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SCHWINN BICYCLE ANNOUNCES LAYOFFS

 SCHWINN BICYCLE ANNOUNCES LAYOFFS
 CHICAGO, Nov. 6 /PRNewswire/ -- Schwinn Bicycle Co. announced today


that as part of its Chapter 11 reorganization, it is reducing its workforce by approximately 50 percent. Jobs will be eliminated at Schwinn's corporate headquarters in Chicago, as well as at its regional distribution centers in the Los Angeles, Chicago and Newark areas. Approximately 160 workers are affected by the layoffs, to take place between today and Jan. 31, 1993.
 The company plans to seek bankruptcy court approval to provide severance packages for affected employees.
 Edward R. Schwinn, president and chief executive officer of the company, said: "While we deeply regret the necessity of this action, the reorganization process demands that we re-evaluate our corporate structure and make productive changes. We intend to emerge from Chapter 11 as a stronger company that competes successfully in the '90s and beyond."
 Schwinn filed for Chapter 11 bankruptcy protection on Oct. 7.
 Established in 1895, privately held Schwinn Bicycle Co. carries one of the best recognized names in the world. Besides its domestic operations, Schwinn is a joint venture partner in manufacturing operations in China and Hungary. It distributes bicycles and fitness equipment in the United States, Canada and various overseas markets.
 -0- 11/6/92
 /CONTACT: Doug Kramer of Schwinn, 312-454-7590/ CO: Schwinn Bicycle Co. ST: Illinois IN: HOU SU:


AH -- NY050 -- 8248 11/06/92 14:47 EST
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Publication:PR Newswire
Date:Nov 6, 1992
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