Group 1: Industry Challenges - The beauty industry has faced significant financial challenges leading to bankruptcy filings and shutdowns over the past year [1] - Companies like Cutera successfully restructured and reduced their debt by $400 million, emerging from bankruptcy by the end of last year [1] - AS Beauty Group's brands Cover FX and Mally Beauty permanently shut down their online stores due to a changing retail environment and customer needs [2] Group 2: Bankruptcy Filings - Driftwood Yoga, Spa, and Boutique filed for Chapter 11 bankruptcy with approximately $1.4 million in debt, intending to continue operations during reorganization [4] - Modern Medical Aesthetics filed for Chapter 11 bankruptcy as a "small business debtor," listing liabilities between $100,000 and $500,000 owed to fewer than 50 creditors [5][7] - Another medical spa in Alabama shut down in bankruptcy, leaving customers with booked treatments unable to recoup their money [8]