hits High-Grade Gold at Napie, Cote d’Ivoire
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ROME — Italian fashion designer Valentino Garavani has died, his foundation said Monday.
Usually known only by his first name, Valentino was 93, and had retired in 2008.
Founder of the eponymous brand, Valentino scaled the heights of haute couture, created a business empire and introduced a new color to the fashion world, the ‘Valentino Red.’
‘Valentino Garavani passed away today at his Roman residence, surrounded by his loved ones,’ the foundation said on Instagram.
He will lie in state Wednesday and Thursday, while the funeral will take place in Rome on Friday, it added.
Valentino was ranked alongside Giorgio Armani and Karl Lagerfeld as the last of the great designers from an era before fashion became a global, highly commercial industry run as much by accountants and marketing executives as the couturiers.
Lagerfeld died in 2019, while Armani died in September.
Valentino was adored by generations of royals, first ladies and movie stars, from Jackie Kennedy Onassis to Julia Roberts and Queen Rania of Jordan, who swore the designer always made them look and feel their best.
“I know what women want,” he once remarked. “They want to be beautiful.”
Never one for edginess or statement dressing, Valentino made precious few fashion faux-pas throughout his nearly half-century-long career, which stretched from his early days in Rome in the 1960s through to his retirement in 2008.
His fail-safe designs made Valentino the king of the red carpet, the go-to man for A-listers’ awards ceremony needs.
His sumptuous gowns have graced countless Academy Awards, notably in 2001, when Roberts wore a vintage black and white column to accept her best actress statue. Cate Blanchett also wore Valentino — a one-shouldered number in butter-yellow silk — when she won the Oscar for best supporting actress in 2004.
Valentino was also behind the long-sleeved lace dress Jacqueline Kennedy wore for her wedding to Greek shipping magnate Aristotle Onassis in 1968. Kennedy and Valentino were close friends for decades, and for a spell, the one-time U.S. first lady wore almost exclusively Valentino.
He was also close to Diana, Princess of Wales, who often donned his sumptuous gowns.
Beyond his signature orange-tinged shade of red, other Valentino trademarks included bows, ruffles, lace and embroidery; in short, feminine, flirty embellishments that added to the dresses’ beauty and hence to that of the wearers.
Perpetually tanned and always impeccably dressed, Valentino shared the lifestyle of his jet-set patrons. In addition to his 152-foot yacht and an art collection including works by Picasso and Miro, the couturier owned a 17th-century chateau near Paris with a garden said to boast more than a million roses.
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Sranan Gold Corp. (CSE: SRAN,OTC:SRANF) (OTCQB: SRANF) (‘Sranan’ or the ‘Company’) continues to work towards the filing of its annual audited financial statements, management’s discussion and analysis, and CEO and CFO certifications for the fiscal year ended September 30, 2025 (the ‘Required Filings’). The Company has obtained approval from the Alberta Securities Commission to extend the Management Cease Trade Order (‘MCTO’) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203’) until March 15, 2026.
The additional delay in filing is attributable to the timing of certain outstanding third-party confirmations, including from an international vendor and the Company’s bank in Suriname, which were received later than anticipated. As a result, completion of the audit was deferred by approximately one week. The audit is now in its final stages, with only minor outstanding items remaining. Sranan remains in ongoing communication with its auditor to confirm any remaining documentation requirements and has committed to providing any outstanding materials promptly upon request. Sranan anticipates that the Required Filings will be completed on or before March 13, 2026. The interim first-quarter financial statements are expected to be filed within 48 hours thereafter, and in any event no later than March 15, 2026.
The Required Filings were due to be filed by January 28, 2026. In connection with the anticipated delays in making the Required Filings, the Company made an application for a Management Cease Trade Order (‘MCTO‘) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203‘) to the Alberta Securities Commission, as principal regulator for the Company, and the MCTO was issued on January 29, 2026. The MCTO restricts all trading by the Company’s CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO does not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until the Required Filings are filed or until it is revoked or varied.
Both the Company and its auditors are working diligently towards the completion and filing of the Required Filings, and the Company will provide additional updates.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release until it meets the Required Filings requirement. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information relating to its affairs that has not been generally disclosed.
