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Downsize – to reduce the size of a house, apartment, or workspace; to layoff workers

My parents want to downsize, because their house is too big.
The store near my house downsized. I heard the store is having financial problems.
I know a lot of older people want to downsize to a smaller house.
Many companies might have to downsize, due to the financial situation.
My friend Phil downsized from a 3 bedroom apartment, to a 2 bedroom apartment, because it is a lot less expensive.
I think we need to downsize our office.