I don't know the folks who run -- sorry: ran -- TebowTees.com but I can tell you that as soon as I heard about them, I knew the business simply wouldn't last.
Team Tebow is entirely within its rights to shut down commercial companies trading on Tebow's name. I'm sure sports media folks will rap Tebow's knuckles, but every brand does it.
The T-shirt company should have known this was coming. There are a bunch of T-shirts out there that traded on Tebow's cachet without outright infringement on his name.
(There is the one model of T-shirt that has a "T" inside a Superman-style geometric outline. There is the T-shirt that says "HE15MAN." There are plenty of T-shirts that display the "Promise" speech. None were as blatant or brazen, and they have largely been left alone.)
Anyway, this development is entirely unsurprising -- and credit the TebowTees folks for folding the online shop when Team Tebow asked. Let's hope it was all relatively friendly.