verb
retrench
rih-TRENCH/rɪˈtrentʃ/
To cut back spending or activity in response to difficulty.
The sewing shop owner retrenches, closing two stations as money dwindles.
Etymology
The pieces express cutting back. The earlier meaning of cutting off or paring away became an economic image: reducing expenses by removing some of what was previously spent.
In context
the Swedish government began to retrench they privatized a lot of their industries including a big part of healthcare
More examples
- When donations fell, the charity retrenched and canceled its expansion.
- We need to retrench until our finances improve.
- The company is retrenching by closing stores and freezing hiring.
Forms
retrench · retrenches · retrenched · retrenching
retrenchment noun — A reduction in spending, operations, or commitments.
Similar words
- economize
- Focuses on spending less rather than reducing overall activity.
- downsize
- Usually reduces an organization's workforce or size, not just spending.
- curtail
- Means reducing something without necessarily responding to financial difficulty.