downsize
US /ˈdaʊn.saɪz/
UK /ˈdaʊn.saɪz/

1.
make (something) smaller or less in size, amount, or number
:
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The company decided to downsize its operations to cut costs.
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Many people choose to downsize their homes after their children leave.
2.
reduce the number of employees in a company or organization
:
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Due to economic hardship, the factory had to downsize its workforce.
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The company announced plans to downsize by 10% next quarter.