Isle of Man

German men's clothing retailer Pohland has filed for insolvency after its banks cancelled outstanding credit lines, the company said on Tuesday. The company added four outlets last year, adding costs just as the global economic crisis deepened. The business will continue operating while its management works on a restructuring plan. The company, founded in 1958, generated sales of €44.5 million ($56.28 million) last year. It has 12 outlets with 343 employees. Last month, owner Aurelius said Pohland's financing was no longer secured after sales had dropped in recent months.

Wholesaler H. E. Richards has been placed into receivership, iomtoday.com reported. KPMG has been appointed as the receiver. H.E. Richards of Hills Meadow Industrial Estate, Douglas, employs a total of 28 staff, full and part time. KPMG is following up expressions of interest in the firm. KPMG's Mike Fayle said staff were sent home, but had not been formally laid off.