P. F. Chang's

This article is about the restaurant chain. For the podcast audience, see The Fighter and the Kid.

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.^[8] P. F. Chang's is headquartered in Scottsdale, Arizona.

P.F. Chang's Inc.

Trade name	P.F. Chang's China Bistro
Type	Private
Industry	Restaurant
Genre	Casual dining
Founded	1993; 30 years ago (1993) Scottsdale, Arizona, U.S.
Founders	Paul Fleming Philip Chiang
Headquarters	8377 E. Hartford, 2nd Floor Scottsdale AZ 85255
Number of locations	More than 300 (Worldwide, 2021)
Area served	Worldwide
Key people	Damola Adamolekun, CEO^[1] Art Kilmer, COO^[2] Tana Davila, CMO^[3] Brad Hill, CFO^[4]
Products	American Asian cuisine
Owner	TriArtisan Capital Advisors, Paulson & Co
Website	pfchangs.com
Footnotes / references ^[5]^[6]^[7]

The chain specializes in American Chinese cuisine, plus other Asian dishes. P.F. Chang’s operates 300 locations in 22 countries^[9] and U.S. airports,^[10] including P.F. Chang’s To Go takeout locations.^[11]

The name "P. F. Chang's" is derived from those of Paul Fleming (P. F.) and Philip Chiang (whose surname was simplified to Chang).^[12]

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.^[12] In 1993, P.F. Chang's China Bistro, Inc. was formed from the acquisition of the original four bistro restaurants.^[5]

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.^[13]

In 2012 Chang's accepted an offer from private investment firm, Centerbridge Partners in a deal valued at $1.1 billion.^[14]

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

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.^[15]

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.^[16][17]

In January 2020, Chang’s announced its first P.F. Chang’s To Go^[18] take-out only location will be in Chicago, Illinois.^[19] Chang's obtained more than $5 million in small-business loans as part of the Paycheck Protection Program (coronavirus relief).^[17]

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.^[20] 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.^[21]

Menu

 

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

The chain specializes in Asian fusion cuisine.^[22] 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.^[5]

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.^[23]

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.^[24]

See also

• List of Chinese restaurants

References

1. Tan, Gillian (July 22, 2021). "PF Chang's Is in Early Planning for Initial Public Offering". Bloomberg. Retrieved March 23, 2022. Chief Executive Officer Damola Adamolekun said in a Bloomberg Radio interview in June that pursuing an IPO is a ‘viable alternative’ for capital.
2. 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.
3. Thorn, Bret (September 27, 2021). "P.F. Chang's CMO Tana Davila discusses the chain's Honolulu flagship". Nation’s Restaurant News. Retrieved March 23, 2022. ‘Really we’ve tried to take experiential dining to the next level,’ the restaurant company’s chief marketing officer Tana Davila said, noting that with good food now available at the tap of a smart-phone app, getting people to actually sit down and spend time at a dining-room table requires more of a show.
4. 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.
5. P.F. Chang’s China Bistro, Inc. (January 1, 2012). "FY 2011 10-K". U.S. Securities and Exchange Commission. Retrieved May 17, 2012.
6. "Chef's Corner, Recipes and Tutorials". P.F. Chang's China Bistro, Inc. 2010. Retrieved May 17, 2012.
7. "P.F. Chang's Wants to be The American Bistro of Shanghai". Ad Age. 2018. Retrieved April 21, 2018.
8. Fantozzi, Joanna (March 2, 2019). "P.F. Chang's completes sale to TriArtisan Capital". Nation's Restaurant News. Retrieved March 4, 2019.
9. 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.
10. 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.
11. 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.
12. "FAQs". P.F. Chang's China Bistro, Inc. 2010. Retrieved May 17, 2012.
13. . Unilever. 2012. Archived from the original on May 12, 2012. Retrieved May 17, 2012.
14. Rusli, Evelyn M. (May 1, 2012). "Centerbridge Buys P.F. Chang's for $1.1 Billion". The New York Times. Retrieved July 15, 2019.
15. 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.
16. Doherty, Katherine (January 10, 2019). "P.F. Chang's Is Sold to TriArtisan Capital and Paulson". Bloomberg. Retrieved July 15, 2019.
17. "Treasury, SBA data show small-business loans went to private-equity backed chains, members of Congress". The Washington Post. 2020.
18. 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.
19. 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.
20. "P.F. Chang's Modifies Its Partnership Accounting".
21. "P.F. Chang's Announces Lease Accounting Changes".
22. 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.
23. "P.F. Chang's Confirms Credit Card Breach".
24. "P.F. Chang's Security Flaw revealed, following Panera Bread's leak".

External links

• Official website