For further information with respect to the MCTO, please refer to the Company’s news releases dated January 21, 2026, February 4, 2026, and February 18, 2026, available for viewing on the Company’s SEDAR+ profile at www.sedarplus.ca.
About Sranan Gold
Sranan is engaged in the business of mineral exploration and the acquisition of mineral property assets in Suriname. The Company’s flagship Tapanahony Project covers 29,000 hectares in one of Suriname’s most prolific artisanal gold mining districts and Sranan recently announced the acquisition of the 18,468-hectare Lawatino Project situated in southeastern Suriname along the Central Guiana Shear Zone.
For more information, please visit http://www.sranangold.com.
For further information, please contact:
Oscar Louzada, CEO
+31 6 25438975
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
Forward-looking statements
Certain statements made and information contained herein may constitute ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to Sranan and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as ‘anticipates,’ ‘believes,’ ‘targets,’ ‘estimates,’ ‘plans,’ ‘expects,’ ‘may,’ ‘will,’ ‘could’ or ‘would.’
This news release contains forward-looking statements, including, but not limited to, statements regarding management’s expectations about obtaining the MCTO and completing the Required Filings within the anticipated timeline. Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause actual results or events to differ materially from those expressed or implied by such statements. Sranan does not undertake any obligation to update forward-looking statements or information, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286289
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The Islamic Republic of Iran’s vast missile system is the brainchild of the U.S.-designated state-sponsor of terrorism, the communist North Korea regime, which works hand in glove with Iran, according to one of the world’s leading experts on the Iran-North Korea strategic alliance.
“The missile launched at Diego Garcia was a Musudan. The Iranians bought 19 of these from the North Koreans and took delivery in 2005. They have had this capability since 2005 — and this is no ‘secret weapon,’” Bruce Bechtol, who co-authored with Anthony Celso the groundbreaking book “Rogue Allies: The Strategic Partnership Between Iran and North Korea,” told Fox News Digital.
Fox News Digital reported last week that Iran significantly escalated its war effort against the U.S. with its launch of two intermediate-range ballistic missiles toward Diego Garcia—roughly 2,500 miles from Iran.
TRUMP PROVEN RIGHT ON IRAN’S LONG-RANGE MISSILE CAPABILITY AS REGIME TARGETS US-UK BASE, EXPERTS SAY
Bechtol said, “The most important threat from Iran as the war with the United States and Israel has evolved has been the ballistic missiles, launched not only at U.S. facilities and Israeli cities, but also at neighboring Islamic countries. Thus, it is important to consider this capability and where Iran got it.”
He said, “The short-range ballistic missiles that Iran has launched at key U.S. facilities and at neighboring Arab states include a key system – the ‘QIAM.’ The QIAM was developed and improved with North Korean assistance… North Korea has proliferated a lot to Iran that we are seeing right now in the war.”
The joint U.S.-Israeli war against Iran’s regime, the world’s worst state-sponsor of terrorism, according to the U.S. State Department, has entered its fifth week.
Bechtol, who is a professor of political science in the Department of Security Studies at Angelo State University in Texas, noted that, according to the Wisconsin Project, North Korea had constructed a large missile test facility at Emamshahr, a city in the Fars Province in Iran, and a tracking facility at Tabas in South Khorasan province.
He said North Korea aided Iran with crucial technology “for targets farther away from Iran.”
“The North Koreans proliferated around 150 No Dong systems to Iran in the late 1990s. The Iranians were apparently very happy with the missiles the North Koreans provided them, and, following the earlier precedent of the Scud C factory, contracted with Pyongyang to build a No Dong facility in Iran.”
AFTER THE STRIKES, HOW WOULD THE US SECURE IRAN’S ENRICHED URANIUM?
Bechtol continued, “The Iranians called this ‘new’ missile the Shahab-3. The Shahab-3 is almost an exact copy of the No Dong. Once the Shahab-3 was up and running, the North Koreans moved forward with the Iranians in improving its range and lethality.”
