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P.F. Chang's Goes Private

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This seems to be a busy week for private equity players. News just came out that fast casual restaurant chain P.F. Chang's agreed to be sold to Centerbridge Parnters L.P. for $1.1 billion. The chain, which can be found at many malls, has been reporting declines in shopper traffic and same-store sales recently.

According to Rick Federico, company chairman and CEO:

“We are confident that being a private company will provide us with greater flexibility to focus on our long-term strategic plan of elevating our guest experience, enhancing our value proposition, growing traffic and improving the performance of our brands.”

In recent months, restaurants as a group have been one of the bright lights in the retail sector, expanding at a brisker pace than other retail tenants.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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