Southern Co-op will “most likely” go into administration if members vote against the merger with Co-op Group, resulting in store closures and jobs losses, it has warned.
CEO Ben Stimson and chair Janet Paraskeva issued the warning in a letter to members yesterday (22 April), as they were “concerned that some of the conversations being shared online [do] not reflect the severity of its situation”.
The letter aimed to provide “a clear and open update” which laid bare the severity of its situation and the level of financial support it needed to continue trading.
“Southern Co-op has made losses for the past three years,” they said. “Over the last year, trading has become more difficult, and we have relied on…