Joom Brands, a discount clothing and shoe store in the trendy and trendy-looking Old City of Jerusalem, has closed its doors on Thursday.
The store’s owners were not immediately available for comment.
The shop was set to open its doors this Saturday after three years, but closed to the public on Wednesday as it faced an unexpected economic downturn, the Joom’s owner told The Jerusalem Times.
The owner, who asked to remain anonymous for fear of losing his job, said the store faced financial problems because of the financial difficulties of its tenants and the loss of customers.
He said that because of this, he decided to close the store for the time being.
Joom, the only clothing and shoes store in Jerusalem, opened its doors in March 2012 and has grown to a larger than 1,000 square-meter store with an array of clothing styles, from casual clothes for women and men to top-quality, tailored and bespoke clothing for men and women.
The chain has been operating in the Old City and surrounding neighborhoods for decades.
It was the largest online retailer in the region, and has been expanding rapidly since its opening.
The company was set up in 2010 by two businessmen who were not related.
It is one of several Israeli online retailers, most of them based in the United States, that have emerged in recent years to compete with the likes of Amazon.com and eBay.
The move comes as Israel is gearing up to host the 2020 Summer Olympics, the largest sporting event in the world.