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"I propose to sanction the plans," he said.
Under the finalized agreement, more than 80 percent of landlords managing the top-tier stores supported the proposal. General creditors and business rates claimants largely voted against it.
Landlords of underperforming locations face zero rent for three years or lease terminations. Independent card, toy, and publishing suppliers will lose over half of their outstanding debts.
"We welcome the court's approval of our restructuring plan," said Alex Willson, Chief Executive of TG Jones.
The executive expressed optimism that the drastic overhead reductions would stabilize the business after a period of poor trading driven by high inflation and reduced consumer spending.
"This decision allows us to move ahead with our turnaround strategy," Willson said.
Management also cited the forced loss of the recognized WH Smith brand name as a major contributor to declining revenue volumes over the past year.
"The plan protects the substantial core of the store estate and makes TG Jones a stronger, more sustainable business," Willson added.
The company has not yet detailed the precise timeline for individual store closures or the exact number of employee redundancies resulting from the downsized network.
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"We are incredibly grateful to all the colleagues, partners and stakeholders who engaged constructively throughout the process, and to Modella Capital for its continued financial commitment," Willson said.
