Greddy Files Bankruptcy? Options

[BlackCelicaGT94]

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.

[GriffGirl]

Yeah, it's totally the Chinese knock offs. Look at all the Hondas scooting around - the vast majority of them have Chinese knock off crap bolted up to them. It's the same story everywhere, I mean look around here in the US. We've lost significant amounts of domestic industry (and thus jobs) to cheap labor in China. Why would Japan be any differently affected?

That sucks. Hopefully they'll be able to reorganize. Bankruptcy doesn't mean it's all over, but it's not exactly happy tidings either.