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
A milder night and staying frost free, with outbreaks of rain and misty low cloud for the hills and higher ground.
The Government is launching a consultation on whether to move Channel 4 out of London, Culture Secretary Karen Bradley has announced.
The PM wants a simultaneous negotiation of how much we owe the EU in unpaid budget liabilities and a future trade deal with the EU.