Though Armstrong's industry is cyclical and highly competitive, nothing the company could have done internally could have precipitated such a cascade of financial woes as did the increasing number of asbestos lawsuits, he said. Pittsburgh analyst Larry Horan of Parker Hunter said that Armstrong's demise underscores what he believes is a lawsuit-happy society.
People think corporations are faceless.
Armstrong World Industries Inc., the major subsidiary of Armstrong Holdings Inc., today filed for protection from its creditors under Chapter 11 of the federal bankruptcy code. The court action, filed in U.S. Bankruptcy Court in Delaware, will allow the flooring and ceilings manufacturer to remain in operation and come up with a plan to emerge from crushing debt. Though not surprised by today's actions, former company officials and community leaders were somber upon hearing the news. Adams said since he has been retired from Armstrong for five years, he would not know about the merits of the bankruptcy filing. County commissioners Chairman Paul Thibault said he was disheartened by the news.