From Longman Dictionary of Contemporary Englishcut your lossescut your lossesto stop doing something that is failing, so that you do not waste any more money, time, or effort He decided to cut his losses and sell the business. → cut
Examples from the Corpus
cut your losses• As for Richard, take my advice and cut your losses.• At that point they just wanted to cut their losses and get out of the business.• Cawthorne cuts his losses and goes somewhere else.• Try the risky, potentially spectacular shot, or cut his losses and play safe?• One solution was to cut their losses and sell to television.• Usually the wisest thing to do is to cut your losses early on.• Once he learned to ride his gains and cut his losses, he never looked back.• Be honest with yourself and cut your losses quickly.• I hope Wilko cuts his losses with our Brian and then goes out to look for a decent striker. 