American restaurant company
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
.
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
[
edit
]
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]
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.
[15]
[16]
In January 2020, Chang’s announced its first P.F. Chang’s To Go
[17]
take-out only location will be in Chicago, Illinois.
[18]
Chang's obtained more than $5 million in small-business loans as part of the
Paycheck Protection Program
(coronavirus relief).
[16]
2004 restatement
[
edit
]
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.
[19]
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.
[20]
The chain specializes in Asian fusion cuisine.
[21]
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]
Data breaches
[
edit
]
2013?14 credit card breach
[
edit
]
In mid-2014, information regarding credit card breaches at P.F. Chang's restaurant was brought to light by various sources, and later confirmed by P.F. Chang's.
[22]
2018 security vulnerability
[
edit
]
On April 9, 2018, independent security researcher Akshay 'Ax' Sharma demonstrated a security flaw in P.F. Chang's Rewards program which enabled leakage of members' information, due to a poorly implemented
API
.
[23]
See also
[
edit
]
References
[
edit
]
- ^
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.
- ^
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.
- ^
a
b
c
P.F. Chang’s China Bistro, Inc. (January 1, 2012).
"FY 2011 10-K"
. U.S. Securities and Exchange Commission
. Retrieved
May 17,
2012
.
- ^
"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
.
- ^
"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
.
- ^
Fantozzi, Joanna (March 2, 2019).
"P.F. Chang's completes sale to TriArtisan Capital"
.
Nation's Restaurant News
. Retrieved
March 4,
2019
.
- ^
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.
- ^
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.
- ^
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.
- ^
a
b
"FAQs"
. P.F. Chang's China Bistro, Inc. 2010. Archived from
the original
on February 12, 2015
. Retrieved
May 17,
2012
.
- ^
"Products"
. Unilever. 2012. Archived from
the original
on May 12, 2012
. Retrieved
May 17,
2012
.
- ^
Rusli, Evelyn M. (May 1, 2012).
"Centerbridge Buys P.F. Chang's for $1.1 Billion"
.
The New York Times
. Retrieved
July 15,
2019
.
- ^
"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
.
- ^
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
.
- ^
Doherty, Katherine (January 10, 2019).
"P.F. Chang's Is Sold to TriArtisan Capital and Paulson"
.
Bloomberg
. Retrieved
July 15,
2019
.
- ^
a
b
"Treasury, SBA data show small-business loans went to private-equity backed chains, members of Congress"
.
The Washington Post
. 2020.
- ^
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.
- ^
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
.
- ^
"P.F. Chang's Modifies Its Partnership Accounting"
.
- ^
"P.F. Chang's Announces Lease Accounting Changes"
.
- ^
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
.
- ^
"P.F. Chang's Confirms Credit Card Breach"
. June 14, 2014.
- ^
"P.F. Chang's Security Flaw revealed, following Panera Bread's leak"
. January 23, 2020.
External links
[
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]