Dawnay Day
Encyclopedia
Dawnay Day is a privately owned financial services
group. Founded in 1928 the group is based in London, employs 1,000 staff and claims to own gross assets of more than $4bn. It has offices in Europe, the Middle East, India, the US, and Australia.
.
French financier Guy Naggar bought Dawnay Day in 1988.
Dawnay Day went insolvent in July 2008.
) in partnership with Hilco in 2005.http://www.abcmoney.co.uk/news/25200711984.htm. Dawnay Day held an 85% stake in Hertie, Hilco held 15%.
Hertie filed for bankruptcy on May 20, 2009 since Dawnay Day could not support it any further due to its own dire financial situation. The liquidator of Hertie claimed the department store chain got into difficulties due to improperly high rent payments to the real estate owners, however as seen in the case of Arcandor
's bankruptcy in June 2009, the whole German department store sector experienced severe difficulties during these times.
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
group. Founded in 1928 the group is based in London, employs 1,000 staff and claims to own gross assets of more than $4bn. It has offices in Europe, the Middle East, India, the US, and Australia.
History
Dawnay, Day traces its history to 1928 when it was founded by Major Julian Day and General Guy DawnayGuy Dawnay (British Army officer)
Major General Guy Payan Dawnay CB, CMG, DSO, MVO , was an army officer and merchant banker. He is the nephew of Guy Dawnay, a politician.Dawnay fought at the Gallipoli Campaign during the First World War....
.
French financier Guy Naggar bought Dawnay Day in 1988.
Dawnay Day went insolvent in July 2008.
Investments
Dawnay Day bought German department store chain Hertie from Karstadt-Quelle (later ArcandorArcandor
Arcandor AG is a holding company located in Essen, Germany that oversees companies operating in the businesses of mail order and internet shopping, department stores and tourism services. It was created in 1999 through the merger of Karstadt Warenhaus AG, which was founded in 1920, and Quelle...
) in partnership with Hilco in 2005.http://www.abcmoney.co.uk/news/25200711984.htm. Dawnay Day held an 85% stake in Hertie, Hilco held 15%.
Hertie filed for bankruptcy on May 20, 2009 since Dawnay Day could not support it any further due to its own dire financial situation. The liquidator of Hertie claimed the department store chain got into difficulties due to improperly high rent payments to the real estate owners, however as seen in the case of Arcandor
Arcandor
Arcandor AG is a holding company located in Essen, Germany that oversees companies operating in the businesses of mail order and internet shopping, department stores and tourism services. It was created in 1999 through the merger of Karstadt Warenhaus AG, which was founded in 1920, and Quelle...
's bankruptcy in June 2009, the whole German department store sector experienced severe difficulties during these times.