New York (CNN Business) The famed Four Seasons Restaurant in New York, which for decades was a go-to spot for power brokers to hobnob over lunch, will shut its doors on Tuesday.

The 60-year-old upscale dining spot hasn't been able to hold onto its clientele, Four Seasons managing partner Alex von Bidder told CNN Business on Saturday, and its investors "lacked the confidence to fund it for another year or six months."

Forty years ago, The Four Seasons became known as a go-to destination for Wall Streeters, publishers, movie producers and other executives who would hash out business deals amid the lavish decor and seasonal dishes. A 1979 article in Esquire magazine used the term "power lunch" to describe the midday meetings; the phrase and its association with the Four Seasons stuck around for decades

The restaurant, however, lost its home at the Seagram Building on Manhattan's Park Avenue when its lease expired in 2016.

At a Rolling Stone magazine party at the Four Seasons in 1992: Melanie Griffith and her then-husband, Don Johnson, with the late David Bowie and his wife, Iman.

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