There are lots of stories on why Schwinn failed. Labor troubles and a failure to innovate as tastes changed are usually mentioned. It is obvious the owners of the company made many bad choices that resulted in bankruptcy in 1992.
https://en.wikipedia.org/wiki/Schwinn_Bicycle_Company
My first single and three speed bikes were Schwinn but when I got to trying out multi-speed bikes, Schwinns were too heavy and too expensive to be a good choice.
No Hands: The Rise and Fall of the Schwinn Bicycle Company, An American Institution by Judith Crown and Glenn Coleman reviewed here https://www.strategy-business.com/ar...7848?gko=a3bf2