Greddy Files for bankruptcy.
10-16-2008, 01:25 AM
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Greddy Files for bankruptcy.
http://www.drivingsports.com/blog/20...reddy-***.html
Trust Japan, or better known as Greddy in the United States, filed for bankruptcy today, according to Japan's largest credit research company, Teikoku Databank. According to Eric Hsu of JDM Insider, "In February 2008, Trust reported declined annual sales of US$53M. Loan payments totallying US$43M became a burden and was forced to file bankruptcy to the Tokyo District Court." Currently, Trust employs 190 people and has been in the aftermarket industry since 1976. The United States subsidiary, Greddy Performance Products, has been doing business since 1994 and played a huge role in jump-starting the import aftermarket industry outside of Japan.
I do firmly believe that this is a huge blow to the aftermarket industry as we see it today. I've written about the decline of the industry previously, citing various reasons, and I'm more than certain that at least one of the reasons I cited has to do with decline of Greddy's sales. Surely, other companies will gladly pick up where Greddy left off, but that does leave us as consumers with less choices and less innovation as well. I'd hate to see this as the beginning of a trend, but for all we know, other prominent aftermarket companies from Japan could easily be next.
Trust Japan, or better known as Greddy in the United States, filed for bankruptcy today, according to Japan's largest credit research company, Teikoku Databank. According to Eric Hsu of JDM Insider, "In February 2008, Trust reported declined annual sales of US$53M. Loan payments totallying US$43M became a burden and was forced to file bankruptcy to the Tokyo District Court." Currently, Trust employs 190 people and has been in the aftermarket industry since 1976. The United States subsidiary, Greddy Performance Products, has been doing business since 1994 and played a huge role in jump-starting the import aftermarket industry outside of Japan.
I do firmly believe that this is a huge blow to the aftermarket industry as we see it today. I've written about the decline of the industry previously, citing various reasons, and I'm more than certain that at least one of the reasons I cited has to do with decline of Greddy's sales. Surely, other companies will gladly pick up where Greddy left off, but that does leave us as consumers with less choices and less innovation as well. I'd hate to see this as the beginning of a trend, but for all we know, other prominent aftermarket companies from Japan could easily be next.
Well its new cause i just heard, thanks matt
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