London - Britain's Co-operative Group made a loss of $4.2bn in 2013, a year it described as disastrous and the worst in its 150-year history.
Co-op, which was hit by a £1.9bn 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 CEO 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."