P.F. Chang’s China Bistro, Inc. (Public, NASDAQ:PFCB) operates in two segments: P.F. Chang’s China Bistro (Bistro) and Pei Wei Asian Diner (Pei Wei). As of January 3, 2010, the Company owned and operated 197 full service Bistro restaurants. Its restaurants offer flavored culinary creations, prepared from ingredients, including herbs and spices imported directly from China. The menu features traditional Chinese offerings and dishes. Its menu is complemented by a full service bar offering a selection of wines, specialty drinks, Asian beers, sake, cappuccino and espresso. Additionally, there are two Bistro locations located in Hawaii and two Bistro locations located in international markets that are operated by business partners under licensing agreements. As of January 3, 2010, P.F. Chang’s also owned and operated 166 quick casual Pei Wei restaurants that serve pan-Asian cuisine.
P.F. Chang’s Is Exploring A Sale
Jun 2018 - Centerbridge Partners, L.P. is seeking to sell P.F. Chang's China Bistro, Inc. Centerbridge Partners and the Board of Managers of P.F. Chang's China Bistro have retained Merrill Lynch, Pierce, Fenner & Smith Incorporated and Barclays PLC (LSE:BARC) to explore a potential sale of P.F. Chang's China Bistro. “Given the positive performance of P.F. Chang's Bistro and having received multiple unsolicited indications of interest, this is an exciting time to explore a sale,” said Steve Silver, Global Co-Head of Private Equity at Centerbridge. P.F. Chang’s China Bistro, burdened with a heavy debt load and fierce industry competition, may be headed to the auction block. Centerbridge didn’t say what kind of price it would seek for the chain. A buyer might help P.F. Chang’s cope with its debt burden of about $680 million. The news pushed the company’s bonds higher, with senior unsecured bonds trading at about $0.90 on the dollar -- still reflecting doubts among investors about whether they’ll be fully repaid.