The Co-operative Group has announced annual losses of £2.5 billion after suffering the worst crisis in its history following the near-collapse of its banking arm.
Interim chief executive Richard Pennycook said: "2013 was a disastrous year for the Co-operative Group, the worst in our 150-year history.
"Today's results demonstrate that but they also highlight fundamental failings in management and governance at the group over many years.
"These results should serve as a wake-up call to anyone who doubts just how serious the challenges we face are."
More top news
The former reality TV star will follow in the footsteps of Abraham Lincoln and John F Kennedy when he takes his oath later on Friday.
The President-elect's comments on Twitter will come under even closer scrutiny when he takes office on Friday.
Cold, quiet and calm