" Throw the towel in "
Meaning:
Give up, especially to avoid further punishment when facing certain defeat.
Example:
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?:
USA, 1910s. The allusion is to a boxing match where throwing the towel in indicates a concession
Where is it used?:
Hear the idiom spoken: