Whether it's the classic beach cruiser or the traditional 10-speed, that Schwinn you're seeing at Wal-Mart ( WMT) or Target ( TGT) hasn't been a consistent American classic for more than 20 years. After feeling the pinch from competitors such as Trek and Specialized and losing the ability to make bikes at a competitive cost, Schwinn originally sent all its manufacturing overseas in 1991. It went bankrupt a year later, but resurfaced in 1993 as a boutique outfit making lightweight bikes. Schwinn's last bankruptcy in 2001 sealed its fate in the U.S. Schwinn was sold to Pacific Cycle. Pacific, in turn, was bought by Dorel Industries, a Canadian company that also makes furniture and baby products. The Schwinn bikes consumers see today are built in Taiwan and China and have little in common with the company's history -- besides a nameplate. In today's bicycle industry, though, being foreign-made is about the most American thing a large bicycle manufacturer can do. The National Bicycle Dealers Association says 99.5% of bikes sold in the United States are mass-market imports from Asian countries.