CLEVELAND, Ohio - A hip cocktail bar that opened after the owners won a LeBron James-produced reality show is closing after less than a year in business.

Old City Libations - located at 6706 Detroit Avenue in Cleveland's Gordon Square Arts District - announced Wednesday on its Facebook page that it will shutter its doors for good on Saturday.

"There are many factors we considered prior to arriving at this decision, and it certainly is not one we took lightly," a statement on the bar's Facebook page said.

Old City Libations owners Mike Gulley and Sean Adkins also own Old City Soda - which distributes soft drinks to restaurants and retailers - and the latter will remain open, the Facebook statement said.

"While we have had a ton of fun opening and operating Old City Libations, the resources it requires are not insignificant and often require us to make choices about where we spend our time and money," the statement said. "Unfortunately, as a small company we simply don't have the resources we would like to keep both sides of our operation moving forward."

Adkins and Gulley won the LeBron James-produced reality series "Cleveland Hustles," competing with other aspiring businessmen for investment dollars.

They opened Old City Libations in September of last year.

When reached for comment Wednesday evening, Adkins said he would be available to answer questions on Thursday.