The Bear’s Lair, located at 2495 Bancroft Way, will undergo a change in ownership, according to a public notice posted May 26.

The Red Door Group will become the new owner of the space, the notice stated.

According to Dustin Schuler, a manager at the Cal Student Store, about five to six months before the notice was posted, the food service company Chartwells was in discussions about closing not only the Bears Lair, but also True Blue Burgers and Equator Coffees & Teas. Chartwells is in the process of vacating the spaces rented from campus, Schuler added.

Schuler said all three restaurants closed at the end of May because of a lack of profit and that the Red Door Group would be introducing new restaurants in the three locations in August.

“I’ve eaten at the Bear’s Lair — I didn’t have any issues with the food,” Schuler said. “It was good.”