P. F. Chang's
American restaurant company

P.F. Chang's Inc.
P.F. Chang's China Bistro
Company typePrivate
IndustryRestaurant
GenreCasual dining
Founded1993; 33 years ago (1993)
Scottsdale, Arizona, U.S.
FoundersPaul Fleming
Philip Chiang
Headquarters8377 E. Hartford, 2nd Floor
Scottsdale, AZ 85255
Number of locations
More than 300 (Worldwide, 2021)
Area served
Worldwide
Key people
Jim Mazany, CEO
Corey Robertson, COO
ProductsAmerican Asian cuisine
OwnerTriArtisan Capital
Paulson & Co.
Websitepfchangs.com
Footnotes / references
[1][2][3]

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

The chain specializes in American Chinese cuisine, plus other Asian dishes. P.F. Chang’s operates 300 locations in 22 countries[5] and U.S. airports,[6] including P.F. Chang’s To Go takeout locations.[7]

The name "P. F. Chang's" is derived from Fleming's initials (P. F.) and Chiang's last name, with the I omitted.[8]

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.[8] In 1993, P.F. Chang's China Bistro, Inc. was formed from the acquisition of the original four bistro restaurants.[1] By December 2001, P.F. Chang's owned and operated 65 full-service P.F. Chang's China Bistro restaurants.[9] The company also developed its Pei Wei Asian Diner concept and operated five Pei Wei locations by the same date.[9]

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.[10] 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.[11]

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.[12]

In 2012, Chang's accepted an offer from private investment firm, Centerbridge Partners in a deal valued at $1.1 billion.[13] ConAgra Foods, Inc. acquired the P.F. Chang's Home Menu license from Unilever in August 2012.[14][15]

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.[16][17]

In 2015, P.F. Chang's filed for bankruptcy for its Canadian division.[18]

In 2017, Pei Wei was officially split from P.F. Chang's as a separate business.[19]

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.[20] The Shanghai location is marketed to local Chinese customers as American food, and has 10 menu items unique to the company's China operations.[21] Additionally, as of 2018 P.F. Chang's operates a restaurant in South Korea.[22]

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.[23][24]

2020s

In January 2020, Chang’s announced its first P.F. Chang’s To Go[25] take-out only location would be in Chicago, Illinois.[26]

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).[24]

In February 2023, P. F. Chang's signed an agreement with Indian company Gourmet Investments to open outlets in India.[27] The first P. F. Chang's outlet in India was opened on January 14, 2024 in Mumbai.[28][29]

The chain specializes in Asian fusion cuisine.[30] 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.[1]

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.[31]

See also

References

  1. ^ a b c 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. Archived from the original on November 20, 2009. Retrieved May 17, 2012.
  3. ^ "P.F. Chang's Wants to be The American Bistro of Shanghai". Ad Age. 2018. Archived from the original on July 17, 2022. 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. ^ 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.
  6. ^ 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.
  7. ^ 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.
  8. ^ a b "FAQs". P.F. Chang's China Bistro, Inc. 2010. Archived from the original on February 12, 2015. Retrieved May 17, 2012.
  9. ^ a b "P.F. Chang's China Bistro, Inc. Form 10-K (fiscal year ended December 30, 2001)". U.S. Securities and Exchange Commission. Retrieved January 5, 2026.
  10. ^ "P.F. Chang's Modifies Its Partnership Accounting".
  11. ^ "P.F. Chang's Announces Lease Accounting Changes".
  12. ^ "Products". Unilever. 2012. Archived from the original on May 12, 2012. Retrieved May 17, 2012.
  13. ^ Rusli, Evelyn M. (May 1, 2012). "Centerbridge Buys P.F. Chang's for $1.1 Billion". The New York Times. Retrieved July 15, 2019.
  14. ^ "ConAgra Foods Announces Agreement to Acquire Bertolli and P.F. Chang's Frozen Meals Businesses From Unilever PLC". Conagra Brands. Retrieved July 3, 2025.
  15. ^ "ConAgra Foods Completes Acquisition of Bertolli and P.F. Chang's Frozen Meals Businesses from Unilever PLC". Conagra Brands. Retrieved July 3, 2025.
  16. ^ "P.F. Chang's Confirms Credit Card Breach". June 14, 2014.
  17. ^ Hellmich, Nanci. "P.F. Chang's confirms breach in credit card data". USA TODAY. Retrieved August 17, 2024.
  18. ^ "P.F. Chang's files for bankruptcy protection as U.S. eatery loses way in 'ethnically diverse' Canada". Financial Post. April 17, 2015. Retrieved June 4, 2023.
  19. ^ Beckett, Emma Liem (June 5, 2019). "Pei Wei acquired by private equity firm". Restaurant Dive. Retrieved January 6, 2026.
  20. ^ 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.
  21. ^ Ma, Wayne; Lin, Liza (May 12, 2018). "P.F. Chang's Brings Sort-of Chinese Food to China". The Wall Street Journal. New York City. Retrieved August 29, 2024.
  22. ^ Meyers, Jessica (May 25, 2018). "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. Los Angeles. Retrieved August 29, 2024.
  23. ^ Doherty, Katherine (January 10, 2019). "P.F. Chang's Is Sold to TriArtisan Capital and Paulson". Bloomberg. Retrieved July 15, 2019.
  24. ^ a b "Treasury, SBA data show small-business loans went to private-equity backed chains, members of Congress". The Washington Post. 2020.
  25. ^ 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.
  26. ^ 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.
  27. ^ Haidar, Faizan; Bhushan, Ratna (February 7, 2023). "Bharti Family Office firm to bring US-based food chain PF Chang's to India". The Economic Times. ISSN 0013-0389. Retrieved May 21, 2023.
  28. ^ "PF Chang's, America's Iconic Asian Restaurant, Launches Flagship Outlet In India". Forbes India. Retrieved July 15, 2025.
  29. ^ Nath, Aatish (January 12, 2024). "P.F. Chang's arrives in India at Mumbai's Lower Parel". Condé Nast Traveller India. Retrieved July 15, 2025.
  30. ^ 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.
  31. ^ Littman, Julie (September 24, 2025). "P.F. Chang's pushes value with new cocktail menu". Restaurant Dive. Retrieved January 4, 2026.
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