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
British firms predict the economy should sustain a "solid" pace of growth for the rest of the year thanks to lower oil prices and inflation.
A charity has warned of a "pressure cooker environment" in schools putting children's mental health and self-esteem in danger.
The twin brother of the police officer shot and blinded by gunman Raoul Moat says his family are still waiting for justice five years later.