Trust / Greddy News
09-12-2008, 10:56 AM
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Trust / Greddy News
http://www.autoblog.com/2008/09/10/japanes...res-bankruptcy/
Japanese tuning firm Trust/Greddy declares bankruptcy
Posted Sep 10th 2008 3:32PM by Damon Lavrinc
Filed under: Aftermarket, Tuners, Government/Legal, Japan
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 hear about a large tuner going under.
[Sources: GTChannel, JDMInsider]
Japanese tuning firm Trust/Greddy declares bankruptcy
Posted Sep 10th 2008 3:32PM by Damon Lavrinc
Filed under: Aftermarket, Tuners, Government/Legal, Japan
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 hear about a large tuner going under.
[Sources: GTChannel, JDMInsider]
09-12-2008, 06:57 PM
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QUOTE(187sks @ Sep 12 2008, 12:05 PM)
Yeah, this sucks. But supposedly they're going to keep their doors open.
more like they will end up getting bought out. im not sure of the legality, but i think when you buy out a company, you get there patents and any product they have too
09-12-2008, 08:39 PM
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That depends on the terms of buying the company. I read more about Greddy/Trust's bankruptcy though and supposedly it's a company restructuring and they're still making and selling products.