Generations of Americans pedaled their way through youth on sturdy Schwinn bicycles. But the Chicago-based company, founded in 1895, coasted into Chapter 11 after its 25% share of the U.S. bike market in the 1950s dwindled to 7% today. Schwinn moved virtually all its manufacturing to foreign plants and seemed to lose touch with domestic trends. It was slow to produce mountain bikes, which now account for 60% of U.S. cycle sales. The closely held company has meanwhile been seeking a cash infusion from investors to help it get back up and rolling.
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