Green’s Dictionary of Slang

worn out, exhausted, out of date, etc.

1843		N.Y. Sporting Whip 25 Feb. n.p.: Old clo’ Jews and broken down gamesters and libertines’.
1885		Bulletin (Sydney) 14 Feb. 6/4: The unpretentiousness of his apparel betokened less of the Bond-street fashionable tailor than of the Israelitish ‘old-clo’ shop of Petticoat-lane.
1901		W.A. Sun. Times (Perth) 14 July 1/1: Most of the shoddy elite are trusting to the ’ole clo merchant to see them through.
1914		Truth (Melbourne) 10 Jan. 3/4: he may get a few bob at the ole clo’ joint.