" Throw the towel in "
Give up, especially to avoid further punishment when facing certain defeat.
AltaVista tried to hang on and compete with Google, but eventually they just couldn't compete and were forced to throw the towel in.
Where did it originate?:
1910s. The allusion is to a boxing match where throwing the towel in indicates a concession
Where is it used?:
Hear the idiom spoken: