Longtime Chocolaterie Bernard Callebaut was emotional as he described his company's current situation, a victim of the recent recession, he said.
The tearful Callebaut informed reporters today of some of the details surrounding the decision, including the $5 million purchase of a tract of land that's intended use was to create a place to make more chocolate.
He says it is now valued at a deflated price and “is the impetus for this very difficult decision.”
Callebaut said the land is now owned by Deloitte.
Callebaut said receivership was the only option available.
The company operates twenty-nine stores in Canada and two in the United States, with distribution channels into Japan, and according to Callebaut, those stores will remain open.
The flagship store, factory and corporate headquarters is in Calgary and has been in business for 27 years.