Arundels by the Pier, located on the coastline of the Sheep's Head peninsula, announced their closure just after Christmas, on January 5.
The owners announced the closure in a heartfelt Facebook post at the weekend, thanking staff and customers for their service and patronage over the years.
"It is with the heaviest of hearts we have been forced into the decision to close Arundels by the Pier.
"We have tried everything we could over the last two years to keep the business afloat however due to circumstances outside of our control the business has continued to make significant financial losses and as a result, we will be closing Arundels on Saturday night 18th January."
The owners, Shane Arundel and his wife Fiona, thanked their staff past and present, calling them the "backbone" of the establishment.
However, the owners are hopeful that someone will be willing to take over the famous pub.
They are planning on leasing out the premises and hope that Arundels will continue to be a "mainstay of the community".
"We feel there definitely is a viable business here however as we are living in Cork we were unable to manage it at ground level," they said in a Facebook comment under the post about the closure.
"Even with the best employees out there it is essential that the owners/leaseholders are present all the time to make it succeed.
"We hoped we would be able to make it work from a distance however it just proved to be too much!
"We know this can work as we have an incredible community, a stunning area and the most wonderful people! We just need someone with the passion drive and commitment to keep the doors open again in the near future!
"We are so encouraged by the local support we have received and also the enquiries about the possibility of leasing the business!
"We also are open to all suggestions so feel free to send them our way."
The pub is now advertised to rent on Daft.ie.