When bark peels away and the plant starts going downhill in early to mid summer it is usually due to damage from a late freeze. This year's late freeze most likely damaged the bark tissues which were actively flowing sap with the warming temperatures prior to the freeze. There is nothing you can to so save the affected branches now but your shrub may begin to resprout from near the base. If it does just prune out all the damaged branches back to where the healthy new growth is emerging.
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