Japanese Tuning Company Greddy/Trust Files for Bankruptcy
The Japanese tuning firm Trust, known in the U.S. as Greddy, recently filed for bankruptcy in Tokyo District Court. It seems that Trust is approximately $60 million in debt and amassed $43 million in loans after a dreadful decline in sales from February of this year.
The falling sales were brought on by mainly two events. The first was the decrease in demand both in Japan and abroad, and the second was the increase in knock-offs and cheaper components manufactured by the Chinese.
Trust, founded in 1976, and Greddy, started in 1994, employed almost 200 workers and has been providing the world with CARB-legal exhausts to turbo systems. Though the company may try reorganize, with the aftermarket industry down overall and strong competitors elsewhere, it may be the last time the company is ever heard from again.
+ Autoblog: Japanese tuning firm Trust/Greddy declares bankruptcy
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Comments
TheStig
That's too bad. Guess all corners of the marketplace are feeling the pinch these days.
Reece - Familienrecht Rechtsanwalt Stuttgart
ohhh! these chinese with thier poor-quality products... they always compete dishonestly against the world... it's so pitty... poor Japanese people, they can't work in another way, they got accostmed to produce high quality products...
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