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
to do something to stop a loss of something. I knew I had to do something to cut my losses, but it was almost too late. Sell some of the high-priced stuff to cut your losses.
cut (one's) losses
To withdraw from a losing situation.