Greddy Declares Bankruptcy

[sc61]

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.

[RITZ7]

[h22forme]

thats crazy

[ANTI-MULLET]

HKS will be next, you watch. Thanks to ricers and poor mexicans buying cheap knockoff parts the big companies that make decent shit are going under.

[ShockerGT]

Its a shame they filed for bankruptcy, hopefully they will get backing from somewhere and comeback.

[**CHRIS**]

wow

[SleepingB18]

greddy, HKS, nology, tanabe, all the imports major companies. I never would of thought that when they came out.. they hit it big around 98-00 years i think.. but after that, people got knock-off's and felt better about what they spent.

[power2weight]

Bankruptcy dosen't always mean the company dissolves, just that they could reorganize or sell off parts of itself. But with that level of debt I'm going to guess they will dissolve.

This pretty much goes to show how hard china is fucking every industry around the world in the ass right now. Knock-offs sold for a 1/3rd of the price of the real thing is just too tempting for too much of the low hanging fruit out there.

The fact that other countries patents are just plain shit on by the Chinese government isn't going to change, witness GM's fight with the largest Chinese manufacturer, Chery. They fucking knocked off a whole fucking car design (When I say Chery, I really mean China, because the company is state fucking owned, when you take Chery to court your really taking the Communist China to court in a Communist Chinese court, do you really think your going to win?)

Chery gained international notoriety over well-publicized illegal copying of foreign automobiles, namely General Motors' Korean subsidiary GM Daewoo Auto & Technology's Daewoo Matiz (sold as Chery QQ) city car and Daewoo Magnus (sold as Chery Eastar) mid-size sedan. Chery attempted to negotiate a local Chinese production licenses of those vehicles with bankrupt Daewoo Motors prior to General Motor's purchase of the bankrupt automaker's assets in 2002,[4] but the negotiations were never closed.[5] Nevertheless, Chery proceeded with the production of these former Daewoo vehicles without a formal license, triggering General Motors to sue Chery for copying in December 2004, citing "extreme similarities".[6][7]
With General Motor's inability to seek justice at Chinese court that fails to honor foreign IP rights in spite of an obvious and clear piracy case and the pressure from Chinese communist party, GM opted to drop its case in November 2005 to preserve its business interests in China and maintain good will with the government. However, GM reserves rights to sue Chery again if it attempts to bring the vehicles in question to European and North American markets. The affected vehicles are three Matiz clone and derivatives (QQ3, QQ6 and A1) and Magnus clone and derivatives (Eastar, V4, B12, and B22).

Its really fucking comical how blatent they are:



Top 10 Copycat cars « Gems Sty

[ANTI-MULLET]

China needs to be nuked

[I R SANTY]

China needs to be nuked

there's a solution for their overpopulation problem.

[ANTI-MULLET]

there's a solution for their overpopulation problem.

Yeah who likes those commie nips anyways? They dont make good cars, their women are ugly, theres too many of them, their food sucks, the whole country is smogged up and ugly.

Cmon just nuke china nobody would care except the chinese

[GSRedd]

that sux

[ANTI-MULLET]

bomb the gooks

[USFslim]

Bankruptcy dosen't always mean the company dissolves, just that they could reorganize or sell off parts of itself. But with that level of debt I'm going to guess they will dissolve.

This pretty much goes to show how hard china is fucking every industry around the world in the ass right now. Knock-offs sold for a 1/3rd of the price of the real thing is just too tempting for too much of the low hanging fruit out there.

The fact that other countries patents are just plain shit on by the Chinese government isn't going to change, witness GM's fight with the largest Chinese manufacturer, Chery. They fucking knocked off a whole fucking car design (When I say Chery, I really mean China, because the company is state fucking owned, when you take Chery to court your really taking the Communist China to court in a Communist Chinese court, do you really think your going to win?)

Dude what the hell!? These cars are different. Its obvious that one is a smiley face and one a frowney face!

[biggoofy]

wow this sucks i hope someone backs them or takes over its a big loss to the community