He said, “With assistance from the North Koreans, the Iranians were then able to produce (at the No Dong facility) the Emad and the Ghadr. The Emad has a range of 1,750 kilometers (approx 1,087 miles) and the Ghadr has a range of 1,950 kilometers (approximately 1,212 miles.) The Iranians have used these two systems to target not only Israel, but their Arab neighbors (including U.S. bases located in these countries) throughout the ongoing first stages of this conflict.”
Bechtol said the North Koreans spawned an Iranian missile warhead that weighs a ton and a half to two tons on the powerful Khorramshahr-4. “There is another system capable of hitting Israel that has been even more lethal than any of the systems described thus far. This system is called the ‘Khorramshahr,’ and the fourth version of this system, appropriately called the ‘Khorramshahr-4,’ has been proven to carry a warhead larger than any other in Iran’s missile inventory, armed with what appears to be cluster munitions,” he said.
He described the strategic partnership, noting: “North Korea is the seller and Iran is the buyer. North Korea proliferates weapons systems, technology, parts and components, technicians, engineers and specialists and military capabilities (such as the building of underground facilities) to Iran. Iran pays North Korea with cash and oil. Simple as that.”
Bechtol said the only way to stop this is through sanctions enforcement against North Korea. “The sanctions that are needed are already on the books. But the USA and our key allies need to robustly enforce them. We need to go after banks, front companies and cyber entities in order to squeeze the money and contain or destroy the supply chain.”
He said, “More emphasis needs to be placed, and more action needs to be taken using the Proliferation Security Initiative — an underused aspect of preventing North Korea’s arms from flowing to rogue nations and terrorist groups. If you cut off the supply chain, you cut off the proliferation.”
Sen. Tim Kaine, D-Va., is calling on prosecutors to try, convict and punish the undocumented killer of Stephanie Minter, arguing that he must face American justice before he’s ordered to leave the country.
Kaine said he fears deportation could be a form of leniency.
“I’m not sure that if he’s deported, [that] he will really face the punishment that he should face. If you do a deportation now, what’s the guarantee he would really face severe consequences for what he’s done?” Kaine said.
“I think he should be prosecuted to the full extent of the law and then possibly deported after that, but I wouldn’t want him to escape accountability for the crime.”
TRUMP ADMIN ASKS SPANBERGER, VIRGINIA OFFICIALS NOT RELEASE ILLEGAL CHARGED WITH GROPING HIGH SCHOOL GIRLS
Authorities are charging Abdul Jalloh, a 32-year-old Sierra Leone native, with the murder of Stephanie Minter after authorities found her dead at a bus stop in Fairfax, Virginia last month.
Jalloh had already been arrested more than 30 times before his fatal confrontation with Minter, according to the Department of Homeland Security. Among others, his previous charges included rape, malicious wounding, assault, drug possession, identity theft, trespassing and more.
Local authorities dropped previous charges against Jalloh, allowing him to walk free.
IGNORED ICE DETAINERS ‘PUT LIVES AT RISK,’ DHS SAYS, TARGETING NEWSOM, PRITZKER, HEALEY
Kaine believes this time should be different.
“I think he should be prosecuted to the full extent of the law and then possibly deported after that,” Kaine said.
Jalloh has been charged with second-degree murder.
Even as questions remain about why Virginia authorities let Jalloh go, Kaine, who served as governor of Virginia from 2006 to 2010, posited that ICE may have failed to follow through on requests to detain Jalloh ahead of Minter’s murder.
“My experience when I was governor — and this is now 15 or 20 years ago — is that we would normally let ICE know before we let anybody out of prison in Virginia, and then they wouldn’t show up,” Kaine said.
VIRGINIA PROSECUTOR’S RECORD ON VIOLENT OFFENDERS SCRUTINIZED AFTER ILLEGAL IMMIGRANT CHARGED IN MOM’S MURDER
“We would give them two weeks’ notice [and say] ‘Hey, here’s somebody who’s here, come pick them up,’ and they wouldn’t show up. That was more my experience.”
Fox Digital reached out to the Department of Homeland Security for comment.
Warner Bros. Discovery on Wednesday rejected Paramount Skydance’s amended takeover offer, the latest in a series of rejections in David Ellison’s pursuit of the streaming and cable giant.
