I know that Schwinn has changed ownership a few times since the original USA owners. Now, of course, they are made in China.
Also, the Schwinn of yesteryear that was sold only to excusive Schwinn approved LBS has now moved on to selling them at Target.
HOWEVER, I have to say that the Schwinn bikes I have seen are considerably better designed and better made than the typical Chinese wobblers that you see at Walmart or some of the other discount stores.
The neighbor kid has one. He is a real bicycle enthusiast and takes great care of his bikes. I help him do maintanance on his bikes including his Schwinn. The bike is a nice bike and a very good bike for the money.
In my opinion, Schwinn still offers a good value package tucked in-between the typical cheap discount store wobblers and the expensive high end LBS rigs.