Source : Webster's Revised Unabridged Dictionary (1913)

Lockout \Lock"out`\, n.
   The closing of a factory or workshop by an employer, usually
   in order to bring the workmen to satisfactory terms by a
   suspension of wages.

Source : WordNet®

lockout
     n : a management action resisting employee's demands; employees
         are barred from entering the workplace until they agree
         to terms