Military charity Help for Heroes plans to cut 143 jobs after its income has dropped by nearly a third during the coronavirus pandemic.
It is also looking to close its Recovery Centre in Plymouth to help keep the charity afloat.
It relies on public donations for 97% of income but with all face-to-face fundraising events and activities either cancelled or postponed, donations have dropped.
Help for Heroes CEO, Melanie Waters, says the decision was extremely tough but the loss of income, coupled with a significant surge in demand for recovery services during the height of the pandemic, has left the charity with no choice.
During lockdown it saw a 33% increase in people coming forward for support for their mental health compared to the same period last year.
We remain absolutely committed to our wounded and their families and will continue fighting for, and changing the lives of, those we support for as long as they need it.
She said: “In 2007, we made a promise on behalf of the nation to provide lifetime support to wounded veterans, and their families, and we are striving to keep that promise.
"The crisis has had a devastating impact on the whole UK charity sector, with lasting consequences, and it has hit us hard.
"These tough decisions have been made to protect the future of the charity and have been taken with our beneficiaries in mind."
It is hoped centre-based services from Tedworth House in Wiltshire will return in the coming months.