1. the reduction of costs or spending, especially by a company or government
Usage: business; economics
2. the dismissal of employees to reduce costs
Usage: business

Examples

• The company announced a major retrenchment to improve profitability.
• Government retrenchment led to cuts in public services.
• The economic crisis forced widespread retrenchment across industries.
• Retrenchment affected hundreds of workers at the manufacturing plant.
• The budget included significant retrenchment in defense spending.
• Many families faced hardship due to corporate retrenchment policies.