Not just boutique brands.

We're seeing it with Kona which basically set up their booth at Sea Otter then took it down and left. Now it's for sale. They had a brand new gravel bike they were launching.
Cannondale is restructuring some ops and laying off 1-2% of their workforce.
Scott is in trouble.
Trek is going to be "right sizing". I've heard as much as a 50% reduction in SKU's from what they currently have as well as bigger jumps between price points.
Giant is going to be selling into Dick's, kids bikes and mtn bikes, but probably not high end/LBS level from what I'm hearing. Dicks just announced a really good Q4 something like 2or 3 or 4% (can't remember) increase >Q4 2022
REI is struggling, believe they are down for Q4 and laying off ~ 400 people from HQ. From what I'm hearing sales aren't turning around.
Selle Royal (Fizik, crankbrothers) is doing some restructuring although they just bought someone small that is escaping my mind.
Planet Cyclerly and Colorado Cyclist are both shuttering
Stages is a floating corpse and that's going to also hit the fitness industry as well

IDK if it's boutique brands necessarily. There are a lot of changes happening within the industry right now, both running and cycling although cycling seems impacted more than specialty running. I think it's a combo of multiple things.

The weak and/or over exuberant on the backside of the peak, those that have historically been on the cusp, the market forcing retailers to be smarter about inventory management. Business practices that have lower margins are getting trimmed in favor of higher margin services and/or services where they make less money but have an outsized reduction in costs comparatively.

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Brian Stover USAT LII
Accelerate3 Coaching
Insta