The media company said it remains committed to the $82.7 billion deal it reached in December to sell its streaming service, studio and HBO cable channel to Netflix.
‘The Board unanimously determined that the Paramount’s latest offer remains inferior to our merger agreement with Netflix across multiple key areas,’ Warner Bros. Discovery Chairman Samuel Di Piazza said in a statement.
‘Paramount’s offer continues to provide insufficient value,’ he continued.
In a letter to shareholders, Di Piazza wrote that Paramount Skydance’s offer carries ‘significant costs, risks and uncertainties as compared to the Netflix merger.’ The way the Paramount deal is structured creates a ‘lack of certainty’ about its finalization, he added.
Di Piazza adds in the letter that if the company were to agree to the Paramount merger and it failed to close, it would result in a ‘potentially considerable value destruction.’
‘What matters most right now is our focus as we start the year,’ Warner Bros. Discovery CEO David Zaslav said in a memo to employees seen by NBC News. ‘Our operating plans remain unchanged, and our priorities for 2026 are clear and intentional.’
Zaslav wrote that the ‘review was conducted with discipline and rigor, and was supported by independent financial and legal advisors.’
On Dec. 22, Paramount Skydance increased its offer for Warner Bros. Discovery with a personal guarantee from billionaire Larry Ellison, who was backing the financing for the deal. His son, David Ellison, is the CEO of Paramount Skydance.
However, that was not enough for Warner Bros. Discovery. That beefed-up offer followed Warner Bros. Discovery’s Dec. 17 public rejection of Paramount. It also preceded multiple private rejections before Paramount Skydance went public.
In a statement Thursday, Paramount said it remained committed to the offer that WBD has rejected twice. “WBD continues to raise issues in Paramount’s offer that we have already addressed, including flexibility in interim operations,” Paramount said.
At stake is the future of one of the most storied media empires in the United States.
The bidding by Paramount also comes amid a monumental shift in the media and streaming landscape at large. On Monday, Versant Media, the cable network spinoff from Comcast, began trading as an independent company. Shares have plunged more than 20% over the course of those two days. (Comcast is the parent company of NBCUniversal and NBC News.)
On CNBC, Di Piazza said it would be a mistake to compare Warner Bros. Discovery‘s cable networks to Versant. ‘Discovery Global is different, it has a lot more scale,’ he said.
Streaming companies such as Apple, Netflix and Amazon are also challenging traditional broadcasters such as Paramount-owned CBS for sports rights.
Warner Bros. Discovery controls properties ranging from CNN Worldwide and the Discovery Channel to HBO, as well as the Warner Bros. film studio and archive.
Despite the back and forth between Warner Bros. Discovery and Paramount, Netflix has so far proceeded with the deal it inked Dec. 5, under which the world’s largest streaming company would acquire a stake in WBD.
Warner’s cable networks would be spun out into a separate company as part of that deal. However, Paramount Skydance wants to buy everything Warner Bros. Discovery owns.
Paramount’s controlling shareholders, the Ellisons, have suggested they could obtain regulatory clearance more quickly and easily than Netflix.
In mid-2025, the Ellisons acquired Paramount with approval from the Trump administration. But that approval only came after CBS News agreed to pay $16 million to President Donald Trump’s future presidential library over an interview that “60 Minutes” had conducted with then-presidential candidate, Vice President Kamala Harris.
Netflix, for its part, has met with Trump at the White House over the deal. But Trump has said either bidder poses potential problems, in his view.
Netflix said in a statement that it ‘welcomed the Warner Bros. Discovery board of directors’ continued commitment to the merger agreement’ the two companies reached last year. ‘Netflix and Warner Bros. will bring together highly complementary strengths and a shared passion for storytelling,’ Netflix’s co-CEOs Ted Sarandos and Greg Peters said.
Di Piazza said on CNBC that the difference between Paramount’s offer and that of Netflix is that Warner Bros. and Netflix already ‘have a signed merger agreement’ that has ‘a clear path to closing.’ Di Piazza also said the Netflix deal offers ‘protections for our shareholders, if something stops the close, whatever that might be.’
