Yes, it’s true: One of the world’s most prominent restaurants is shuttering for good at the end of 2011. Citing a “bestial pace” and money problems, Ferran Adrià is calling it quits.

Adrià has long said that El Bulli doesn’t make money and that he never intended to be a chef, so maybe his exit makes sense. The good news is that starting in 2014, El Bulli will be a nonprofit academy for molecular gastronomy. Reports AFP: “The private foundation will grant between 20 and 25 scholarships annually for chefs and other industry professionals and one of its long-term aims will be to compile an ‘exhaustive and detailed’ encyclopaedia of contemporary cuisine.”

Aspiring molecular gastronomists: Start polishing your CVs now!

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