Il Gatto at Lake & Hennepin closed on Saturday after a two-year run in Calhoun Square.
The Parasole restaurant has struggled financially compared to other Uptown-area restaurants managed by the company.
"Parasole restaurants have been a major presence in Uptown for 27 years. We continue to believe in the viability of the Uptown community," said Kip Clayton, vice president at Parasole, in a news release. "Parasole is Uptown’s largest restaurant employer and is experiencing strong sales at our other restaurants in the area, including the Uptown Cafeteria, Burger Jones and Chino Latino."
The company is working to find jobs for Il Gatto employees at other Parasole restaurants.
Il Gatto replaced the long-time restaurant Figlio in Calhoun Square in November 2009.