The amount of business the company was doing had declined, so they knew there would have to be cutbacks and possibly wage decreases.
Example sentence - The birth rate declined over the last two decades.
When my friends offered me some alcohol at a party, I declined it and told them that I was a nonalcoholic.
Nevertheless,Judy strongly declined the offer to go fishing with jack;she's fallen out with him due to his lack of interest in her!
I sold my stock when the market showed a sudden decline.
The company's financial performance declined, leading credit agencies to downgrade its credit rating.
I declined the contract due to a certain provision. It may take all day to provision the boat.
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The cheese was too strong for my taste, so I declined the cheese board as it was passed along the dinner party guests.
Offering is when you give to someone or for something
newspaper subscriptions have declined in the last 10 years.
I was declined access to the VIP area because I did not have permission to enter.
Another word for regressed is declined or retreated.