P.F. Chang's China Bistro, Inc. owns and operates two Asian restaurant chains: P.F. Chang's China Bistro is a full service upscale casual dining restaurant and Pei Wei Asian Diner (pây wây) is a quick casual, limited service restaurant.
Currently, there are 205 P.F. Chang's locations and 173 Pei Wei Asian Diners. Restaurants are typically located in large suburban malls or high-traffic locations.
P.F. Chang's menu features traditional Chinese offerings and innovative dishes that illustrate the emerging influence of Southeast Asia on modern Chinese cuisine. Working in a dramatic exhibition kitchen, chefs use Mandarin style wok cooking to prepare the food. Entrees range in price from $7.95 - 24.95.
Pei Wei Asian Diner caters to a quicker, more casual dining experience offering attentive counter service and take-out flexibility.
Pei Wei serves classic Asian favorites cooked to order using contemporary recipes. Dine-in guests order at the counter, pick up their drinks, and take a seat. The menu is designed to allow guests to choose the style of entrée and their choice of beef, chicken, shrimp, scallops, vegetables, or tofu. The modestly priced menu ranges from $6.25 - $9.50 with a selection of beer and wine available.
Centerbridge Partners acquired PF Chang's China Bistro in July 2012 for $1.1 billion or $51.50 per share in cash. PF Chang's is no longer a private company.
In 2011, the company reported revenues of $1.238 billion, a slight decline from the previous year, and net income of $30.1 million.
The Company expects to open 2 to 3 new Bistro restaurants and 12 to 16 new Pei Wei restaurants during fiscal 2012.
Restaurateur Paul Fleming founded the chain in 1993 and is the P.F. in the name. The "Chang" in the name is from Fleming's co-developer, Phillip Chiang.
The first P.F. Chang's opened in Scottsdale, AZ in 1993 and the first Pei Wei made its debut in the Phoenix-metro area in 2000.
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Updated January 11, 2013