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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