P. F. Chang's China Bistro is an American-based,

casual dining Restaurants fall into several industry classifications, based upon menu style, preparation methods and pricing, as well as the means by which the food is served to the customer. This article mainly describes the situation in the USA, while catego ...

restaurant chain A chain store or retail chain is a retail outlet in which several locations share a brand, central management and standardized business practices. They have come to dominate the retail and dining markets and many service categories, in many pa ...

founded in 1993 by Paul Fleming and Philip Chiang that serves Asian

fusion cuisine Fusion cuisine is cuisine that combines elements of different culinary traditions that originate from different countries, regions, or cultures. They can occur naturally and become aspects of culturally relevant cuisines, or they can be part of ...

. Centerbridge Partners owned and operated Chang's until acquired by the private equity firm TriArtisan Capital Advisors on March 2, 2019. P. F. Chang's is headquartered in

Scottsdale, Arizona , settlement_type = City , named_for = Winfield Scott , image_skyline = , image_seal = Seal of Scottsdale (Arizona).svg , image_blank_emblem = City of Scottsdale Script Logo.svg , nic ...

. The chain specializes in American Chinese cuisine, plus other Asian dishes. P.F. Chang’s operates 300 locations in 22 countries and U.S. airports, including P.F. Chang’s To Go takeout locations. The name "P. F. Chang's" is derived from those of Paul Fleming (P. F.) and Philip Chiang (whose surname was simplified to ''Chang'').

History

The chain was founded in 1993 by Paul Fleming and Philip Chiang - son of Cecilia Chiang. The first

restaurant A restaurant is a business that prepares and serves food and drinks to customers. Meals are generally served and eaten on the premises, but many restaurants also offer take-out and food delivery services. Restaurants vary greatly in appearan ...

was opened at the

Scottsdale Fashion Square Scottsdale Fashion Square is an upscale luxury shopping mall located in the downtown area of Scottsdale, Arizona. It is the largest shopping mall in Arizona with approximately of retail space, and is among the top 30 largest malls in the country ...

. In 1993, P.F. Chang's China Bistro, Inc. was formed from the acquisition of the original four

bistro A bistro or bistrot , is, in its original Parisian incarnation, a small restaurant, serving moderately priced simple meals in a modest setting. Bistros are defined mostly by the foods they serve. French home-style cooking, and slow-cooked foods ...

restaurants. 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 Unilever plc is a British multinational consumer goods company with headquarters in London, England. Unilever products include food, condiments, bottled water, baby food, soft drink, ice cream, instant coffee, cleaning agents, energy dri ...

. In 2012 Chang's accepted an offer from private investment firm,

Centerbridge Partners Centerbridge Partners is a multi-strategy private investment firm focused on leveraged buyouts and distressed securities. The firm manages over $32 billion of assets

in a deal valued at $1.1 billion.

ConAgra Foods, Inc. Conagra Brands, Inc. (formerly ConAgra Foods) is an American Fast-moving consumer goods, consumer packaged goods holding company headquartered in Chicago, Illinois. Conagra makes and sells products under various brand names that are available in ...

acquired the P.F. Chang's Home Menu license from Unilever in August 2012. In December 2017, Chang's announced that they would open a location in

Shanghai Shanghai (; , , Standard Chinese, Standard Mandarin pronunciation: ) is one of the four Direct-administered municipalities of China, direct-administered municipalities of the China, People's Republic of China (PRC). The city is located on the ...

during the first part of 2018, Chang's first location in China. 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. In January 2020, Chang’s announced its first P.F. Chang’s To Go take-out only location will be in Chicago, Illinois. Chang's obtained more than $5 million in small-business loans as part of the

Paycheck Protection Program The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Donald Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARE ...

(coronavirus relief).

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. 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.

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.

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.

References

External links

* {{Fast-food chains of the United States, state=collapsed 1993 establishments in Arizona Companies based in Scottsdale, Arizona Fast casual restaurants Private equity portfolio companies Restaurant chains in the United States Chinese restaurants Restaurants established in 1993 2012 mergers and acquisitions 2019 mergers and acquisitions Privately held companies based in Arizona