Creating the must-have item of the moment can catapult a brand from the land of the unknown into a household name.
But what happens when that product's cool factor fades?
A slew of retailers over the past decade have seen their success hinge on one marquee product that sent their sales—and, as a result, their shares—skyrocketing. But failure to identify the next new trend, or a fickle consumer base that deemed the brand no longer relevant, sent the companies back down to earth—slashing their stock prices in the process.
Although the following eight retailers are not as mighty as they once were, it's too soon to write them off. Once knocked-down brands including Build-A-Bear Workshop, Pier 1 Imports and Heelys have either experienced or are in the process of experiencing a turnaround, proving it's not too late for these brands.
Click ahead for a list of once-trendy retailers who aren't as hot as they once were.
—By CNBC's Krystina Gustafson.
Posted 01 July 2014