Hilco is to cut more than 400 jobs as part of a series of measures to shave £7.8 million from HMV’s annual payroll, according to reports.

A memo to staff is said to detail three roles which will suffer as the retail restructuring group tries to return the High Street retailer to profitability.

Security guards are to be removed from all stores except those deemed “high risk” and cashiers will be shed at all stores apart from the 30 with ...