Sell foodstores to plug Co-op hole
THE Co-operative Bank is one of 400 companies that form the Co-operative Group. These include about 3,000 foodstores – with 650 purchased in 2009 for £1.56n.
Instead of disposing of sufficient assets to plug the hole in the Co-op Bank's finances, the bank is self-servingly proposing to dip into the pockets of thousands of subordinated securities holders.
Instead of punishing innocent investors, why not sell a few hundred foodstores to raise the capital in full? If the group doesn't value its reputation, who needs it?