Heelys to consider strategic alternatives

By Lisa Kerner

Charlotte, N.C., Nov. 6 - Heelys, Inc.'s board of directors will consider a range of strategic alternatives to enhance shareholder value with the assistance of Houlihan Lokey, it was announced on Thursday.

Chairman of the board Gary Martin said Heelys management is making progress on restoring the company's business to profitability.

"During this evaluation process, we will continue to remain focused on business as usual for all of our operations and on executing our business plan," Martin said in a company news release.

It was reported in August that Heelys rejected an offer from Manhattan Beach, Calif., footwear company Skechers USA Inc. to acquire the company for $5.25 per share, or a total of $142.8 million.

Heelys' board also declined Skechers' offer to buy the company in May for between $4.75 and $5.10 per share, it was previously reported.

Heelys is a Carrollton, Texas, sports products and footwear company.

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