The Theate Royal is preparing to cut about £140,000 from its budget next year with three to four full time posts to be axed.
New director Karen Simpson said the organisation has been working towards a new operating model for the last three years and the savings are the last stage.
She said: “There’s a whole organisational review and we do have substantial savings that we need to make in our operating costs.
“It’s about our we use our resources, how we attract our audiences and the priority has been to really look at the organisation and ensure it’s artistically led in everything it does.
“It’s regrettable we’ve to make cuts to people’s livelihoods.”
Ms Simpson said next year’s ‘energised programme’ including Twelfth Night, This May Hurt, Bird Song and Rising Damp is designed to ‘attract the biggest audience’.
They will also bring rehearsals and educational work back from the Guildhall to the theatre and are talking to landlords Greene King and the National Trust, which cares for the building.
They are also looking at a programme of activities to support audiences who attend matinees.