SOUTH PORTLAND — After more than two decades in operation, Ricetta’s Brick Oven Pizzeria is closing.

The Western Avenue location’s last day of operation is Sunday. The company cited the rising cost of fuel and operating costs and shrinking revenues in the restaurant industry as factors. The company’s Falmouth location remains open.

“We can always open more (locations) when the economy is better but for now we believe it is better to have one great restaurant than one good one and one mediocre one,” owner Ron Stephan said in the press release.

Ricetta’s opened in South Portland in 1989 and in Falmouth in 2000. A third location in Kennebunk opened in 2008 and closed early the next year as the company filed for Chapter 11 bankruptcy protection. The company’s bankruptcy case was closed in late 2009.

The company said that consolidation of operations in Falmouth will allow management and owners to focus their attention on one location. Lunch and dinner delivery service will be transferred to Falmouth starting April 1.

An unspecified number of employees from South Portland will be transferred to Falmouth.