UK high street retail chain Wilko has confirmed plans to cut more than 400 jobs as part of a wider restructuring.

The cuts will impact roles including assistant store managers, retail supervisors, head office managers and call centre workers. In a message to staff, the company said that it will also reduce hours for team supervisors in 150 of its 401 stores.

In a statement, Mark Jackson, the chief executive of Wilko, said: “We’ve identified significant changes to the Wilko operating model to enable us to stabilise the business and then thrive again. This includes some proposed changes to our management structure at both our stores and head office.

“We’re fully supporting affected individuals. We know change will be unsettling to our team members and the wider business, and we’re acting swiftly to put in place the new organisational structure to stabilise and grow.”

The discount retailer has struggled in recent months, and has borrowed £40 million from Hilco Capital, a firm that specialises in restructuring and refinancing other companies. I

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