Jo-Jo's restaurant, a Queen Street Mall landmark for 37 years, will close its doors next month, its flamboyant owner Stefan Ackerie announced on Wednesday.
Having originally opened as a small cafe in 1980 to service clients of Mr Ackerie's hair salon, Jo-Jo's grew rapidly to become one of the CBD's best-known and long-lasting eateries.
That is to end on March 5, when the rainbow-themed entrance will close for the final time.
But Mr Ackerie said the brand would live on at Stefan headquarters at South Brisbane.
"It has been a privilege to provide Brisbane with great food and an inviting meeting and eating place for nearly four decades," he said.
"Thank you to every single person who dined and celebrated at Jo-Jo's over the years. I'm sure it holds many great memories for so many people."
Mr Ackerie said it had been a difficult decision to close Jo-Jo's, situated upstairs in the Pavilion where the Queen Street Mall meets Albert Street.
"But the happy news is that after the rain there is always a rainbow and Jo-Jo's will be re-opening at Stefan headquarters on Melbourne Street, West End, with an exciting, modern twist," he said.
"The new Jo-Jo's restaurant on Melbourne Street will be a game changer."
Jo-Jo's on Melbourne would open on May 31, Mr Ackerie said, and would form part of the hairdressing king's "lifestyle hub", which would also include his gift and furniture business The Bach Living.
Jo-Jo's on Melbourne would operate under the same premise as the original Jo-Jo's, Mr Ackerie said, which was "providing quality food at affordable prices".