Michael, I'm afraid that I cannot tell you the cause of the problem, but I feel pretty comfortable saying that it looks terminal. It could be bacterial canker, known to affect Loropetalum.

If I had a plant as involved (bad off) as this, I would not hesitate for one second getting rid of it. Fall is the ideal planting time in NC, plan for the replacement.

I am also having issues with splitting branches on my loropetalum, however the splits have resealed. But the branches that have the damage are dying. One branch at a time. We trim the branch off when we see the dying occurring but it's not helping. We are Raleigh, NC area! Zone 7a, I think.

do you have a question ... or do you just want us to tell you to get rid of it, as per above ???

otherwise.. how about some pix ...

ken