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P.F. Chang's China Bistro history
P.F. Chang's China Bistro company history timeline
Fleming chose Newport Beach as the locale for his second P.F. Chang's China Bistro, which opened in 1994.
By 1995, the shopping mall restaurant, with just 6,000 square feet of space and 175 seats would be generating $4 million in sales, with about 70 percent coming from evening meals and 30 percent from lunches.
1995: Fleming opens three new P.F. Chang's China Bistros in California.
Joining Federico in major executive positions were Bert Vivian, who served as CFO, and Greg Carey, who took on the job of COO. Vivian, who signed on in April of 1996, also came to the company from Brinker International, where he had been vice-president of investor relations.
Early in 1996, the company was incorporated as P.F. Chang's China Bistro, Inc., which acquired the four units making up the chain.
With venture capital provided by out-of-state backers, the company began accelerating its growth near the end of 1996, when it opened restaurants in Las Vegas, Houston, and Denver.
In fact, P.F. Chang's had some early growth pains, logging a net loss of $1.7 million in 1997 with revenues of $39.8 million.
Of course, the chain had already been growing. It had begun a major eastward expansion in 1997, with openings in New Orleans; Dade County, Florida; Charlotte, North Carolina; and McLean, Virginia.
By that time, its fiscal picture had improved; its revenue of $32.9 million for the first six months of fiscal 1998 was almost double its sales of the same period in the previous year.
2000: Company plans to open its first Pei Wei's Asian Diner.
According to The New York Times, P.F. Chang’s was the first national restaurant to use Sriracha in 2000, and its restaurants use nearly 100,000 bottles of Sriracha per year.
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 United States generally accepted accounting principles.
In 2010, "P.F. Chang's China Bistro Home Menu" was introduced in supermarkets.
In 2012 Chang's accepted an offer from private investment firm, Centerbridge Partners in a deal valued at $1.1 billion.
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 their first take-out only location will be in Chicago, Illinois.
©2022 P.F. Chang's China Bistro, Inc.
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P.F. Chang's China Bistro competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Darden Restaurants | 1968 | $11.4B | 175,000 | 4,122 |
| Panera Bread | 1981 | $2.8B | 140,000 | 4,086 |
| Wendy's | 1969 | $2.2B | 12,500 | 4,808 |
| BJ's Restaurants | 1978 | $1.4B | 23,000 | 943 |
| Applebee's Canada | 1980 | $2.5B | 28,000 | 1,520 |
| Noodles & Company | 1995 | $493.3M | 7,001 | 1,071 |
| Shake Shack | 2004 | $1.3B | 6,101 | 344 |
| Chipotle Mexican Grill | 1993 | $11.3B | 64,570 | 4,138 |
| Joe's Crab Shack | 1991 | $1.4M | 25 | - |
| Logan's Roadhouse | 1991 | $462.4M | 30,000 | 21 |
P.F. Chang's China Bistro history FAQs
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P.F. Chang's China Bistro may also be known as or be related to China Pf Chang's, P F Chang's China Bistro, P.F. Chang's China Bistro, P.f. Chang's China Bistro and p.f. chang's china bistro.