cut one's losses

Withdraw from a losing situation, as in They decided to close down the unprofitable branch and cut their losses. This expression uses cut in the sense of “reduce” (also see cut down, def. 2).

The American Heritage® Idioms Dictionary Copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.