Nov 5 (Reuters) - Heelys Inc , maker of novelty sneakers that double as roller skates, said its board had retained investment bank Houlihan Lokey as financial advisor to help it evaluate possible strategic alternatives.

In August, the company's board had rejected a $5.25 a share cash bid by rival Skechers USA Inc's saying the offer was premature and not reflective of the value of the company.

Heelys' stock closed at $3.47 on Wednesday on Nasdaq.

In its statement Wednesday, Heelys also said it will not give any new earnings guidance, nor update or comment on outlook given earlier, during the strategic review process. (Reporting by Santosh Nadgir in Bangalore; Editing by Anthony Kurian)