"Vanderpump Rules" stars Tom Sandoval and Tom Schwartz are set to close down their Los Angeles bar, Schwartz & Sandy's, at the end of December.

With a heavy heart, we’ve made the difficult decision to close Schwartz & Sandy’s at the end of December," the reality TV star says.

Just two years after opening, Tom Schwartz and Tom Sandoval’s Hollywood bar Schwartz & Sandy’s will be closing at the end of December. Both Sandoval and Schwartz posted about the closure on Instagram,

We agonized over it for quite some time,” Schwartz tells PEOPLE of the ‘Vanderpump Rules’ stars’ plan to shutter the business

"Vanderpump Rules" stars Tom Sandoval and Tom Schwartz will be closing their LA bar by the end of the year, it was announced Monday.

Vanderpump Rules stars Tom Sandoval and Tom Schwartz announced on Monday that they are closing their Los Angeles bar, Schwartz & Sandy's, at the end of December after two years of operation. The reality TV stars cited challenging finances and Sandoval's cheating scandal as reasons for the bar's closure in a statement to People.