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One of Toronto's most storied restaurants, renowned for its refined food and impeccable service, will be closing its iron gates for the last time next week after 31 years serving the city's elite.

Truffles, the Four Seasons Hotel's Five Diamond award-winning culinary institution, will present its last supper a week from Saturday, on September 5th.

"It's been a wonderful story for us at the Fours Seasons, but times have changed," said Alex Filiatrault, director of marketing for the hotel. "The recession has changed the way that people spend."

In its heyday, Truffles was a legend, beloved by the city's elite. It has received the CAA/AAA Five Diamond award for 15 consecutive years, and its roster of former chefs includes superstars Laura Kirk, Lynn Crawford and Patrick Lin.

"There was something special about Truffles," said Dine Magazine editor-in-chief and veteran restaurant critic Sara Waxman, who, to this day, includes it as one of her favourite culinary experiences.

But Truffles has lost much of its once-loyal clientele in recent years, as the economy has soured and Toronto's elite have turned their attention to less formal fare.

Managers realized that, unless they completed a massive re-invention, the time to throw in the towel had come.

"You have to change with the times," Mr. Filiatrault said.

A new Four Seasons Hotel, now under construction, will have just one large, less formal dining room, he said.

News of the closure left chef Jason McLeod, who worked at Truffles from 2001-2003, feeling "empty."

"It's one of those timeless classics," said Mr. McLeod, now executive chef at Chicago's Elysian Hotel.

Current chef Laurie Bandur, who has been with the restaurant for seven years, said what will hurt most is saying goodbye to the restaurant's waiters, some of whom have been with Four Seasons for over 30 years.

"It's a family," she said of the team.

But those who loved the restaurant sensed the end was near.

"Certainly fine dining has been having a difficult time in the city," Ms. Bandur said. "It's not an easy go."

Globe and Mail food writer Chris Johns said the restaurant was sometimes overlooked by foodies looking for the hottest new trends.

"It's a real loss," he said, noting it was a breeding ground for many of the country's most talented chefs.

But Truffles is not gone completely. The space will be used as a function hall and retain its name, Mr. Filiatrault said.

And perhaps the restaurant's most famous dish, its legendary truffle spaghettini, will live on, too.

The dish, which features thin noodles in a cream sauce made with veal jus and topped with a cloud of while truffle foam is no longer even on the menu, but Ms. Bandur said she serves five a night.

Will Ms. Bandur continue to grant requests from her new kitchen at the hotel's less formal eatery?

"I can make that dish in my sleep," she said, with a laugh.

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