The company plans to open 17 new Bistros and 25 new Pei Weirestaurants, largely in existing markets during 2008. Thus far,according to CEO Rick Federico, the company only has signed aboutfive to seven Pei Wei leases as it continues to refine the concept,now being tested in five units. A system-wide rollout could beginin the summer. But economic conditions are leading to a cautiousview on leasing for next year.
"We continue to tee up real estate, but are cautious aboutsigning leases," Federico said. "In the event we don't get whatwe're looking for, we will see modest development in 2009. As wegain more confidence, we will be backweighted in 2009."
In other news, Chang's did not reach a definitive agreement withthe anticipated buyer of its Taneko division, and continues topursue a sale.
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