cut one's losses
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cut (one's) losses
To stop an action that has resulted in loss or failure or leave a failing situation before it gets worse. Man, this venture is going nowhere—I think we're better off cutting our losses than agreeing to rent this space for another year.
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).