p plans to sell around 60% of the stores it acquired as part of the 2009 acquisition of Somerfield.The retailer has stated it will concentrate on its convenience sector instead.
Interim chief executive Richard Pennycock said, "We have put together a new strategy for food which focuses heavily on convenience stores.”
“Those are the stores that work well for us in neighbourhoods.”
Although acquiring Somerfield acquisition meant that the Co-op became the UK’s fifth-largest food retailer, the company experienced problems with systems and procedures following the acquisition.
"The Somerfield acquisition brought with it a lot of larger stores that don't work so well, said Pennycook.
"60% of the Somerfield acquisition will be divested."
The interim chief executive’s comments followed the reporting of the Co-op's disappointing full-year results.
While the Co-op plans to sell off larger stores, it says it will also open more convenience stores over the next year.
"We expect to open 100 new convenience stores this year," Pennycook said.
"We are number two in the convenience sector to Tesco - one of the elements you need to compete is a competitive cost of capital.”
The company also announced plans to sell off its farms and pharmacy businesses.
The Group's debts amounted to £1.4 billion at the close of last year.
