Chapel Hill's oldest bar to close

"Sadly, The Cave will be closing, our last day of business will be April 30. We would like to thank absolutely everyone that has been a part of this place during the 5 years we have owned it and also for the 45 years prior," owners wrote on Facebook Thursday. "The hardest part of this is the feeling that we are letting you, our community down - that we are failing everyone who loves the place as much as you do."

For the past six months, owners said they have tried to sell the business to a group that would carry on The Cave's spirit but also breathe new life into it.

"Unfortunately, as of this past Monday it became clear that this would not likely be an option and that it is unlikely that the building owner would lease the space to another group wanting to continue as The Cave," owners wrote.

Co-owner Mark Conner said the building's owner was interested in pursuing another type of business in the space. Conner said The Cave doesn't have plans to move to a new location.

"After 50 years in a space, it is hard to think about it in another space," Conner said.

Since opening in 1968, The Cave has hosted up and coming bands and performers. Lyle Lovett played the venue in the 1980s. The Avett Brothers played the venue in 2002. The Cave has also hosted Arcade Fire, Sylvan Esso and R.E.M.

Before it was turned into a live music venue, it was reportedly used as part of a community center for a local high school. The rock-like texture of the ceilings were rumored to have been made by people with broomstick handles.

Conner said what he will miss most about The Cave is the music community has grown to exist there.