A regional UK newspaper The Northern Echo is reporting that Button's restaurant in Yorkshire - called Victus - has closed.
"Unfortunately, the business was launched in an economy which then continued to slide and just hasn't stopped, with people simply not having the disposable income needed to spend in restaurants," the McLaren driver's manager Richard Goddard said.
Earlier this year, Lotus driver Romain Grosjean admitted that he considered turning his love of amateur cooking into a professional career when his first F1 foray failed in 2009.
"It is no secret that I have gastronomic talents," the Frenchman has now told F1's official website when asked what he would do if his career ended today.
"So I would try to work in a restaurant and maybe open a restaurant one day. I know many Michelin star-rated French chefs - and luckily for me they are all Formula One fans - so I am sure I would find a place to develop my talents further."