What is to be done when a lead goes cold?

If a lead does not convert into a deal for a long time, and there is no chance of that as well, what should ideally be done?

There is no option that I know of to close or dump a lead. Only option is to convert to a deal and/ or account. If we delete the lead, we will lose the information about the unconverted lead, isn't it?

So, what should be done?

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