Filed under: Management, Crocs Inc (CROX)

Someone had to pay for the extremely disappointing downturn in the stock of Heelys Inc. (NASDAQ: HLYS), the children’s shoe company that builds wheels into its footwear. The company’s CEO was pushed out on Friday.

The stock has fallen from a 52-week high of $40.09. The shares now change hands just above $6.

After a huge run in revenue that moved from $21 million in 2004 to $188 million in 2006, more recently sales have fallen off to $50 million after hitting $75 million in the June quarter.

Like other specialty shoe companies, including Crocs Inc. (NASDAQ: CROX), Heelys has not been able to follow its first big hit with other items.

Changing CEOs is not going to alter that.

Douglas A. McIntyre is an editor at 247wallst.com.

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This entry was posted on Saturday, February 2nd, 2008 at 9:08 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.