Chairman Tim Martin is planning to reopen the Wetherspoons chain 'in or around' June after its 874 pubs were closed in March and the staff furloughed.
However, Martin has yet to say how he plans to reopen then, given that the Government has not yet lifted lockdown restrictions or announced when that is likely to happen.
In the meantime, Martin and chief executive John Hutson will be taking 50% pay cuts, while other board members will also slash their salaries.
The company is also considering taking out a government-backed loan of up to £50m.
Martin said that while the chain had saved £60m through the business rates holiday, it had had to agree extended payment terms with a minority of suppliers and defer the majority of rents.