Foxtons, A real estate company located in New Jersey will be filing for bankruptcy and closing its doors. The company has almost 400 employees and will immediately lay off 350.

“The plain fact is that we have been battling against a real estate market that recently has tuned into a sharp decline, and the company no longer has the liquidity to operate as a going concern,” John D. Blomquist, Foxtons’ senior vice-president and general counsel said in a statement.

There comes a point when you can’t stand in the way of a hurricane, and it is a property hurricane we are facing.”

The full article will be available on the Web for a limited time:

http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjczN2Y3dnFlZUVFeXk3NDImZmdiZWw3Zjd2cWVlRUV5eTcyMDA2MzgmeXJpcnk3ZjcxN2Y3dnFlZUVFeXk2

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