"Initial customer demand has been unprecedented," said Paul Silver, Schwinn's VP of marketing.
"While some stores are just getting their initial orders on the floors now and others in the next two weeks, many stores have sold out almost instantaneously, with folks literally lining up to get their hands on one.
"We're working fast and furious to fulfill new orders and replenishment requests as quickly as possible. This is still quite early, but we are seeing increasing signs of something not seen since the original Sting-Ray topped bike sales 40 years ago.
"Public feedback has been vocal, consistent, and overwhelmingly positive."
Pacific Cycle, owner of Schwinn, started promoting the new Sting-Ray with television ads on April 19th, something the company hasn't done since the early 1970s.
Sting-Rays are available from IBDs as well as Wal-Mart, Toys "R" Us, Dick's Sporting Goods, and Fred Meyer. The 20-inch model retails for $180.
Later in the summer, there will be some limited edition models such as a 16-inch bike, a 26-inch bike for adults, a 20-inch girls' bike, and a Sting-Ray trike for tots.
Schwinn will also reissue two models of the original, classic Sting-Rays: the Coppertone-colored Sting-Ray and the highly-collectible Grey Ghost. The classics will be available beginning late June.
The original Schwinn Sting-Ray was first introduced in 1963 and remained on the market until 1982. More than 1 million Sting-Rays were sold in 1968 alone.
In the UK, Sting-Rays will be available - in June - from Moore Large.