Foxtons seeks hand-off for active listings

Foxtons, the discount real estate company that announced Sept. 26 it had terminated 350 of its 380 remaining workers, stated in a Web notice this week that it plans to seek out another real estate broker to take over its active listings. The company had about 4,400 active listings as of Sept. 26.

"As part or the liquidation of its assets, Foxtons is asking the bankruptcy court to authorize the assumption and assignment of your listing agreement with Foxtons to another broker. The identity of the proposed successor broker has not yet been determined. If the bankruptcy court grants this request, and if a successor broker makes a sufficient bid for Foxtons' listing agreements, then the listing agreement for the sale of your home would be assigned to another real estate broker. With the exception of the identity of the listing broker, all of the terms of your listing agreement with Foxtons would remain the same. We hope to have this assignment process completed within fifteen days. You will receive further information from the bankruptcy court concerning this proposal," the notice states.

Also, two former Foxtons employees have filed a lawsuit, seeking class-action status, alleging that the company violated federal law by failing to provide sufficient notice and benefits to the terminated workers. (See Inman News.)

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