In a shock­ing turn, pop­u­lar Japan­ese tun­ing house and after­mar­ket import parts maker Trust (also known as GREDDY in some coun­tries, notably the US) has filed for bankruptcy.

Trust filed for bank­ruptcy in Tokyo’s Dis­trict Court after weath­er­ing a seri­ous down­turn in demand over the past decade, com­pounded by even worse sales since Feb­ru­ary this year. Trust is cur­rently USD$60 mil­lion in debt, and $43 mil­lion behind on loan repayments.

It’s a sad day for a hugely pop­u­lar and respected firm.

[Sources: Auto­blog]