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English definition of “shakeout”

shakeout

noun [C usually singular] uk   /ˈʃeɪk.aʊt/ us  
a situation in which people lose their jobs, or companies stop doing business, because of economic difficulties: The shakeout in the labour market after Christmas usually makes January a bad month for unemployment. There has been a shakeout of inefficient corporations.Starting, succeeding and failing in businessFiring staff and being fired
(Definition of shakeout from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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