Rapid-American Corp. filed for chapter 11 protection to deal with debt related to asbestos personal-injury claims, Bloomberg News reported on Friday. New York-based Rapid-American, 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. Philip Carey Manufacturing Co., established in 1888, made and sold building products, some of which contained asbestos. Through a series of mergers, Rapid incurred successor liability for claims arising from exposure to asbestos-related products, according to court papers.
