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WRENTHAM - Tom's Tavern, a long-running and popular drinking and eating establishment, has shut its doors, with an auction of the property scheduled for next week.

The Shears Street sports bar/restaurant closed abruptly Sunday night at midnight, owner Tom Gianfrancesco confirmed Monday night.

"It's closed," Gianfrancesco said of the business he had run for just under three decades.

It wasn't the economy that has done the business in - Gianfrancesco says business has remained steady - but financial problems that stemmed from a failed sale back in 2004, he said.

"We almost had a sale complete," Gianfrancesco said. During that pending sale that involved a verbal purchase and sales agreement, Gianfrancesco actually left for six months, but then returned to oversee the businesss that he said had by that time fallen into deep debt.

The bar/restaurant ended up in bankruptcy the next year and never was able to get back on solid financial footing despite a payment plan, Gianfrancesco said, adding Tom's Tavern did emerge from bankruptcy.

"It is my fault. It is on my shoulders. I take that responsibility," he said.

Having been Chapter 11 "did ruin our credit ability," the owner said of borrowing. "There was nowhere else to turn to."

The past few months he said he had been trying to find an investor or partner, but the sour economy had made it difficult for many.

"We had a couple of folks, but the economy hit them," Gianfrancesco said.

His son "TJ," who along with his other children had worked at Tom's Tavern, was going to take over the business in recent years but has since opened up a restaurant at the site of the former James Roadside Cafe near Franklin.

"We got to where we are at now," Gianfrancesco said. "It is just time. We have reached the end of the rope and there were no more safety nets."

The auction is scheduled for Tuesday, March 31, at the tavern.

"We are going to see if we can do something at the auction," Gianfrancesco said, adding "that is just speculation right now." About 25 employees are out of work for now.

"I kept everybody pretty much in the loop what was going on," Gianfrancesco said.

There was a send-off party two Sundays ago. "It was a combined St. Patrick's Day party. I called it a happy trails party," Gianfrancesco said.

The Wrentham resident said he pretty much knew he would have to give up the business last year. "I knew about it last year, but the goal was to get through Thanksgiving, and do some charity work, and Christmas. Then it was the Super Bowl."

Tom's Tavern delivered holiday meals to the less fortunate for years.

The business also sponsored popular road races besides donating to many causes over the years.

"I am just hoping another business in town might step up to the plate and do some of the charity work. We did a lot with the food pantry," Gianfrancesco said.

The establishment went from a small bar serving limited food with a few dozen seats to an expanded building and restaurant.

"It was just a neighborhood beer-and-shot place," Gianfrancesco recalled of when he took over, having worked at the bar previously. "We evolved from that to an institution. It took a lot of hard work and sacrifice. We have a lot to reminisce about.

"All good things come to an end. I am walking out with my head held high. We have done a lot of good things for the community, and the community has done a lot of nice things for us," Gianfrancesco added. "I met a lot of nice people. The staff has been super. It is a sad day but another chapter."