Longtime Chapel Hill restaurant Spanky’s Bar and Restaurant is “retiring.”

The restaurant owners announced the decision on Thursday night.

Spanky’s, which is part of the Chapel Hill Restaurant Group, has been open for four decades and has been an iconic part of the downtown Chapel Hill landscape at the corner of Columbia and Franklin streets.

In addition to the food, Spanky’s became known for the walls filled with caricatures of Chapel Hill legends, from local celebrities to UNC athletes.

Officials said that while Spanky’s was “retiring,” that a new restaurant would be opening at the location.

“We intend to uphold the same standards of great food and service that Spanky’s has always been known for and we hope to see you soon.”

Chapel Hill Restaurant Group officials did not announce a date for the new restaurant opening in the initial posting. But Spanky’s will be “retiring” on Saturday, March 31.