throw in the towel
verb. quit; accept as being defeated
Origin: In boxing matches, throwing the towel into the ring is a token of defeat, as the tower is no longer needed for wiping off sweat.
"The new Blackberry phone Priv will hit the markets this week and if not successful, could be the company’s last phone. Will Blackberry throw in the towel?"
"She is going to throw in the towel and quit hairdressing school because it is too difficult for her."
"The company threw in the towel after losing all of its major customers."
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