Calgary based Bernard Callebaut is in receivership.

Master Chocolatier Bernard Callebaut says the economy is to blame for the move.   He became very emotional while describing today as a "funeral."

"For 27 years we have lovingly devoted ourselves to offering Canadians with chocolate that they can proudly give to their families and friends, however as with many other businesses the downturn in the economy left us holding real estate purchased at a premium price, that is now valued at a very deflated price. This circumstance underpins our situation and is the impetus for this very difficult decision," explains Callebaut.

Deloitte will serve as the receiver while the company restructures.

Deloitte will be responsible for all products being supplied to the existing retail stores during this restructuring process. The receiver will also control staffing, inventory, and every day business related matters.

"The loyalty of our friends and customers has been the mainstay of this brand and we know it, we don't intend to let you down. It is our intention to continue to keep creating the chocolates that you have proven you love," says Callebaut. "I will find a way, whatever the way will be I'm not sure yet, but I'm going to be back and I'm going to sell you chocolates again.

All Bernard Callebaut stores will remain open for now.