Trump has said he will be personally involved in reviewing whichever merger proceeds.
Paramount did not immediately respond to a request for comment.
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Sankamap Metals Inc. (CSE: SCU) (‘Sankamap’ or the ‘Company’) proposes to complete a non-brokered private placement financing of up to 14,285,715 units (‘Units’) at a price of $0.35 per Unit for gross proceeds of up to $5 million (the ‘Offering’). Each Unit will consist of one (1) common share (a ‘Share’) and one-half (12) of a common share purchase warrant (each whole warrant, a ‘Warrant’). Each Warrant will entitle the holder to purchase one (1) additional common share of Sankamap at an exercise price of $0.55 for a period of twenty-four (24) months from the date of issuance. The gross proceeds from the sale of the Units will be used to advance exploration and development of Sankamap’s projects, including the acquisition of a drilling rig to be installed at the Fauro property, which will enable the simultaneous drilling of both the Kuma and Fauro properties, as well as for general working capital purposes.
Sankamap may pay finder’s fees to arm’s length finders (each a ‘Finder‘) in connection with this placement, which are expected to be up to 6.0% of the gross proceeds raised by such Finder, in cash, and share purchase warrants (each a ‘Finder’s Warrant‘) to acquire common shares of Sankamap of up to 6.0% of the number of Units sold to a purchaser or purchasers introduced by the Finder(s). Each Finder’s Warrant will entitle the holder to purchase one (1) common share of Sankamap at an exercise price of $0.35 for a period of twenty-four (24) months from the date of issuance.
The Offering is subject to the approval of the Canadian Securities Exchange (‘CSE‘) and any finder’s fees payable will be issued in accordance with the policies of the CSE and applicable securities laws. All securities issued will be subject to a four-month and one day hold period.
About Sankamap Metals Inc.
Sankamap Metals Inc. (CSE: SCU) is a Canadian mineral exploration company dedicated to the discovery and development of high-grade copper and gold deposits through its flagship Oceania Project, located in the South Pacific. The Company’s fully permitted assets are strategically positioned in the Solomon Islands, along a prolific geological trend that hosts major copper-gold deposits; including Newmont’s Lihir Mine, with a resource of 71.9 million ounces of gold¹ (310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred).
Exploration is actively advancing at both the Kuma and Fauro properties, part of Sankamap’s Oceania Project in the Solomon Islands. Historical work has already highlighted the mineral potential of both sites, which lie along a highly prospective copper and gold-bearing trend, suggesting the possibility of further, yet-to-be-discovered deposits.
At Kuma, the property is believed to host an underexplored and largely untested porphyry copper-gold (Cu-Au) system. Historical rock chip sampling has returned consistently elevated gold values above 0.5 g/t Au, including a standout sample assaying 11.7% Cu and 13.5 g/t Au3; underscoring the area’s significant potential.
At Fauro, particularly at the Meriguna Target, historical trenching has returned highly encouraging results, including 8.0 meters at 27.95 g/t Au and 14.0 meters at 8.94 g/t Au4. Complementing these results are exceptional grab sample assays, including historical values of up to 173 g/t Au4, along with recent sampling by Sankamap at the Kiovakase Target, which returned numerous high-grade copper values, reaching up to 4.09% Cu. In addition, limited historical shallow drilling intersected 35.0 meters at 2.08 g/t Au4, further underscoring the property’s strong mineral potential and the merit for continued exploration. With a commitment to systematic exploration and a team of experienced professionals, Sankamap aims to unlock the untapped potential of underexplored regions and create substantial value for its shareholders. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Sankamap’s profile.
