Dawnay Day
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1928 |
| Founder | Major Julian Day, General Guy Dawnay |
| Defunct | July 2008 |
| Headquarters | London , United Kingdom |
Area served | Europe, Middle East, India, United States, Australia |
| Products | Asset management, financial services |
Number of employees | 1000+ |
Dawnay Day was a privately held financial services firm established in 1928. Headquartered in London, the organization employed more than 1,000 individuals and oversaw assets valued at over $4 billion. Its operations extended across Europe, the Middle East, India, the US, and Australia.
History
The firm was created by Major Julian Day alongside General Guy Dawnay. In 1981, ownership transferred to French financier Guy Naggar. The company ultimately became insolvent in July 2008.
Investments
In 2005, Dawnay Day purchased an 85% interest in the German department store chain Hertie from Karstadt-Quelle (which later became Arcandor) in collaboration with Hilco, which retained a 15% share. Due to Dawnay Day’s financial difficulties, Hertie filed for bankruptcy on May 20, 2009. The liquidation process highlighted excessive rental costs as a significant factor, reflecting wider industry struggles that also led to Arcandor's bankruptcy in June 2009.
Opposition
The acquisition of 47 apartment buildings in East Harlem by Dawnay Day sparked controversy, as efforts to gentrify the neighborhood caused rent increases beyond the means of many low-income tenants. This approach met with strong resistance from residents organized under the Movement for Justice in el Barrio, underscoring conflicts between investment goals and community welfare.