I wish them luck. You still see some Collegiates and Varsities among bikes at Metra stations (well, last summer you did).
According to this 1955 Schwinn catalog
https://bikehistory.org/catalogs/1965.html A Schwinn Collegiate 5 speed was $56.95, which is $465 in today’s dollars. So these new ones at $998 are pricier. Of course, the only reason to put them in Walmart is that is where Schwinn has distribution;
it’s become a discount store brand.