LanGeekLanGeek Dictionary

throw in the towel

British pronunciation/θɹˈəʊ ɪnðə tˈaʊəl/
American pronunciation/θɹˈoʊ ɪnðə tˈaʊəl/
to throw in the towel
[PHRASE]
1

to accept the fact that one has been defeated

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Examples
1And automakers are faced with the choice of whether they ought to keep selling these multipurpose vehicles or throw in the towel in favor of more popular and more profitable models.
2But we don’t want to see other musicians throw in the towel.
3Jim beat me for the fourth time, so I threw in the towel.
4Had Juarez decided to throw in the towel and work with the new emperor, it’s entirely possible Mexico would still be an empire.
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