From Calgary Herald “Bernard Callebaut determined to claw his way back from receivership” (emphasis added),
“Last Tuesday, Chocolaterie Bernard Callebaut was placed in receivership by ATB Financial, which alleges in court documents it is owed roughly $3.9 million by the company. […]
Callebaut is candid about the issues. One crux is a $5-million land purchase west of Calgary made during the boom — a 78-hectare expanse Callebaut dreamed one day would house a factory and warehouse facility and would feature an organic dairy farm to round out his chocolate production.
He recently tried to sell that land, but was only offered $2 million.
The head office building on 1st Street by 13th Avenue S.E. was sold during the boom to raise capital, he says. It did that, but also saddled the company with an expensive lease signed with the new owner during the height of the market.
Then the economic downturn brought sliding sales. In June 2009, the company temporarily reduced its workforce to a skeleton crew. But Callebaut says when people saw the headlines, they believed the chocolaterie was closed, leading to an immediate 15 per cent drop in business.”
See also my previous article, “3 lessons as chocolatier Bernard Callebaut enters receivership“.
Oct 4th, 2010 Update: “Chocolatier Bernard Callebaut making final bid to regain company”
Apr 11th, 2011 Update: “unLovemark: Bernard Callebaut the businessman and the two brands“