Taro from GT Channel has reported that Trust-Power Japan who is the parent company for Greddy USA filed for Bankruptcy this morning. Apparantly the company is currently $60 million dollars in debt. In Febuaray 2008 they reported sales of $53 million and while that sounds like a lot its actually down from the previous years sales. Take into account loan payments totallying $43 million dollars and you have a serious problem.
Not much is known about what this will mean for Greddy USA and their stream of products coming over from the Japan HQ. Many are hoping that another investor will come in to help Trust get its house in order before it gets to the point that Greddy USA may have to shut its doors.
It wasn’t too long ago that Greddy established an east coast warehouse and sales center so one could conclude that sales have at the very least been somewhat steady for the last two years or so. They’ve also recently released a few new products including exhausts and suspension components.