Cancelling hair-removal treatment after losing weight (5)
I believe the answer is:
Here is my best explanation:
'cancelling' is the definition.
'hair-removal treatment after losing weight' is the subsidiary indication.
'hair-removal treatment' becomes 'waxing'.
'after losing' indicates named letters should be taken away.
'weight' becomes 'w'.
'waxing' with 'w' taken out is 'axing'.
(Other definitions for axing that I've seen before include "Reducing expenditure sharply", "cutting", "Dismissing (employees)", "Chopping, wood or jobs say", "Cutting down" and "Sacking".)