Scott Stein, one of the partners in Pearl and its restaurant partner Akoya (1904 Chestnut St.), has confirmed that the operation has shut down after 16 months.

Last month, the days of operation were scaled back and the restaurant was listed on hiatus.

"Conceptually, having a fine dining restaurant on one floor and a luxury lounge on another is challenging," Stein wrote in an e-mail. "However, the lounge took off from day one but the restaurant was inconsistent and fell into the Friday and Saturday night category and the business model was not working. We rebranded the first floor Akoya, much more approachable pricing and had a lot of positive feedback but the stigma with the masses was we are a lounge with good food. ... I would like to thank a great staff on behalf of myself, David [his father] and Sean [his brother] who had to deal with drama and false rumors on a daily basis. Most of our staff was with us since we opened."

The corporation behind Little Pete's, the previous occupant of the space, still owns the bricks.