The Ribeye, located on South Neil Street since 1979, appears to be closing "temporarily" per this report in The News-GazetteThe current management mentions that when the restaurant reopens (assuming that it will, at some point, potentially?) it'll be under new ownership. 

Surely many of you reading this have visited the restaurant at some point in your time here in C-U, and if you haven't and want to before it closes on September 5th, there's still time to do so.

In the meantime, take a look back at this article from 2009, around the time the restaurant was turning 30 years old, for some musings about the restaurant.

The Ribeye
1701 S. Neil Street
Champaign
M-Th 4:30 - 9:00 p.m.
Fri-Sat 4:30 - 9:30 p.m.
Su 4:00 - 9:00 p.m.

Top image by Sean O'Connor.