What process involves moving away from less profitable operations by either selling or closing them?

The process of divestiture specifically refers to the strategic decision to sell, spin off, or close down certain parts of a business that are deemed less profitable or non-core to the company's overall objectives. This allows a company to focus its resources on more profitable segments and can improve overall financial health by shedding operations that are not performing well or do not align with the strategic vision. By engaging in divestiture, organizations can streamline operations, increase efficiency, and potentially enhance shareholder value.

While liquidation refers to selling off assets, often in the context of going out of business, retrenchment generally involves cutting back on operations to improve financial stability but doesn't specifically involve selling units. A joint venture is a collaborative agreement between two or more companies to pursue a specific project or goal, which does not directly relate to the process of abandoning less profitable operations. Therefore, divestiture is the term that most accurately describes the action of moving away from certain parts of the business that do not contribute positively to profitability.