1.Newcrest Technical Report, 2020 (Lihir: 310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)
2. Bougainville Copper Ltd. Annual Report, 2016 (1.5 Mt containing 16.1 Moz Au at 0.33 g/t and 4.6 Mt Cu at 0.3 % Indicated, 300 Mt containing 3.2 Moz Au 0.4 g/t and 0.7 Mt Cu Inferred)
3. Historical grab, soil and BLEG samples from SolGold Kuma Review June 2015, and SolGold plc Annual Report 2013/2012
4. September 2010-June 2012 press releases from Solomon Gold Ltd. and SolGold Fauro Island Summary Technical Info 2012
QP Disclosure
The technical content for the Oceania Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person in accordance with CIM guidelines. Mr. John Florek is in good standing with the Professional Geoscientists of Ontario (Member ID:1228) and a director and officer of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ ‘John Florek’
John Florek, M.Sc., P.Geol
Chief Executive Officer
Sankamap Metals Inc.
Contact:
John Florek, CEO
T: (807) 228-3531
E: johnf@sankamap.com
The Canadian Securities Exchange has not approved nor disapproved this press release.
Forward-Looking Statements
Forward-Looking Statements Certain statements in this release constitute ‘forward-looking statements’ or ‘forward-looking information’ within the meaning of applicable securities laws including, without limitation, the timing, nature, scope and details regarding the Company’s exploration plans and results at its projects. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as ‘may’, ‘would’, ‘could’, ‘will’, ‘intend’, ‘expect’, ‘believe’, ‘plan’, ‘anticipate’, ‘estimate’, ‘scheduled’, ‘forecast’, ‘predict’ and other similar terminology, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results and speak only as of the date of this release.
Forward-looking statements in this press release but are not limited to, statements with respect to the expectations of management regarding the Offering, the expectations of management regarding the use of proceeds of the Offering, closing conditions for the Offering, and no objection from the CSE in respect of the Offering. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include the CSE objecting to the Offering; the proceeds of the Offering may not be used as stated in this news release; Sankamap may be unable to satisfy all of the conditions to the closing required by the CSE. Sankamap does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
Not for distribution to United States newswire services or for dissemination in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286173
News Provided by TMX Newsfile via QuoteMedia
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The company that owns the iconic luxury retailer Saks Fifth Avenue filed for bankruptcy late Tuesday.
The move comes after Saks Global struggled with debt it took on to buy rival Neiman Marcus, lagging department store sales and a rising online market.
It’s one of the largest retail collapses since the Covid pandemic, and casts further doubt over the future of luxury fashion.
The retailer, which also owns Bergdorf Goodman, said early Wednesday its stores would remain open for now after it finalized a $1.75 billion financing package and appointed a new CEO.
The court process is meant to give the luxury retailer room to negotiate a debt restructuring with creditors or sell itself to a new owner to stave off liquidation. Failing that, the company may be forced to shutter.
Former Neiman Marcus CEO Geoffroy van Raemdonck will replace Richard Baker, who was the architect of the acquisition strategy that left Saks Global saddled with debt.
The company also appointed former Neiman Marcus executives Darcy Penick and Lana Todorovich as chief commercial officer and chief of global brand partnerships at Saks Global, respectively.
Saks Fifth Avenue, the retail arm of Saks Global, listed $1 billion to $10 billion in assets and liabilities, according to court documents filed in U.S. Bankruptcy Court in Houston.
A retailer long loved by the rich and famous, from Gary Cooper to Grace Kelly, Saks fell on hard times after the pandemic, as competition from online outlets rose, and brands started more frequently selling items through their own stores.
The original Saks Fifth Avenue store, known for displaying the likes of Chanel, Cucinelli and Burberry, was opened by retail pioneer Andrew Saks in 1867.
The new financing deal would provide an immediate cash infusion of $1 billion through a loan from an investor group, Saks Global said.
A host of luxury brands were among the unsecured creditors, led by Chanel and Gucci owner Kering at about $136 million and $60 million respectively, the court filing said. The world’s biggest luxury conglomerate, LVMH, was listed as an unsecured creditor at $26 million. In total, Saks Global estimated there were between 10,001 and 25,000 creditors.
In 2024, Baker had masterminded the takeover of Neiman Marcus by Canada’s Hudson’s Bay Co, which had owned Saks since 2013, and later spun off the U.S. luxury assets to create Saks Global, bringing together three names that have defined American high fashion for more than a century.
The deal was designed to create a luxury powerhouse, but it saddled Saks Global with debt at a time when global luxury sales were slowing, complicating an already difficult turnaround for CEO and veteran executive Marc Metrick.
