IPA: /ˈlɒkaʊt/
KK: /ˈlɑkˌaʊt/
A situation where an employer prevents employees from working, often during a disagreement about work conditions or pay.
The company declared a lockout after negotiations with the workers broke down.
Lockout → It is formed from "lock" (from Old English *loccian*, meaning to fasten or secure) and "out" (meaning outside). The word "lockout" refers to a situation where someone is prevented from entering a place, typically because they are locked out.
Think of being 'secured' ('lock') and 'outside' ('out') — that's why a lockout means being kept out.