倒闭 (dǎo bì): to go bankrupt

That old bookstore, which had been open for twenty years, finally went bankrupt last year because the rent rose too much.

When the economy was bad, many small companies went bankrupt, and my uncle's factory was no exception.

Due to poor management, this restaurant went bankrupt less than a year after opening and still owed its employees three months' wages.

If the company doesn't change its business strategy, it will probably go bankrupt next year, and everyone needs to find a backup plan in advance.