The Wildcat House, Tucson’s venerable college hangout, closed today.

A company official representing owner William Everett said employees were notified this morning.

It was a “purely financial” decision spurred by a declining economy that has battered the business especially hard in the past year and a half, said Mark Quesnel, general manager of the Wildcat House’s sister club The Graduate in San Luis Obispo, Calif.

Quesnel said the Wildcat House building also needed numerous repairs.

Everette, who lives in San Luis Obispo, opened the Wildcat House in 1974.

Quesnel said 30 employees were affected by the closing, most of them part-timers.

Read more in Thursday’s Arizona Daily Star.