<P> In 1993, Richard Schwinn, great - grandson of Ignaz Schwinn, with business partner Marc Muller, purchased the Schwinn Paramount plant in Waterford, Wisconsin, where Paramounts were built since 1980 . They founded Waterford Precision Cycles, which is still in operation . In 2003 they employed 18 workers building lightweight bicycles . </P> <P> In late 1997, Questor Partners Fund, led by Jay Alix and Dan Lufkin, purchased Schwinn Bicycles . Questor / Schwinn later purchased GT Bicycles in 1998 for $8 a share in cash, roughly $80 million . The new company produced a series of well - regarded mountain bikes bearing the Schwinn name, called the Homegrown series . In 2001, Schwinn / GT declared bankruptcy . </P> <P> 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 . In 2004, Pacific Cycle was in turn acquired by Dorel Industries . Once America's preeminent bicycle manufacturer, the Schwinn brand was now affixed to bicycles fabricated entirely in China, fueling most of its corporate parent's growth . In 2010, Dorel launched a major advertising campaign to revive and contemporize the Schwinn brand by associating it with consumer childhood memories of the iconic company, including a wildly popular reintroduction of the Schwinn Sting - Ray . </P> <P> Direct Focus, Inc., a marketing company for fitness and healthy lifestyle products, acquired the assets of Schwinn / GT's fitness equipment division . Direct Focus, Inc. subsequently became Nautilus, Inc . </P>

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