Saks Global struggled last year to pay vendors, who began withholding inventory, disrupting the company’s supply chain and leaving it with insufficient stock.
The thinly stocked shelves may have driven shoppers away to rivals like Bloomingdale’s, which posted strong sales in 2025, compounding pressure on Saks Global.
“Rich people are still buying,” Morningstar analyst David Swartz said last month, “just not so much at Saks.”
Running out of cash, Saks Global last month sold the real estate of the Neiman Marcus Beverly Hills flagship store for an undisclosed amount. It had also been looking to sell a minority stake in exclusive department store Bergdorf Goodman to help cut debt.
On Dec. 30, it failed to make an interest payment of more than $100 million to bondholders.
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Trump Media & Technology will merge with a fusion power company in an all-stock deal that the companies said Thursday is valued at more than $6 billion.
Devin Nunes, the Republican congressman who resigned in 2021 to become the CEO of Trump Media, will be co-CEO of the new company with TAE Technologies CEO Michl Binderbauer.
Shares of Trump Media & Technology, the parent company of President Donald Trump’s Truth Social media platform, have tumbled 70% this year but jumped 20% before the opening bell Thursday.
TAE is a private company and the merger with Trump Media would create one of the first publicly traded nuclear fusion companies.
“We’re taking a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations,” Nunes said in a prepared statement.
TAE focuses on nuclear fusion, a technology that combines two light atomic nuclei to form a single heavier one. It releases enormous amount of energy, a process that occurs on the sun and other stars, according to the United Nation’s International Atomic Energy Agency.
TAE and Trump Media shareholders will each own approximately 50% of the combined company.
The companies say the transaction values each TAE common stock at $53.89 per share.
At closing, Trump Media & Technology Group will be the holding company for Truth Social and TAE, along with its subsidiaries TAE Power Solutions and TAE Life Sciences.
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FIRST ON FOX: States that decline to opt in to the Education Freedom Tax Credit (EFTC) could forgo nearly $23 billion in education funding over the next three years, according to a new analysis from the America First Policy Institute.
To highlight those potential losses, the group will launch an interactive Funding Loss Calculator designed to show how much each non-participating state stands to lose in charitable donations tied to the federal tax credit program.
GET RID OF THE EDUCATION DEPARTMENT. GIVE POWER TO PARENTS
The projections estimate that 23 states could miss out on nearly $23 billion between 2027 and 2029—equivalent to more than 4.1 million lost scholarship opportunities for students.
“We wanted to make sure that governors know and especially, the people in the states know, what is being foregone if they do not opt in to this federal tax credit scholarship program,” Erika Donalds, chair of educational opportunity at AFPI, told Fox News Digital.
“The program will provide not just private school tuition, but homeschool expenses, curriculum assistance, tutoring, special needs services, dual enrollment and so many other resources for families,” Donalds said, adding that the funds come from private donations and not state budgets.
She added that, so far, 28 governors have opted into the program.
LA UNITED SCHOOL DISTRICT SCANDAL LEADS TO CHARGES AS $22M SCHEME ALLEGEDLY DRAINED FUNDS MEANT FOR STUDENTS
Under the policy, taxpayers can receive up to $1,700 in dollar-for-dollar federal tax credits for donations to scholarship-granting organizations, which fund K–12 expenses such as private school tuition, homeschooling, tutoring and special needs services. But only students in participating states are eligible to benefit.
That means taxpayers in states that opt out can still claim the credit—but their contributions are redirected to organizations in other states, effectively sending education funding elsewhere.
As a result, the calculator allows users to model different participation rates and view projected losses on a state-by-state basis. Supporters say the tool is meant to underscore the potential consequences for governors weighing whether to join the program.
“Every parent deserves to make education decisions on behalf of their children. We have seen state after state where parents are begging for school choice options,” Donalds said.
“In Texas, in just one month, 250,000 applicants for a school choice program that is only going to accommodate about 80,000 students. In Tennessee, over 50,000 applications for a program that accommodates 20,000 students. There should not be wait lists on education freedom,” she added.