Foxtons, a real estate listing service in the New York and New Jersey metropolitan area known for its low commissions, has announced it is closing its operations because of the natjonwide housing slump. While other agencies charged as much as 6-percent commission on sales, Foxtons only charges 4 percent. With such low profits, it would have to sell a large quantity of inventory to stay in business; but with home sales going on a downturn, its business model is in a bad time.

The company will let go 350 of its 380 employees and work on a skeleton staff as it slowly cleans out its inventory of 4,000 plus listings.

Foxtons has recently gone on a huge advertising splash, spending close to $12 million a year on television, radio and billboard ads. It even used buses, bus shelters and subway platform ads to attract customers.

Its agents go around on company-owned Mini Coopers emblazoned with the Foxtons logo.

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