Sutton Sadie Moranis Realty in Toronto has filed for bankruptcy “leaving a trail of unpaid debts and lawsuits,” says the Toronto Star.
The report says Sutton Group filed a suit claiming that the brokerage owed it more than $753,000 in unpaid franchise fees. A counterclaim filed by Sutton Sadie Moranis says that Sutton Group breached its franchise agreement, which is why it failed to pay its fees.
The brokerage was founded in 1977 by Sadie Moranis and her son Stephen Moranis, who was still running the company when it declared bankruptcy. It was affiliated with Prudential Real Estate Affiliates for 18 years and moved to the Sutton banner in 2012.
Sadie Moranis died in 2009. She was the first female president of the Toronto Real Estate Board and the matriarch of a well-known family of real estate professionals that included son Stephen and her late daughter Terry. She was predeceased by her husband Jules.
Stephen Moranis was also co-founder of the controversial Realtysellers franchise in 2000, with his cousin Lawrence Dale.
