P. F. Chang's

P. F. Chang's China Bistro is an American-based, Asian-themed, casual dining restaurant chain founded in 1993 by Paul Fleming and Philip Chiang. Centerbridge Partners owned and operated Chang's until acquired by the private equity firm TriArtisan Capital Advisors on March 2, 2019.[4] P. F. Chang's is headquartered in Scottsdale, Arizona.

P.F. Chang's China Bistro
TypePrivate
IndustryRestaurant
GenreCasual dining
Founded1993 (1993)
Scottsdale, Arizona, U.S.
FoundersPaul Fleming
Philip Chiang
Headquarters8377 E. Hartford, 2nd Floor
Scottsdale AZ 85255
Number of locations
305 (Worldwide, 2018)
Area served
Worldwide
Key people
Damola Adamolekun
CEO of P.F. Chang’s China Bistro, Inc.
ProductsAmerican Asian cuisine
OwnerTriArtisan Capital Advisors, Paulson & Co
Websitepfchangs.com
Footnotes / references
[1][2][3]

The chain specializes in American Chinese cuisine, plus other Asian dishes. Employees describe the menu as "Asian flavors." As of October 2017, Chang's operated 208 restaurants in the United States and more than 100 in international markets under licensee agreements. These countries include Canada, Mexico, Argentina, Chile, Brazil, Colombia, Costa Rica, Panama, Turkey, Lebanon, Philippines, South Korea, Dominican Republic, Egypt, Jordan, Oman, Kuwait, Qatar, Saudi Arabia, Bahrain, United Arab Emirates, Pakistan, and the United Kingdom.

The name "P. F. Chang's" is derived from those of Paul Fleming (P. F.) and Philip Chiang (whose surname was simplified to Chang).[5]

History
P.F. Chang's China Bistro. Stamford Town Center (now closed)
P.F. Chang's Chinese Bistro. St. Johns Town Center

The chain was founded in 1993 by Paul Fleming and Philip Chiang - son of Cecilia Chiang. The first restaurant was opened at the Scottsdale Fashion Square in Scottsdale, Arizona.[5] In 1993, P.F. Chang's China Bistro, Inc. was formed from the acquisition of the original four bistro restaurants.[1]

In 2010, "P.F. Chang's China Bistro Home Menu" was introduced. The brand represents a group of frozen appetizers and meals that were sold under license by Unilever.[6]

In 2012 Chang's accepted an offer from Centerbridge Partners in a deal valued at $1.1 billion.[7]

ConAgra Foods, Inc. acquired the P.F. Chang's China Bistro Home Menu license from Unilever in August 2012.

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.[8]

In January 2019, Chang's announced it is in talks to be sold to TriArtisan Capital Partners and Paulson & Co. for approximately $700 million from its previous owner, Centerbridge Partners.[9][10]

In January 2020, Chang's announced their first take-out only location will be in Chicago, Illinois.[11] Chang's obtained more than $5 million in small-business loans as part of the Paycheck Protection Program (coronavirus relief).[10]

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.[12] 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 Dec. 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.[13]

P.F. Chang's China Bistro. Columbia, Maryland

The chain specializes in American Chinese cuisine. Wine, specialty drinks, Asian beers, sake, cappuccino, and espresso are available outside standard beverage offerings.[1]

Data breaches

2013–14 credit card breach

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.[14]

2018 security vulnerability

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.[15]

See also

References
  1. P.F. Chang’s China Bistro, Inc. (January 1, 2012). "FY 2011 10-K". U.S. Securities and Exchange Commission. Retrieved May 17, 2012.
  2. "Chef's Corner, Recipes and Tutorials". P.F. Chang's China Bistro, Inc. 2010. Retrieved May 17, 2012.
  3. "P.F. Chang's Wants to be The American Bistro of Shanghai". Ad Age. 2018. Retrieved April 21, 2018.
  4. Fantozzi, Joanna (March 2, 2019). "P.F. Chang's completes sale to TriArtisan Capital". Nation's Restaurant News. Retrieved March 4, 2019.
  5. "FAQs". P.F. Chang's China Bistro, Inc. 2010. Retrieved May 17, 2012.
  6. "Products". Unilever. 2012. Archived from the original on May 12, 2012. Retrieved May 17, 2012.
  7. Rusli, Evelyn M. (May 1, 2012). "Centerbridge Buys P.F. Chang's for $1.1 Billion". The New York Times. Retrieved July 15, 2019.
  8. 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.
  9. Doherty, Katherine (January 10, 2019). "P.F. Chang's Is Sold to TriArtisan Capital and Paulson". Bloomberg. Retrieved July 15, 2019.
  10. "Treasury, SBA data show small-business loans went to private-equity backed chains, members of Congress". The Washington Post. 2020.
  11. 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.
  12. "P.F. Chang's Modifies Its Partnership Accounting".
  13. "P.F. Chang's Announces Lease Accounting Changes".
  14. "P.F. Chang's Confirms Credit Card Breach".
  15. "P.F. Chang's Security Flaw revealed, following Panera Bread's leak".
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