BrokerageIndustry News

Foxtons faces bankruptcy and lawsuit

Company seeks to pass listings contracts to another brokerage
Published on Oct 5, 2007

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by CareyBot

Discount real estate brokerage company Foxtons, which terminated most of its 380 employees last week, announced this week that it will file for bankruptcy and plans to hand over its active listings to another brokerage company. Also, two former employees filed a lawsuit Thursday charging that the mass layoff violated federal law.

The former employees who were part of the layoff filed a lawsuit this week charging that Foxtons did not provide sufficient notice and benefits to a group of 350 employees terminated on Sept. 26.

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