Probably too many too fast.
One of their competitors I worked for used that practice, at least the original owner did.
Open a store, partially stock it, use it as collateral to borrow the money for a new store location, partially stock that one, use it as collateral to borrow the money for yet another location, repeat.
When the economy tanked in 2008, they had already experienced supply issues with creditors. After the economy tanked, a majority of their suppliers cut them off. Carhartt wouldn't send merchandise unless funds were transferred directly to their accounts.
They were then sold to a Canadian conglomerate who operated on a cash-only basis and the stores became magically stocked again. After closing half their locations, which were faltering.
It is now on the 3rd or 4th owner since the original founder.
And back to the "borrow borrow borrow" business model.