Sir Philip Green's Arcadia retail empire has scraped through plans to close stores after a knife-edge vote received the backing of landlords.
The group - which owns Topshop, Burton and other high street brands - announced on Wednesday that its company voluntary arrangements (CVAs) had all been voted through at a reconvened meeting of creditors.
It means around 1,000 jobs are at risk as 23 stores close under the CVA, while another 25 will be shuttered as part of a wider restructuring.
Landlords will also receive smaller amounts of rent on certain properties, with some reduced to half the original price.
Arcadia's chief executive Ian Grabiner said: "We are extremely grateful to our creditors for supporting these proposals and to Lady Green for her continued support.
"After many months of engaging with all our key stakeholders, taking on board their feedback, and sharing our turnaround plans, the future of Arcadia, our thousands of colleagues, and our extensive supplier base is now on a much firmer footing.
"From today, with the right structure in place to reduce our cost base and create a stable financial platform for the Group, we can execute our business turnaround plan to drive growth through our digital and wholesale channels, while ensuring our store portfolio remains at the heart of our customer offer.
"I am confident about the future of Arcadia and our ability to provide our customers with the very best multi-channel experience, deliver the fashion trends that they demand, and ultimately inspire a renewed loyalty to our brands that will support the long-term growth of our business.
Most Read
The proposals were passed at a second meeting on Wednesday, which came a week after the first was postponed.
The initial vote was adjourned after it became clear that there was not sufficient support among landlords.
Sir Philip and his wife Lady Green then proposed less severe rent cuts in a bid to appease the opponents of the proposals.
However, the CVA remained contentious, with some landlords reported to have voted against.
Speaking to the press after the meeting but before the result, Oliver Buhus from supplier Paragon Clothing said landlords had been "ruthless and self-serving".
"There's no sense of taking an initiative to act collectively, it's each landlord for himself," he said.
The proposals, which were launched last month, involve the closure of 23 stores in the 海角视频 and Ireland.
Don’t miss
Another 11 Topshop and Topman stores in the US were earmarked for closure, while an additional 25 Miss Selfridge and Evans stores were also slated to be axed.
In total, at least 1,000 employees are likely to be affected.
The initial plans also included a reduction in the company's contributions to its pension fund, alongside a fresh injection of cash into the scheme.
However, Arcadia agreed with the pensions watchdog last week that Sir Philip would contribute another £25 million - bringing the total cash and security package to the value of £310 million.
Speculation began early this year that Sir Philip would look to either sell off the company, or close stores.
BusinessLive Opinion
In March, Arcadia confirmed it was exploring options to improve efficiency in the business.
Later that month, it hired property advisers to assess its estate while drawing up restructuring plans.
In April, US investor Leonard Green & Partners sold its 25% stake in Topshop and Topman back to the parent company, in a move which Arcadia said simplified its structure and would allow the board to focus on restructuring.
Welcome to BusinessLive
BusinessLive is the new, national digital brand from Reach - and it's bringing together business news from across the 海角视频.
We'll offer the best coverage of local business markets and of key business sectors nationally, from manufacturing to property and everything in between.
By bringing together coverage from across Reach’s titles in England and Wales, BusinessLive will shine a spotlight on the entrepreneurs, the stars of the future and the small firms that are the backbone of our economy.
And you can sign up to our daily email newsletters .
Reach is the largest regional and national news publisher in the 海角视频, with famous titles such as the the , the Western Mail, and the in our portfolio alongside the iconic and .
Our pioneering online network of market-leading websites includes , , , and .
The news comes just weeks after Sir Philip failed to appear on the Sunday Times Rich List for the first time in 17 years.
His reputation has been left damaged by the 2016 collapse of BHS, which resulted in the loss of 11,000 jobs.
The tycoon faced criticism for his handling of the retailer and eventually agreed to pay £363 million of his own money into the its pension pot.