Yes, once nobody holds access to it. Open the work to edit it and use the Archive tab.
For an article, the site checks that:
- no access period to it is running or paused, whether bought directly or through a subscription to a collection it is in or was in;
- no reuse licence's access to it is still running;
- no payment for it is still on its way.
For a collection, it checks that:
- nobody holds a subscription to it;
- no payment for one is on its way;
- no article in it is for subscribers only.
If somebody does hold access, the site refuses and tells you why. Withdraw it from sale instead. You can archive it once their access periods have ended.
Archiving takes the work off the site. Nothing is deleted: it stays in your account as it was, with its earlier versions. When you archive a collection, the articles in it stay published on their own. On a free article, withdrawing only takes it out of the listings and search, while archiving hides the article itself.
To bring it back, open it to edit, set "Change to" to Admin to Review and save, as when you first published it. It goes back up when a reviewer clears it.