fold up

verb

To make or become more compact by folding.
“Please fold up these towels so they will fit on the shelf.”
“Meanwhile Nanny Broome was recovering from her initial panic and seemed anxious to make up for any kudos she might have lost, by exerting her personality to the utmost. She took the policeman's helmet and placed it on a chair, and unfolded his tunic to shake it and fold it up again for him.”
To surrender, abandon or give up under pressure.
“7 Kt-KBP ... Jabbin' furiously, the Ripper drives [Alekhine] into the ropes. In the carnival circuit, he'd have some preliminary bum in some ringsider's lap in two rounds, but the champ, who is no camp stool. don't fold up so easy.”
“It used to be said there were two kinds of chairs to go with two kinds of Ministers: one sort that folds up [pun] instantly, the other sort goes round and round in circles (laugh track).”
To go out of business; to stop doing something.
“That place folded up years ago.”
“When Grimaldi left the group in 1976, Rod folded his band up.”
To move on, as in a traveling circus taking down its tents and attractions and moving to a new location.
“They will fold up on Sunday and be gone from here.”
“The circus folded up its tent and headed north.”