Tom Sandoval and Tom Schwartz are raising a toast to their business Schwartz & Sandy's. The Los Angeles cocktail lounge and restaurant is set to close at the end of December, the reality-TV personalities revealed in separate Instagram posts on Monday.

Tom Schwartz and Tom Sandoval’s Los Angeles bar Schwartz & Sandy's is closing after two years, the 'Vanderpump Rules' stars tell PEOPLE.

Vanderpump Rules stars Tom Sandoval and Tom Schwartz announced on Monday that they are closing their Los Angeles bar, Schwartz & Sandy's, at the end of December after two years of operation. The reality TV stars cited challenging finances and Sandoval's cheating scandal as reasons for the bar's closure in a statement to People.