The company employs around 5,500 people and was founded in 1948 under the Lewis and Chelsea Girl brand.
It was rebranded in 1988 as River Island and grew steadily, but in recent years has experienced declining sales, Mr Weaver said.
The company’s most recent accounts revealed a £33.2m full-year loss after sales fell 19%.
Mr Weaver also said that River Island was forecast to be unable to pay its debts from late August or early September, with a projected shortfall of more than £43m.
The company is seeking £54m in funding. Mr Weaver told Friday’s hearing that the company “simply has not been able to reverse” a trend of financial difficulty.
Nick Sherrard, managing director at consultancy Label Sessions, said that while the company has been saved from collapse for now, marketing and creative teams need to get to work to get consumers to care about its products.
“People keep repeating the line that River Island is a much-loved brand. It really isn’t anymore.
“River Island is a much-recognised brand and, while that’s important, it’s not the same thing at all,” he said. “Does someone have a vision for what to do after the cost cutting?
“There are very few examples of companies shrinking into greatness.”
The restructuring will involve closing 33 stores from January 2026, and negotiating with the landlords of a further 71 stores to reduce rents in some cases to zero.
Mr Weaver acknowledge that in some cases, landlords may prefer to regain shop space before the end of leases.
With the restructure, the company is forecasting 1% annual growth for the next five years.