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BOSTON (AdAge.com) -- Boston-independent Holland Mark Advertising today said it is closing.

The 50-person agency said it is owed more than $5 million by two clients: Polaroid Corp., which filed for Chapter 11 bankruptcy protection last week, and Mass Mutal Financial Group's Persumma Financial.

Persumma said it had resolved its disagreement with Holland Mark, but the agency said its suit to recover the money is still on.

Clients of the 15-year-old Holland Mark inlcude The Boston Globe, Yankee Candle Co., Mellon Financial Corp., Dreyfus Corp. and Veryfine Products' juice line.

The agency has been hurt by the economic downturn, laying off almost 20 people in February and 13 in June.

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