The company now will open 25 new units in 2008, down from the 37opened in 2007. This consists of already signed leases, as well asone or two strategic units, he said. New units will be located inexisting markets, to reduce pre-opening costs and make best use ofexperienced staff.

|

"It appears that the macroeconomic speed bump is more long-termin nature," Mumford said. "This also allows us to focus on ournumber one priority—improving Pei Wei's operating results."

|

The move is one of several to increase sales, margins andefficiency, which include menu changes and strategic marketingtests. Last week, the company announced that it would sell amajority interest of its foray into Japanese cuisine, thesingle-unit Taneko Japanese Tavern.

|

"Although we continue to believe that the Japanese face is anopportunity, this is not the right time to dilute our attentionfrom our core business," Mumford said.

|

PF Chang's operated 172 Bistros and 144 Pei Wei units.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.