Once the world's best-selling beer, Schlitz suffered a mighty fall in the 1970s and was relegated to cheap-beer status; appropriate more for frat boys and derelicts than the weddings and celebrations that defined its glory days status. Pabst, which now owns the Schlitz label, took a big risk in reintroducing the old, 1960s formula, but a year after its launch, the risk has paid off and Schlitz is no longer a laughing stock or the source of hard feelings in Milwaukee.