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The phrase "hit the skids" is correct and can be used in written English.
It means to experience a sudden and significant decline or failure. Example: The company's profits have been steadily decreasing over the past few years, and now they have hit the skids due to poor management decisions.
Dictionary
hit the skids
verb
To fail; decline
Exact(60)
But the scheme has hit the skids.
Then the country's economy hit the skids.
You never know when you're going to hit the skids".
Thankfully, swimming classes are the first to hit the skids.
Then, last spring, the Nasdaq hit the skids.
In any case, Margery's career hit the skids.
That is precisely what happened when Long-Term Capital Management hit the skids in 1998.
The catcher, Eli Drinkwater, had just hit his prime, while Magee has hit the skids.
Her mother died, her marriage with Bruce Willis hit the skids.
For one, fewer of the industry's businesses hit the skids as hard and for as long.
Ever since Greece hit the skids, we've heard a lot about what's wrong with everything Greek.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com