I have had a similar incident, only with hiking shoes.
Aboot a year ago, I purchased a pair of top-end hiking shoes at a local outdoors store. They squeaked at the time (Quite loudly) which the boy assured me would dissapear. If not, bring them back and I could get an exchange.
Six months passed. I wore them quite a bit, and tried everything to get them to stop. However, I soon realised this was futile as the squeak was from the sole of the shoe. A manufacturing problem.
I took them back, and nada. I was told that it was not store policy to refund or exchange, all this after I had been assured I was fine to get an exchange!
I was offered a ten percent discount, unfortunately not on any sale shoes. The only ones that suited me and fit properly WERE on sale at that time.
You can be sure I was quite angry. :-) Especially as I'd spent my tax-return from a previous job on these shoes, and had no hope in hell of buying even another second hand pair at that point. I was stuck without shoes (On account that everytime I took a step in these it was so loud that at the end of a walk everyone was quite obviously sick to death of hearing me all day)
It's really done the shop the most damage though, as I won't recommend that shop to anyone anymore. And word is spread fairly quickly, especially when you're involved in a fairly large club devoted to such activities.
I have a few 'LBSs' which I strongly support. I've never had problems with these ones. I support them because I get excellent service, sometimes discounts on account OF supporting them, and they are genuinely good people. I buy some stuff like clothing on the net, but most things I buy in the shop.
Look at it this way, if you DON'T support your LBS, even a little bit, they will go out of business. Wouldn't you rather SEE what you're buying (Especially important or expensive equipment) and have someone to install it if needed? I'd say yes. Also, it's much more fun heading down to the shop/s to pick up your gear rather than just the mail. ;-)