Originally on Exchange Street, Walter’s moved to a more contemporary space at 2 Portland Square in 2009. John Ewing/Portland Press Herald

Walter’s, an Old Port restaurant for nearly three decades, is closing at the end of the month.

Owners Cheryl and Jeff Buerhaus, who bought the restaurant in 2005 and moved it from lower Exchange Street into a more contemporary space at 2 Portland Square in 2009, said the demands of the business have become more difficult for them as they have gotten older, and they would like to spend more time with their children and grandchildren.

Cheryl Buerhaus said they’ve “slowly been working towards this day” by reducing their hours – first eliminating Sunday dinner service, then Saturday lunch, then lunch altogether. They planned to close in November, she said, but “some events” that she didn’t specify pushed up the date to May 31.

“It is a bittersweet closing as we have had such a passion over the years,” she said.

Walter Loeman originally opened the restaurant on Exchange Street in 1990. The Crispy Asian Ravioli, a popular appetizer since that time, has always remained on the menu.