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Tiffany Montgomery
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Skechers wants to buy Heelys

Skechers wants to buy Heelys
By Tiffany Montgomery
August 14, 2008 8:14 AM

Skechers is making a bid for Heelys, according to the Wall Street Journal.


Skechers raised its offer to $142.8 million after Heelys rebuffed a previous offer in May.


The current offer has Skechers buying Heelys for $5.25 a share, 7.8 percent above Heely's closing price Wednesday.


Previously, Skechers offered to pay $4.75 to $5.10 a share, the Journal said.


Sales of Heelys shoes fell 75 percent in the second quarter and the company reported a net loss of $394,000 vs. a $12.8 million profit the same period last year.


More on: Skechers, Heelys, bid

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