take a haircut
v. phr.— «D’Amico “did one dastardly deed, and now he is missing in action and won’t talk to anybody,” the major-label financial executive says. “There hasn’t even been an ‘ask’ yet.” By that, he means Tower has not requested an extension to make payments or for suppliers to “take a haircut”—music-industry parlance for partially forgiving money owed.» —“Tower Headed For Chapter 11″ by Ed Christman Book Standard Aug. 11, 2006. (source: Double-Tongued Dictionary)
Further reading
The slang phrase someone ate and left no crumbs means the person did something really well. In a previous call, a listener who works in theater noted the use of ate to mean “did something well,” as in they really ate that haircut! This...
Astronauts returning from space say they experience what’s called the overview effect, a new understanding of the fragility of our planet and our need to reflect on what humans all share as a species. A book about the end of the universe...