What is another word for retrenches?

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Verb
To reduce (something) in extent or quantity
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“As prices fell and demand slumped, most mills began to nibble at piece rates, retrench their workforce, and increase workloads.”
Verb
To be economical or frugal with
“The declining sales growth indicated economic trouble and a need to retrench costs.”
Verb
To become smaller or less in amount, degree or intensity
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