Hastings Pier Charity has written to all of the attraction’s shareholders and staff informing them of the news.
The pier’s chief executive officer, Jo Stewart, has also decided to step down from her role for ‘personal reasons’.
She said: “We announced to shareholders and staff that the pier is entering a period of restructuring.
“After a full year of trading, it is clear that the pier is not self-funding in the current structure.
“On that basis we have entered talks with our stakeholders to look at a new business structure going forward.
“Regrettably that has meant a small number of redundancies.
“I have decided to step down as CEO for personal reasons but have agreed to assist with the transition going forward.”