Camera retailer Jessops is to restructure - meaning that almost half of it will be owned by its biggest creditor - HSBC.
The bank will take a 47 per cent stake in the company, with pension and employee trusts owning the rest.
Jessops, which has a store in Douglas, said the reorganisation would protect 2,000 jobs.
2025 Year of Stamps Marked through Isle of Man Year Collections
This is a paid for promotion on behalf of Isle of Man Post
Market for Manx produce has "shrunk significantly", says MNFU
Government welcomes petition amid calls for supermarkets to do more for Isle of Man products
Company behind offshore windfarm plans 'confident' solution can be found as MOD submits objection
Ørsted issues statement as concerns raised about impact on radar operations
M&S launches new foodhall with new IOM themed branding
Over 100 new employees since refurb
