Idiom of the day :- Lose One’s Shirt

Usage, examples and definition of the Idiom :-

I happened to bump into Dole at lunch yesterday afternoon. What’s new with Dole these days ? He wasn’t doing so well. For one thing, he told me he lost his shirt at the races. Dole has always liked to bet on the horses. I’m not surprised that he lost a great deal of money. Yeah. At this rate he’ll never have a penny to his name.