Well...as someone who was a long-time patron of the restaurant, both on St. Charles Rd. (now the location of Praga) and its most recent location next to Sequel, it was not surprising to me that it closed. While the food was always excellent, it was overpriced relative to its competition, and I always had the impression that Tony didn't have a very good control on costs.
Since Tony wasn't the owner, I'm expecting the restaurant to re-open with a new chef and a new name sometime in the future...probably when the Yorktown hotel/convention center opens.