Industry News

Foxtons owes $40.9 million, has $488,000 in assets

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Discount real estate brokerage company Foxtons North America Inc. listed $40.9 million in total liabilities and $488,000 in assets in a bankruptcy court filing. About $35.4 million worth of liabilities is attributed to a loan by Heven Holdings Ltd., the parent company of London-based Foxtons. Heven Holdings is owned by Jon Hunt, 51, who is also the founder of London-based Foxtons and CEO for Foxtons North America. Officials at the U.S.-based Foxtons company, which has operated in Connecticut, New Jersey and New York, announced on Sept. 26 that they had terminated 350 of the company's 380 employees, and later announced that the company would file for Chapter 11 bankruptcy and planned to sell its active property listings to another brokerage company. In response to the mass layoff, two former employees filed a lawsuit alleging that the company violated federal law by failing to provide sufficient notice and benefits to the terminated employees. Foxtons' Oct. 5 filing with the U.S. Bankru...