The stock was recently down 15% at $3.77, after touching $3.67 earlier in the session. The company, based in Mechanicsville, Va., is shelving its six-cent quarterly payout as it seeks to accelerate its deleveraging plan.

The suspension, Lucky Strike said, is “a decision about where the next dollar goes, not a change in our view of the long-term earnings power of the business.” Its board will continue to review the dividend as part of its regular assessment of capital-allocation priorities.