The troubled clothier expects to save £5mln to next January and £7mln in the following financial years through the staff cuts.
The restructuring, which includes reducing executive committee members to 9 from 13, will come with a one-off charge of £2.7mln.
The retailer has identified other priorities, such as focusing on customers and revitalising the brand.
“We are encouraged by the speed with which management are now taking action,” analysts at Liberum said.
Shares dipped 2% to 307.2p on Wednesday at noon.