The sum includes between £425,000 and £560,000 estimated to have disappeared through theft by staff annually.
The figures were quoted at an Employment and Discrimination Tribunal in Guernsey, at which a former employee unsuccessfully claimed that he had been unfairly dismissed.
CI Co-op chief executive Jim Hopley said that while the figures might seem ‘horrific’, they were well within industry standards for a company that had a turnover of £142m in its food retail business last year.
