P. F. Chang's

History

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. In 1993, P.F. Chang's China Bistro, Inc. was formed from the acquisition of the original four bistro restaurants. By December 2001, P.F. Chang's owned and operated 65 full-service P.F. Chang's China Bistro restaurants. The company also developed its Pei Wei Asian Diner concept and operated five Pei Wei locations by the same date.

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.

2010s

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.

In 2012, Chang's accepted an offer from private investment firm, Centerbridge Partners in a deal valued at $1.1 billion. ConAgra Foods, Inc. acquired the P.F. Chang's Home Menu license from Unilever in August 2012.

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, a cybersecurity journalist.

In 2015, P.F. Chang's filed for bankruptcy for its Canadian division.

In 2017, Pei Wei was officially split from P.F. Chang's as a separate business.

In December 2017, P.F. Chang's announced that they would open a location in Shanghai during the first part of 2018, P.F. Chang's first location in China. 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.

2020s

In January 2020, Chang’s announced its first P.F. Chang’s To Go take-out only location would be in Chicago, Illinois.

In mid-2020, P.F. Chang's obtained more than $5 million in small-business loans as part of the Paycheck Protection Program (coronavirus relief).

In February 2023, P. F. Chang's signed an agreement with Indian company Gourmet Investments to open outlets in India. The first P. F. Chang's outlet in India was opened on January 14, 2024 in Mumbai.

Menu

The chain specializes in Asian fusion cuisine. Special items on their menu include 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.

In September 2025, P.F. Chang's launched a revamped menu, featuring a collection of cocktails, hand-rolled sushi, garlic noodles, half-sized appetizers, and choices between medium or traditional entrée sizes.

References

References

1. P.F. Chang’s China Bistro, Inc.. (January 1, 2012). "FY 2011 10-K". U.S. Securities and Exchange Commission.
2. (2010). "Chef's Corner, Recipes and Tutorials". P.F. Chang's China Bistro, Inc..
3. (2018). "P.F. Chang's Wants to be The American Bistro of Shanghai". Ad Age.
4. Fantozzi, Joanna. (March 2, 2019). "P.F. Chang's completes sale to TriArtisan Capital". [[Nation's Restaurant News]].
5. Ruggless, Ron. (May 2, 2018). "P.F. Chang's opens first restaurant in China". [[Nation%27s Restaurant News.
6. Ruggless, Ron. (July 23, 2021). "P.F. Chang's in talks about potential IPO: Report". [[Nation%27s Restaurant News.
7. Ruggless, Ron. (June 28, 2021). "P.F. Chang's accelerates expansion of To Go concept". [[Nation%27s Restaurant News.
8. (2010). "FAQs". P.F. Chang's China Bistro, Inc..
9. "P.F. Chang's China Bistro, Inc. Form 10-K (fiscal year ended December 30, 2001)".
10. "P.F. Chang's Modifies Its Partnership Accounting".
11. "P.F. Chang's Announces Lease Accounting Changes".
12. (2012). "Products". Unilever.
13. Rusli, Evelyn M.. (May 1, 2012). "Centerbridge Buys P.F. Chang's for $1.1 Billion". [[The New York Times]].
14. "ConAgra Foods Announces Agreement to Acquire Bertolli and P.F. Chang's Frozen Meals Businesses From Unilever PLC".
15. "ConAgra Foods Completes Acquisition of Bertolli and P.F. Chang's Frozen Meals Businesses from Unilever PLC".
16. (June 14, 2014). "P.F. Chang's Confirms Credit Card Breach".
17. Hellmich, Nanci. "P.F. Chang's confirms breach in credit card data".
18. (April 17, 2015). "P.F. Chang's files for bankruptcy protection as U.S. eatery loses way in 'ethnically diverse' Canada".
19. Beckett, Emma Liem. (June 5, 2019). "Pei Wei acquired by private equity firm".
20. Taylor, Kate. (6 December 2017). "Iconic Asian restaurant chain P.F. Chang's is opening its first location in China as an 'American bistro'". [[Business Insider]].
21. (2018-05-12). "P.F. Chang's Brings Sort-of Chinese Food to China". [[The Wall Street Journal]].
22. Meyers, Jessica. (2018-05-25). "P.F. Chang's comes to Shanghai, but can you really sell American Chinese food to the country that invented the wok?". [[Los Angeles Times]].
23. Doherty, Katherine. (January 10, 2019). "P.F. Chang's Is Sold to TriArtisan Capital and Paulson". [[Bloomberg L.P..
24. (2020). "Treasury, SBA data show small-business loans went to private-equity backed chains, members of Congress". The Washington Post.
25. Tan, Gillian. (October 19, 2020). "PF Chang's is opening to-go locations in New York, meeting shifting consumer behavior". [[Fox Business]].
26. Ruggless, Ron. (January 15, 2020). "P.F. Chang's to open first of several To Go locations in Chicago". [[Nations Restaurant News]].
27. Haidar, Faizan. (2023-02-07). "Bharti Family Office firm to bring US-based food chain PF Chang's to India". The Economic Times.
28. "PF Chang's, America's Iconic Asian Restaurant, Launches Flagship Outlet In India".
29. Nath, Aatish. (2024-01-12). "P.F. Chang’s arrives in India at Mumbai’s Lower Parel".
30. Warren, Alicia. (2022-06-03). "P.F. Chang's CEO on worker shortages amid labor slump: 'Still understaffed in some locations'".
31. Littman, Julie. (September 24, 2025). "P.F. Chang’s pushes value with new cocktail menu".