From Breakingviews: IKEA unpacks plans to repay furlough cash and a fresh plot twist hits Cineworld’s transatlantic merger
PAYING IT BACK. Reimbursing governments for furlough support points to hidden strings. IKEA and distribution company Bunzl plan to hand back cash they received to keep staff on payrolls during the pandemic. The intention appears noble. Tolga Oncu, retail operations manager at IKEA retailer Ingka Group, told the Financial Times that after forecasting sales declines of 70%-80%, the flatpack furniture giant was reaping the rewards of pent-up demand.
PLOT TWIST. British cinema group Cineworld’s pursuit of Canadian peer Cineplex for $2.1 billion has taken a nasty turn. Friday’s announcement pulling the plug on the deal cited a Cineplex “material adverse effect”. Cineplex, which has lost 60% of its market value this year, denied it had breached any deal terms and accused the buyer of doing the same.
PEER TO FEAR. It can’t be the ending that RateSetter founder Rhydian Lewis had envisaged. The UK marketplace lender, which hooks up credit investors with retail borrowers for a small fee, is in talks about a sale to Metro Bank, the loss-making 180 million pound lender. It’s ironic that Lewis’ startup, which along with its peers generated a huge amount of dubious hype about disrupting traditional banking, may be absorbed by the system it intended to overthrow.
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