It is being reported by several sources and credit research company Teikoku Databank that Japanese automotive parts manufacturer Trust filed for bankruptcy on September 10 in Tokyo District Court. The company may be more familiar to Americans as GReddy, which has been operating in the US as a Trust subsidiary since 1994 and gained a rep for its exhaust systems, CARB-legal turbo kits, and tuning electronics, among other product.

Information indicates that the company is some $60 million US in debt. In February of this year, it reported an annual decline in sales of $53 million, and after loan payments totaling $43 million became too much for the company to bear, it declared insolvency.

Trust was founded in 1976 and employs a reported 190 workers. In 1998, it stated annual sales of $80 million US, but since then sales have been on the decline.

Trust/GReddy's troubles come as economies worldwide are suffering amid rising food and fuel prices and in the aftermath of a global credit crisis. While many wish to believe the sport compact performance aftermarket is somehow immune from greater financial trends, the truth is that the demand for grip from Japan has been dropping for years (contrary to what the JDM crowd will tell you). Likely factors in the company's downfall include the expansion of the cheap knockoff parts market, in addition to declining interest in the scene.

While we hope this is the last JDM tuner company to shutter, in all likelihood we're probably just witnessing another sign of the times.