The St Clair eatery quickly became regarded as one of the city's finest when chef Michael Coughlin set its menus.
The restaurant was briefly closed before relaunching in 2016 under new ownership.
A sign went up in the restaurant window yesterday saying it would be closed until further notice.
Its website is no longer taking bookings, and a staff member told the Otago Daily Times yesterday the restaurant had closed permanently.
She said management had decided to close it because it was ``not doing well''.
Pier 24 is part of the Hotel St Clair complex, owned by Gun Kim and Jeong Kim, of Dunedin.
The hotel is still trading as normal, a staff member said.
The Kims' lawyer and spokesman, Joseph Kim, could not be contacted by the ODT last night.