The Oscar-winning actor and his business partner, lawyer Bill Luckett, are ending their 10-year run as owners of the Madidi Restaurant in Clarksdale, Mississippi, because it wasn`t making any money.
In a statement on his Facebook page, Bill - who also owns a blues club with Morgan - said: "Madidi Restaurant 2001-2012. Madidi was one of Mississippi`s premier dining establishments owned by Bill Luckett and MorganFreeman. We thank the many who dined with us over the years."
Bill says he`s been looking for a buyer and while they are yet to find one, he is hopeful of getting one.
He added: "The restaurant has never made money. It was never about the money to us. Success is not always measured in financial gains ... There is a satisfaction in helping your community and exposing people to something they haven`t been exposed to.
"We set out to offer an experience. Thanks to Morgan, and to me to a lesser degree, we had the capital to do that."
Although the restaurant is closingMorgan is pleased with what it`s down because it has helped the previously rundown area of Clarksdale become more prosperous.
He added: "We are proud to have been a part of that."