Skip to content
Subscriber Only

Rapid-American Files Bankruptcy Citing Asbestos Liability

Rapid-American Corp. filed for bankruptcy protection in New York to deal with debt related to asbestos personal-injury claims.

Rapid-American, based in New York and formerly a holding company for McCrory variety stores, “was never engaged in an asbestos business” and inherited about 275,000 asbestos claims through a series of acquisitions, according to an account in court papers by company Vice President Paul Weiner.