Bermuda’s struggling economy has claimed another small business, with the Green Lantern set to close its doors with at least 12 people losing their jobs.Green Lantern’s news is the most recent in a string of closure notices. Saturday will be its last full day of service for the restaurant, which has been family owned and operated for 70 years.According to Andre Woods, owner and manager of the restaurant, “12 or 13” people will be laid off, most of whom work full-time.“It’s because of the economic climate,” he said. “Business had been declining since last year.”Mr Woods, who owns the building and property, said he is planning to sell the lot.He has been involved in the family business for the past 27 years, since he graduated from high school.While he has no plans on what he is going to do next, he said he has no regrets about closing the eatery.“All good things must come to an end,” he said. “I have no regrets but I am sad for my staff.”According to Philip Barnett, owner of Island Restaurant Group and co-chair of the Restaurant Division within the Chamber of Commerce, Green Lantern’s closing is a “sign of the times”.“It’s the toughest economy any of us in the restaurant industry can remember,” he said. “It’s certainly sad when a fellow restaurateur has to close down but it’s a sign of the times.“It’s an incredibly tough environment, so difficult to make a go of it anymore.”He added that between people having less money to spend and the decrease in residents on the Island, it’s hard to have a positive outlook.“We want to be positive but when demand shrinks, supply has to shrink to meet it,” he said.The diner, a mainstay on Serpentine Road, Pembroke, was opened on December 10, 1942, by Cyril and Bernice Burns and had carried on under the management of Mr Burns’ daughter Jan Swan, who is now retired and his grandson, Mr Woods.Mr Burns bought the building for £275 from Jos Brown after previously acquiring the business from William Steede and Faith Bassett-Steede.Under his ownership it has changed from a neighbourhood grocery store to meeting place and then, most recently, a fast food diner specialising in fish and chip suppers.Many of the Green Lantern’s customers have been coming to the diner for generations.To his long-time patrons Mr Woods said: “Thank you for your business. It’s time for a new chapter in life and I’ll have more time to spend with my family.”Yesterday The Royal Gazette revealed that A&J Sports Cards and The Christian Bookstore & Gift Centre, in the Washington Mall, were both closing and last month it was also revealed that a total of 36 jobs were to go with the closure of hedge fund manager Jupiter Asset Management (Bermuda) Ltd and hedge fund administrator, Bank of New York Mellon Alternative Investment Services.Insurer Ironshore also shed 16 jobs at its Bermuda offices.* What are your memories of the Green Lantern? Email news[AT]royalgazette.bm.