Greddy/Trust Declares Bankruptcy!
09-10-2008, 12:00 PM
#1
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Greddy/Trust Declares Bankruptcy!
http://www.autoblog.com/2008/09/10/japanes...ares-bankruptcy
That is surprising. And not good...
Originally Posted by Autoblog
"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."
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."
That is surprising. And not good...
09-10-2008, 12:54 PM
#6
Its true that the aftermarket isn't what it used to be. Names like Greddy, HKS, APEXi, Comptech, Tsunami, Jackson Racing, DC Sports, Ground Control, Racing Hart (the real one), have fallen on harder times. But names like Ray's, Backyard Special, Top Secret, Feels, J's, Amuse, Fidenza, ARC, Invidia, Bride, etc are on the rise. Spoon and Mugen keep rolling along. And longtime industry leaders like Hotchkis, Bilstein, HRE, Pauter, Tilton, and Recaro have gotten serious about sport compacts.
They come and they go. I think just as much is being spent in the aftermarket. But people are moving up-market. Spending two or three grand on rims instead of spending the same two or three grand on rims/intake/header/exhaust/shift knob/pedals/spoiler/lip kit.
They come and they go. I think just as much is being spent in the aftermarket. But people are moving up-market. Spending two or three grand on rims instead of spending the same two or three grand on rims/intake/header/exhaust/shift knob/pedals/spoiler/lip kit.
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09-10-2008, 01:34 PM
#10
Originally Posted by tof,Sep 10 2008, 12:54 PM
And longtime industry leaders like Hotchkis, Bilstein, HRE, Pauter, Tilton, and Recaro have gotten serious about sport compacts.
huuuuuge companies that established themselves in the domestic industry have been paying attention for awhile now