LONDON, April 17 Britain's Co-operative Group
made a loss of 2.5 billion pounds ($4.2 billion) in
2013, a year it described as disastrous and the worst in its
Co-op, which was hit by a 1.9 billion pound funding gap at
its bank, a drugs scandal and an exodus of top executives, said
on Thursday the results served as a wake-up call to the serious
challenges that it faces.
"2013 was a disastrous year for The Co-operative Group, the
worst in our 150-year history," Interim Chief Executive Richard
Pennycook said in a statement. "Today's results demonstrate that
but they also highlight fundamental failings in management and
governance at the group over many years."
($1 = 0.5955 British Pounds)
(Reporting by Matt Scuffham; editing by Kate Holton)