The Co-op Group's losses for 2013 are expected to be greater than £2bn, by far the worst in its history, when they are announced on 26 March.
I also understand that as the first stage in trying to revitalise the group as a whole, its chief executive, Euan Sutherland, will tell members of the Co-op's regional boards on Saturday that its substantial farming operation, which includes 15 farms, will be sold. He will also reveal that Co-op is actively considering the sale of its 750 pharmacies, which generated revenues of £764m in 2012. "They are likely to be sold, but a formal decision hasn't yet been made," said a source. Co-op Group's farms are mostly arable, producing cereal for bakers. They supply only a tiny proportion of the food in its stores. As for the pharmacies, they have come under financial pressure, as the NHS tries to save money on prescriptions, and are not thought to be well integrated with other Co-op activities.....Read more here