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 US, while categor ...

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 many retail markets, dining markets, and service categories in many pa ...

founded in 1993 by Paul Fleming and

Philip Chiang Philip Chiang（江一帆）is the co-founder of P. F. Chang's. Life and Career Early life Chiang was born in 1948 in Shanghai. He spent his childhood in Japan, his parents having fled China in 1949 due to being CIA agents and the Communist tak ...

that serves Asian

fusion cuisine Fusion cuisine is a cuisine that combines elements of different cuisine, culinary traditions that originate from different countries, regions, or cultures. Cuisines of this type are not categorized according to any one particular cuisine style an ...

. 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 Scottsdale is a city in eastern Maricopa County, Arizona, United States, and is part of the Phoenix metropolitan area. Named Scottsdale in 1894 after its founder Winfield Scott (chaplain), Winfield Scott, a retired Chaplain Corps (United States ...

. 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 Fleming's initials (P. F.) and Chiang's last name, with the I omitted.

History

The chain was founded in 1993 by Paul Fleming and

- son of restaurateur

Cecilia Chiang Cecilia Sun Yun Chiang (; September 18, 1920October 28, 2020) was a Chinese-American restaurateur and chef, best known for founding and managing The Mandarin restaurant in San Francisco, California. Early life Chiang was born as Sun Yun in Wuxi ...

. The first

restaurant A restaurant is an establishment 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 Delivery (commerce), food delivery services. Restaurants ...

was opened at the Scottsdale Fashion Square in

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

bistro A bistro or bistrot (), in its original Parisian form, is a small restaurant serving moderately priced, simple meals in a modest setting. In more recent years, the term has become used by restaurants considered, by some, to be pretentious. Style ...

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 packaged goods company headquartered in London, England. It was founded on 2 September 1929 following the merger of Dutch margarine producer Margarine Unie with British soap maker Lever B ...

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

Centerbridge Partners Centerbridge Partners, L.P. is a multi-strategy private investment firm focused on leveraged buyouts and distressed securities. The firm manages over $56 billion of assets

in a deal valued at $1.1 billion.

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

acquired the P.F. Chang's Home Menu license from Unilever in August 2012. In 2015, P.F. Chang's filed for bankruptcy for its Canadian division. In December 2017, Chang's announced that they would open a location in

Shanghai Shanghai, Shanghainese: , Standard Chinese pronunciation: is a direct-administered municipality and the most populous urban area in China. The city is located on the Chinese shoreline on the southern estuary of the Yangtze River, with the ...

during the first part of 2018, Chang's first location in China. There were Chinese people who came to the restaurant after learning about it on the U.S. television show ''

The Big Bang Theory ''The Big Bang Theory'' is an American television sitcom created by Chuck Lorre and Bill Prady for CBS. It aired from September 24, 2007, to May 16, 2019, running for 12 seasons and 279 episodes. The show originally centered on five charact ...

''. The Shanghai location is marketed to local Chinese customers as American food, and has 10 menu items unique to the company's China operations. Additionally, as of 2018 P.F. Chang's operates a restaurant in South Korea. 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 would 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 First presidency of Donald Trump, Trump administration in 2020 through the Coronavirus Aid, Relief, and ...

(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 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.

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 Brian Krebs (born 1972) is an American journalist and investigative reporter. He is best known for his coverage of profit-seeking cybercriminals.Perlroth, Nicole.Reporting From the Web's Underbelly. ''The New York Times''. Retrieved February 2 ...

, a cybersecurity journalist.

References

External links

* {{Portalbar, Arizona, Companies, Food 1993 establishments in Arizona Companies based in Scottsdale, Arizona Fast casual restaurants Private equity portfolio companies Restaurant chains in the United States Fast-food franchises Chinese restaurants Restaurants established in 1993 Companies that have filed for bankruptcy in Canada 2012 mergers and acquisitions 2019 mergers and acquisitions Privately held companies based in Arizona Asian-American culture in Arizona

History

2004 restatement

2013–14 credit card breach

Menu

See also

References

External links