1
: to give way : collapse, crumple
at the first shot the deer stopped short, then suddenly folded up the old chair suddenly folded up under him
2
a
: to cease resistance or exertion : give up : fail, quit
the horse folded up in the homestretch the defense folded up under the savage attack the weak just get crushed; you can't blame them for folding up—K. M. Dodson
b
: to stop production or operation for lack of funds, support, or business success : go bankrupt : close up : close
small businesses were folding up right and left
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Merriam-Webster unabridged
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