Green’s Dictionary of Slang

zip adj.

[zip n.1 (1)]

1. zero, none.

[US]S. King Long Walk in Bachman Books (1995) 248: Graveyard rats. They’d gnaw through one of them pine boxes in zip flat.
[US]N. George ‘Beige Is Fine’ in Buppies, B-Boys, Baps and Bohos (1994) 121: The ballplayer’s color and the filmmaker’s physique have had zip impact on advertising’s projections of black beauty.

2. (US campus) unpleasant, bad, generally negative.

[US]P. Munro Sl. U. 211: I had a totally zip time at the party.

In phrases

go zip (v.)

(US) of a plan, a business, to collapse.

[US]O.O. McIntyre Day By Day in New York 16 Apr. [synd. col.] Then along came a lot of big moving pictrure theaters [...] and zip went a lot of business.