You answered your own question- 2013 a great period of growth. Use debt to fast forward growth. 2014 on business conditions tightening. More competition. Time to get rid of debt, time to consolidate business ( in this case protect the brand with self owned stores).
pretty sure he paid himself well before listing so he got plenty to survive while it gets tight. I agree that the IPO simply should not have mentioned divs.
My 2 cents
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CEO response to Shareholders letter, page-82
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