BrokerageIndustry News

Foxtons faces bankruptcy and lawsuit

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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. David A. Krenkel, a lawyer who is representing the former employees in the lawsuit, said that Foxtons has not yet been served with the complaint and should receive it next week. Foxtons officials were not immediately available for comment about the lawsuit. Foxtons, which operated in New Jersey, New York and Connecticut, announced on Sept. 26 that it was terminating 350 of its remaining 380 employees -- the company had previously employed up to 500 workers....