Tom's efforts to open a clothing store came to nothing.
Literal
Clothing store [object-を] open-[volitional] [quotative-という] [attributive-の] Tom [possessive-の] efforts [topic-は] water [possessive-の] bubble into-になった.
水の泡になる ('come to nothing,' literally 'become a bubble of water') is a set idiom from water bubbles vanishing on the surface. A visual metaphor for wasted effort. ~ようという + 努力 is 'efforts toward/to do X.'