P. F. Chang's

Last updated

P.F. Chang's Inc.
P.F. Chang's China Bistro
Company type Private
Industry Restaurant
Genre Casual dining
Founded1993;31 years ago (1993)
Scottsdale, Arizona, U.S.
Founders Paul Fleming
Philip Chiang
Headquarters8377 E. Hartford, 2nd Floor
Scottsdale AZ 85255
Number of locations
More than 300 (Worldwide, 2021)
Area served
Worldwide
Key people
  • Eduardo Luz, CEO and President
  • Art Kilmer, COO [1]
  • Brad Hill, CFO [2]
Products American Asian cuisine
OwnerTriArtisan Capital
Paulson & Co.
Website pfchangs.com
Footnotes /references
[3] [4] [5]

P. F. Chang's China Bistro is an American-based, casual dining restaurant chain founded in 1993 by Paul Fleming and Philip Chiang that serves Asian fusion cuisine. Centerbridge Partners owned and operated Chang's until acquired by the private equity firm TriArtisan Capital Advisors on March 2, 2019. [6] P. F. Chang's is headquartered in Scottsdale, Arizona.

Contents

The chain specializes in American Chinese cuisine, plus other Asian dishes. P.F. Chang’s operates 300 locations in 22 countries [7] and U.S. airports, [8] including P.F. Chang’s To Go takeout locations. [9]

The name "P. F. Chang's" is derived from those of Paul Fleming (P. F.) and Philip Chiang (whose surname was simplified to Chang). [10]

History

The chain was founded in 1993 by Paul Fleming and Philip Chiang - son of restaurateur Cecilia Chiang. The first restaurant was opened at the Scottsdale Fashion Square in Scottsdale, Arizona. [10] In 1993, P.F. Chang's China Bistro, Inc. was formed from the acquisition of the original four bistro restaurants. [3]

In 2010, P.F. Chang's Home Menu was introduced in supermarkets. The brand represents a group of frozen appetizers and meals that were sold under license by Unilever. [11]

In 2012 Chang's accepted an offer from private investment firm, Centerbridge Partners in a deal valued at $1.1 billion. [12]

ConAgra Foods, Inc. acquired the P.F. Chang's Home Menu license from Unilever in August 2012.[ citation needed ]

In 2015, P.F. Chang's filed for bankruptcy for its Canadian division. [13]

In December 2017, Chang's announced that they would open a location in Shanghai during the first part of 2018, Chang's first location in China. [14] There were Chinese people who came to the restaurant after learning about it on the U.S. television show The Big Bang Theory . Additionally, as of 2018 P.F. Chang's operates a restaurant in South Korea. [15]

In 2018 the company opened a Shanghai location, marketed to Chinese customers as American food. The Shanghai location had 10 menu items unique to the company's China operations. [16]

In January 2019, Chang's announced it was in talks to be sold to TriArtisan Capital Partners and Paulson & Co. for approximately $700 million from its previous owner, Centerbridge Partners. [17] [18]

In January 2020, Chang’s announced its first P.F. Chang’s To Go [19] take-out only location would be in Chicago, Illinois. [20] Chang's obtained more than $5 million in small-business loans as part of the Paycheck Protection Program (coronavirus relief). [18]

2004 restatement

On March 15, 2004, Chang's reported that it had modified its partnership accounting, which resulted in a restatement of its financial results for prior years. [21] On March 17, 2005, the company adjusted its accounting for leases in order to conform with U.S. generally accepted accounting principles. Accordingly, management and the audit committee determined that the company's previously issued consolidated financial statements, including those in the company's Annual Report on Form 10-K for the fiscal year ended December 28, 2003, and those in the company's Quarterly Reports on Form 10-Q for the first three fiscal quarters of 2004, should no longer be relied upon. [22]

2013–14 credit card breach

In mid-2014, P.F. Chang's confirmed that a breach had occurred targeting credit and debit cards used at their restaurants. The breach was initially identified by Brian Krebs, a cybersecurity journalist. [23] [24]

The chain specializes in Asian fusion cuisine. [25] Special items on their menu include their Chang's Lettuce Wraps, Chang's Spicy Chicken, Peking duck, and various types of sushi. Wine, specialty drinks, Asian beers, sake, cappuccino, and espresso are available outside standard beverage offerings. [3]

