Trust/Greddy declares bankruptcy - Perth-WRX.com

Mister Two · #1 11-09-2008, 07:29 AM

Quote:

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.

Epic Fail. But not surprising. China Spec is taking over the world.

American Dave · #2 11-09-2008, 07:44 AM

China's Growth = Japan Manufacturers FAIL

Jimmy S · #3 11-09-2008, 07:54 AM

I blame eBay!

agentorange · #4 11-09-2008, 08:27 AM

Again...this has happened several times already! Didn't this get posted year before last...then we found out that the Jap govt. bailed them out of trouble...

Even with the rise of china, it doesnt change the fact I still want a HKS HiPower 409 exhaust...

saturation · #5 11-09-2008, 08:28 AM

think that was Apexi.

Kato · #6 11-09-2008, 09:58 AM

Fuck... I hope my intercooler kit comes through then... :/

phatskinz · #7 11-09-2008, 10:12 AM

Thats some Sad news

Rexxar · #8 11-09-2008, 10:47 AM

great... does that mean that the left over greedy/trust parts will be slightly more expensive due to not having any more supplies

LIBRT! · #9 11-09-2008, 10:54 AM

Bankruptcy Sale!!!

jEstEr? · #10 12-10-2008, 06:05 PM

and again in the US

Quote:

GReddy looks forward to continuing to provide quality high performance parts for years to come.

IRVINE, CA
OCTOBER 10, 2008

To insure the long term survival of the GReddy brand in the USA, GReddy Performance
Products, Inc. has opted to file for Chapter 11, Reorganization, on October 10, 2008.

GReddy sales, customer service, R&D and operation will continue to conduct business as
usual, through this process. The flow of inventory and new products will continue and will
not be affected. Normal GReddy operating hours will remain as before.

This reorganization change is result of last month’s Minji-Saisei-Hou filing of GReddy’s
parent company TRUST Co. LTD. in Japan. Although TRUST has now returned to
production, and GReddy Performance Products has maintained normal business practices,
the recent extreme downturn in the world’s banking market has made this option the best
prospect for continued operation and expansion of the GReddy brand.

It is also in the best interest of GReddy’s future to join some of GReddy’s competitors in the
industry, in not exhibiting in this years SEMA Show. The withdraw is regretful, but
necessary. This does not however mean development and construction of new products
and demo vehicles which were planned to debut at SEMA will stop. Instead, GReddy plans
on releasing news of these items through other media outlets very soon.

GReddy Performance Products, Inc. and it’s staff would like to thank all the kind wellwisher,
customers and industry associates for their support in these challenging times.
GReddy looks forward to continuing to provide quality high performance parts for years to
come.

END