PF Chang's 1Q Profit Slides; Plans Acquisition By Private Equity

P.F. Chang's China Bistro Inc.'s (PFCB) first-quarter earnings fell more than 40% as the restaurant operator continues to struggle with its massive turnaround effort, announcing plans to be acquired by a private equity firm for a 30% premium over its average closing price in April. P.F. Chang's, which operates its namesake Bistros and Pei Wei Asian Diner, has seen its sales and guest traffic struggle in recent quarters, while other restaurants have rebounded coming out of the recession. As a result, the company has been reworking its menus, restaurant designs and overall atmosphere. However, analysts have said the efforts--while valiant in theory--will take a few years to return results. CONTINUE AS YOU ENTER @WSJ

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