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.