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.

One of the world's largest performance parts companies, known as Trust in Japan and Greddy in the rest of the world, declared bankruptcy. According to Japan's largest credit research company Teikoku Databank announced that automotive parts manufacturer Trust filed for bankruptcy on September 10th, 2008. 

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 hear about a large tuner going down.

Source: Autoblog