The Waterfront bar is next to the Armoury on Victoria Quay alongside the River Severn.
Its licensees said today that legal discussions were ongoing and they were unable to talk about the closure.
The Waterfront stopped trading a fortnight ago and customers have taken to social media to express their sadness about the loss of the venue.
Staff were only informed of the closure on the day the bar closed.
The bar opened in 2014 and was taken over by Jay McLaughlin and his partner Sarah in March last year.
Mr McLaughlin, from New Jersey, ran a large New York based haulage business before coming to the UK.
His American family has a wealth of experience in running bars and restaurants.
He said: "Unfortunately we have had to close while legal issues are being discussed.
"We understand that our customers miss us and are awaiting information."
When they took over the property in March, Mr McLaughlin said: "I looked at a lot of businesses in the area, but it was love at first sight for me for Shrewsbury, with the town's unique history and individual style.
"As soon as I saw the Waterfront last year, I immediately realised that it had a huge amount of potential – with its considerable size and favourable position next to the River Severn."