GT4EC - The GT-Four Enthusiasts Club
General Category => The Chill Out Room => Topic started by: Driveby on September 10, 2008, 11:29:41 pm
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http://www.autoblog.com/2008/09/10/japanes...res-bankruptcy/
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Japanese tuning firm Trust/Greddy declares bankruptcy
The market for aftermarket parts from Japan has been declining for well over five years, due in part to decreased demand both at home and abroad and the rising rates of Chinese knock-offs and other inexpensive (and dubiously built) components.
Today, one of the world's largest performance parts companies, known as Trust in Japan and Greddy here in the States, declared bankruptcy. According to various reports, Trust is approximately $60 million in debt and, after reporting a serious decline in sales since February 2008 and amassing $43 million in loan payments, filed for bankruptcy in Tokyo District Court.
Trust has been around since 1976, employs almost 200 workers and had been dealing in everything from CARB-legal exhausts to turbo systems when Greddy Performance Products was founded in the U.S. in 1994. There are several firms that will step up to fill the need of enthusiasts, assuming that Trust doesn't try to reorganize, but with the aftermarket industry down overall, we suspect this won't be the last time we'll here about a large tuner going under.
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thats sad
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Not good news. It's a sorry state of affairs when people buy rubbish to fit to their cars at the expense of a reputable company :o
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s'always the way though. why pay twice for "the same thing". if only people thought a bit harder. i am sure someone will buy up the moulds, machines, designs etc and start sellign them again. I just hope its someone who has some pride and isnt a cowboy.
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seen this on a few other forums not good at all
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Not good at all, the whole worlds economy is fooked :(