Da Nello in the Pollet has been in business for 47 years but the owners are now retiring.
Da Nello first opened its doors in 1978 by restaurateur Nello Ciotti.
He was joined by Head Chef Tim Vidamour in 1979, with Manager Manuel Teixeira joining in 1995.
Since 2008, Tim & Manuel, together with their families, have owned and run the Italian restaurant.
They took to social media yesterday (9 December) to announce they'll close the doors on 23 December.
Tim says it was a difficult but necessary decision, prompted by a combination of health issues, getting older and the cost of living.
"It was a hard decision, I've spent my life here, and met my wife here when she started as a waitress.
"Customers have become friends, and we have had a lot of comments on social media and calls.
"I had hoped I would carry it on a little longer, but I think it is time."
It is unknown at this early stage if a buyer has been found.
GST: 5% on everything or 6% exempting food in Guernsey tax package
Standard Guernsey bus ticket could rise to £1.70
Aurigny promises 'much better' Jersey-Guernsey service
Alderney Airport could close for "an extended period" for runway modifications
Guernsey investor buys large Jersey hospitality group
Fallen trees in Guernsey could be in the 'low thousands' following Storm Goretti
Schools in Guernsey reopen but minor roads remain blocked following Storm Goretti
Guernsey's emergency services assess the impact of Storm Goretti