See also

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References

  1. ↑ Zickhur, Monty (March 4, 2022). "P.F. Chang's To Go open at River City Marketplace". Jacksonville Daily Record . Retrieved March 23, 2022. While the focus is on takeout, seating is available for 11 guests. Hours are 2 p.m. to 9 p.m. daily. 'P.F. Chang's To Go River City Marketplace allows our guests to enjoy our elevated Asian cuisine in an easily accessible way,' said Art Kilmer, chief operating officer for P.F. Chang's.
  2. ↑ Madell, Robin (April 11, 2022). "I'm the CEO of restaurant chain PF Chang's. I start my day at 6 a.m. and don't schedule meetings before 8 — here's what my morning routine is like". Business Insider . Retrieved July 28, 2022. Our COO Art also arrives at the office around 7:30 a.m., and we spend a few minutes discussing the previous day's operating results. Then I sit down with our CFO Brad Hill to discuss any relevant corporate planning or financial issues.
  3. 1 2 3 P.F. Chang’s China Bistro, Inc. (January 1, 2012). "FY 2011 10-K". U.S. Securities and Exchange Commission. Retrieved May 17, 2012.
  4. ↑ "Chef's Corner, Recipes and Tutorials". P.F. Chang's China Bistro, Inc. 2010. Archived from the original on November 20, 2009. Retrieved May 17, 2012.
  5. ↑ "P.F. Chang's Wants to be The American Bistro of Shanghai". Ad Age. 2018. Archived from the original on July 17, 2022. Retrieved April 21, 2018.
  6. ↑ Fantozzi, Joanna (March 2, 2019). "P.F. Chang's completes sale to TriArtisan Capital". Nation's Restaurant News . Retrieved March 4, 2019.
  7. ↑ Ruggless, Ron (May 2, 2018). "P.F. Chang's opens first restaurant in China". Nation’s Restaurant News . Retrieved March 23, 2022. P.F. Chang's, founded in 1993, has more than 300 restaurants in 22 countries and territories.
  8. ↑ Ruggless, Ron (July 23, 2021). "P.F. Chang's in talks about potential IPO: Report". Nation’s Restaurant News . Retrieved March 23, 2022. P.F. Chang's, founded in 1993, has nearly 300 restaurants in 23 countries and U.S. airport locations.
  9. ↑ Ruggless, Ron (June 28, 2021). "P.F. Chang's accelerates expansion of To Go concept". Nation’s Restaurant News . Retrieved March 23, 2022. P.F. Chang's is continuing to expand its smaller To Go Concept, which it introduced last year, with an opening today in Irving, Texas, and another planned next month for Orlando, Florida, the company said Monday.
  10. 1 2 "FAQs". P.F. Chang's China Bistro, Inc. 2010. Archived from the original on February 12, 2015. Retrieved May 17, 2012.
  11. ↑ "Products". Unilever. 2012. Archived from the original on May 12, 2012. Retrieved May 17, 2012.
  12. ↑ Rusli, Evelyn M. (May 1, 2012). "Centerbridge Buys P.F. Chang's for $1.1 Billion". The New York Times . Retrieved July 15, 2019.
  13. ↑ "P.F. Chang's files for bankruptcy protection as U.S. eatery loses way in 'ethnically diverse' Canada". Financial Post. April 17, 2015. Retrieved June 4, 2023.
  14. ↑ Taylor, Kate (December 6, 2017). "Iconic Asian restaurant chain P.F. Chang's is opening its first location in China as an 'American bistro'". Business Insider . Retrieved December 7, 2017.
  15. ↑ Meyers, Jessica (May 25, 2018). "P.F. Chang's comes to Shanghai, but can you really sell American Chinese food to the country that invented the wok?". Los Angeles Times . Los Angeles . Retrieved August 29, 2024.
  16. ↑ Ma, Wayne; Lin, Liza (May 12, 2018). "P.F. Chang's Brings Sort-of Chinese Food to China". The Wall Street Journal . New York City . Retrieved August 29, 2024.
  17. ↑ Doherty, Katherine (January 10, 2019). "P.F. Chang's Is Sold to TriArtisan Capital and Paulson". Bloomberg . Retrieved July 15, 2019.
  18. 1 2 "Treasury, SBA data show small-business loans went to private-equity backed chains, members of Congress". The Washington Post. 2020.
  19. ↑ Tan, Gillian (October 19, 2020). "PF Chang's is opening to-go locations in New York, meeting shifting consumer behavior". Fox Business . Retrieved March 23, 2022. To stay competitive in a suffering industry, the Asian-inspired chain is opening its first to-go location in the Big Apple's theatre district. Contrary to the lifeless eateries and uninhabited streets of the once-buzzing gathering place, off-premise concepts are thriving as they become the quintessential lifelines in metropolitan hubs. And constructs like P.F. Chang's To Go unit are not only moving in but also stealing the spotlight…P.F. Chang's first to-go location in New York's theatre district follows its first three Chicago openings from earlier this year.
  20. ↑ Ruggless, Ron (January 15, 2020). "P.F. Chang's to open first of several To Go locations in Chicago". Nations Restaurant News . Retrieved January 20, 2020.
  21. ↑ "P.F. Chang's Modifies Its Partnership Accounting".
  22. ↑ "P.F. Chang's Announces Lease Accounting Changes".
  23. ↑ "P.F. Chang's Confirms Credit Card Breach". June 14, 2014.
  24. ↑ Hellmich, Nanci. "P.F. Chang's confirms breach in credit card data". USA TODAY. Retrieved August 17, 2024.
  25. ↑ Warren, Alicia (June 3, 2022). "P.F. Chang's CEO on worker shortages amid labor slump: 'Still understaffed in some locations'". FOXBusiness. Retrieved June 17, 2022.
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