ESL Podcast 336 - Going Out of Business

to go belly up - to fail as a business; to have to close because a business is not earning enough money

The farm went belly up when it didn't rain enough for two summers in a row.

to struggle - to try very hard or for a very long time to do something that is difficult

No matter how much Mathias struggles in his math class, he always gets a good grade on his tests.

to downsize - to sell things and/or reduce the number of employees to make a business smaller

More than 120 people lost their jobs when the company decided to downsize by closing one of its factory.

to throw in the towel - to give up; to stop trying to do something because it is too difficult

Heidi spent all of last year trying to learn how to play the violin, but she finally threw in the towel, realizing that she didn't have enough patience.

debt - money that is owed to a bank, company, or person; money that one borrowed and needs to pay back to another person or company

Many U.S. college students graduate with more than $30,000 in debt.

What a shame! - what a pity; a phrase used to show that one feels bad about something that has happened; a phrase used to show one's sympathy for someone

Did you hear that Vicky lost the race that she had been training toward for over a year? What a shame!

profitable - making money; a company or project that makes more money than it spends

His business is very profitable, because he buys each bicycle for only $60 and sells each one for more than $200.

loan - money that a bank, another financial institution, or a person gives to another company or person for a specific period of time, with the understanding that the money will be paid back with interest

Shari didn't have to get student loans for college because her parents helped her pay for school.

to bail (oneself) out - to get out of a difficult situation, especially when there isn't enough money; to do something so that one is no longer in a difficult financial situation

Clark bailed himself out of his large credit card bills by selling all his books and CDs to get enough money to pay the bills.

to run out of options - to no longer have choices; to be forced to do one thing, because there are no alternatives

The Milanos tried to make enough extra money to pay their bills, but now they've run out of options and they'll have to sell their house.

to pack it in - to stop doing a job, activity, or something else

After walking in the mountains for 14 hours trying to reach the top, they decided to pack it in and sleep for the night.

to go out of business - to close a business, usually because it is not making money

After its airplane crashed, no one wanted to travel with that airline any more and the company went out of business.

to liquidate - to sell everything that a business owns, usually to use the money to pay back debts

When the clothing store liquidated all of its products, we were able to buy some very inexpensive suits.

to lose (one's) lease - to no longer have access to a building where one is living or working, because the rental agreement has ended and the owner does not want to sign another agreement

The business lost its lease on the building when the owner decided to convert the offices into apartments.

generation - a group of people who were born at about the same time; a group of people who have similar ages

Do you think it's true that the new generation is very good at using computers, but it is difficult for older generations to learn to use new technology?

to tear (something) down - to destroy a building, usually to build something else in its place

The city bought the old glass factory and is going to tear it down to build a city park.

economic downturn - a period of time when the economy does poorly; a period of time when there is little money in the economy and most businesses have a difficult time making money

Do you believe that there will be an economic downturn in the United States in the next five years?

bankrupt - without enough money to pay one's debts, so that one is forced to close a business

The company went bankrupt when it wasn't able to pay its employees.