The new company produced a series of well-regarded mountain bikes bearing the Schwinn name, called the Homegrown series.[61] In 2001, Schwinn/GT declared bankruptcy. In September 2001, the Schwinn Company, its assets, and the rights to the brand, together with that of the GT Bicycle, was purchased at a bankruptcy auction by Pacific Cycle, a company previously known for mass-market brands owned by Wind Point Partners.[62] In 2004, Pacific Cycle was in turn acquired by Dorel Industries. Ignaz Schwinn was born in Hardheim, Baden, Germany, in 1860 and worked on two-wheeled ancestors of the modern bicycle that appeared in 19th century Europe. In 1895, with the financial backing of fellow German American Adolph Frederick William Arnold (a meat packer), he founded Arnold, Schwinn & Company. Chicago became the center of the American bicycle industry, with thirty factories turning out thousands of bikes every day. Bicycle output in the United States grew to over a million units per year by the turn of the 20th century.
During this period, bicycle sales enjoyed relatively slow growth, with the bulk of sales going to youth models. In 1900, during the height of the first bicycle boom, annual United States sales by all bicycle manufacturers had briefly topped one million. By 1960, annual sales had reached just 4.4 million.[10] Nevertheless, Schwinn’s share of the market was increasing, and would reach in excess of 1 million bicycles per year by the end of the decade. In late 1997, Questor Partners Fund, led by Jay Alix and Dan Lufkin, purchased schwinn mountain bike. Questor/Schwinn later purchased GT Bicycles in 1998 for $8 a share in cash, roughly $80 million.
F. Goodrich bicycles, sold in tire stores, Schwinn eliminated the practice of producing private label bicycles in 1950, insisting that the Schwinn brand and guarantee appear on all products. In exchange for ensuring the presence of the Schwinn name, distributors retained the right to distribute Schwinn bikes to any hardware store, toy store, or bicycle shop that ordered them. W. Schwinn tasked a new team to plan future business strategy, consisting of marketing schwinn mountain bike supervisor Ray Burch, general manager Bill Stoeffhaas, and design supervisor Al Fritz. By the mid-1970s, competition from lightweight and feature-rich imported bikes was making strong inroads in the budget-priced and beginners’ market. While Schwinn’s popular lines were far more durable than the budget bikes, they were also far heavier and more expensive, and parents were realizing that most of the budget bikes would outlast most kids’ interest in bicycling.
Starting in 1960, for the rest of the market, Schwinn offered the Schwinn Varsity, Continental, and LeTour — now equipped as multi-geared sport bikes (10-speeds), and designed to imitate the style of the new narrow-tired ‘racing’ and sport bikes from Europe, though not their performance.[27] The 1960 Varsity was introduced as an 8-speed bike, but in mid-1961 was upgraded to 10 speeds. Other road bikes were introduced by Schwinn in the early and mid 1960s, such as the Superior, Sierra, and Super Continental, but these were only produced for a few years. The Varsity and Continental sold in large numbers through the 1960s and early 1970s, becoming Scwhinn’s schwinn mountain bike leading models. The major difference between the two models was the use of a tubular front fork on the Continental — both bikes used the same frame design, a lugless, steel unit, using Schwinn’s standard Ashtabula cranksets and welded in such a way that the joints were smoothly filled (similar to the joints in 21st-century composite frames). The wheel rims were likewise robust, chromed, stamped steel with a unique profile designed to hold the tire bead securely, even if pressure were low or lost. By 1975, bicycle customers interested in medium-priced road and touring bicycles had largely gravitated towards Japanese or European brands.
Over the years, Schwinn has empowered millions of people, earning a special place in the hearts and minds of generations of riders. We have spent over a century building the bicycle industry into what it is today, and we’re not done yet. In the late 1960s, the Varsity and Continental pioneered the use of auxiliary brake levers, which allowed the rider to rest hands on the straight, horizontal center section of the ram’s horn handlebars, yet still have braking control. To further improve control from this more-erect riding position, the levers used to move the derailleurs (shifting the chain from one sprocket to the next) were moved from the traditional position on the “down tube” to the top of the headset, on a ring which would turn with the handlebar stem. This feature, attractive to older riders, soon found its way to other Schwinn models, especially those intended for senior citizens.