Panda Restaurant Group
{{Short description|American restaurant company}}
{{Infobox company
| name = Panda Restaurant Group, Inc.
| logo = Topnav.png
| logo_size = 200px
| image = Pandarestaurantgroupheadquarters.jpg
| image_caption = Panda Restaurant Group headquarters
| type = Private
| genre = Chinese and Japanese restaurants
| foundation = 1973
| founder = Andrew Cherng
| location_city = Rosemead, California, U.S.
| location = 1683 Walnut Grove Avenue
| area_served = 43 U.S. states, Puerto Rico, and Mexico
| key_people = Andrew Cherng,
Chairman & Co-CEO
Peggy Cherng,
Co-Chairman & Co-CEO
John F Theuer
CFO
| industry =
| products =
| services =
| market cap =
| revenue = $3.5 billion (2018){{cite web |title=Panda Restaurant Group |url=https://www.forbes.com/companies/panda-restaurant-group/#22bb02563cc2 |work=Forbes|accessdate=16 December 2019 |date=31 December 2018}}
| operating_income =
| net_income =
| assets =
| equity =
| owner = Cherng family
| num_employees = 30,000{{cite web |title=#143 Panda Restaurant Group |url=https://www.forbes.com/companies/panda-restaurant-group/#6f810f503cc2 |work=Forbes |accessdate=16 December 2019 |date=24 October 2018}}
| parent =
| divisions =
| subsid =
| homepage = {{official URL}}
| footnotes =
| intl =
}}
Image:Panda Express.svgImage:Pandainntopnav.png
Panda Restaurant Group, Inc. is the parent company of Panda Inn, Panda Express and Hibachi-San. It was founded by Andrew and Peggy Tsiang Cherng Jennings, Lisa, [https://web.archive.org/web/20160531141058/https://business.highbeam.com/409700/article-1G1-135218527/having-words-peggy-tsiang-cherng-chief-executive-and "Having words with Peggy Tsiang Cherng: chief executive and co-chair, Panda Restaurant Group"], Nation's Restaurant News, August 1, 2005 and Andrew's father, Master Chef Ming-Tsai Cherng; the family originated from the Yangzhou region of China's Jiangsu province. They started their first Panda Inn restaurant in 1973 in Pasadena, California. Ten years later a developer of the new Glendale Galleria mall, a frequent patron of Panda Inn, asked Andrew to start a fast-service version of his restaurant in the new mall. In 1985 the store went from five locations to nine in just one year.
The group's headquarters is located in Rosemead, California. Panda Express is the largest Asian-American restaurant chain in the United States,{{Cite web|url=https://www.qsrmagazine.com/exclusives/panda-express-blazes-legacy-35-years-making|title=Panda Express Blazes a Legacy 35 Years in the Making|last=Klein|first=Danny|date=2018-12-19|website=QSR magazine|language=en|archive-url=|archive-date=|access-date=2019-12-16}} with 2,200 branches. In 2019 Panda Express opened its first branch in Manila, Philippines, as a joint venture between the Panda Restaurant Group and Jollibee Foods Corp., JBPX Foods.{{Cite web|url=https://www.bworldonline.com/panda-express-opens-its-first-branch-in-manila/|title=Panda Express opens its first branch in Manila|last=|first=|date=12 December 2019|website=www.bworldonline.com|archive-url=|archive-date=|access-date=2019-12-16}}{{Cite web|url=https://news.abs-cbn.com/life/12/11/19/new-eats-panda-express-now-in-manila-with-exclusive-ph-only-dishes|title=New eats: Panda Express now in Manila with exclusive PH-only dishes|last=Guioguio|first=Kara Vibal|website=ABS-CBN News|language=en|access-date=2019-12-16}}
Andrew Cherng and his wife Peggy Tsiang Cherng met at Baker University in Baldwin City, Kansas.[http://www.bakeru.edu/images/pdf/Alumni/BakerPride_Spring08.pdf "Cherngs honored for contributions in L.A. area"], Baker Pride alumni magazine, Baker University, Kansas, Spring 2008 issue. Peggy Cherng went on to receive her B.S. degree in Mathematics from Oregon State University in 1971 and a Ph.D. in Electrical Engineering from the University of Missouri. The company debuted on Forbes' 2016 edition of America's Largest Private Companies{{cite web|author= |url=https://www.forbes.com/sites/andreamurphy/2016/07/20/2016-private-company-newcomers/#3833be7520a2 |title=2016 Private Company Newcomers |website=Forbes.com |date= |accessdate=2017-07-22}}
The Cherngs invest their personal wealth out of their family office, the Cherng Family Trust.{{Cite web|url=https://www.swfinstitute.org/profile/598cdaa50124e9fd2d05ac55|title=Cherng Family Trust Office (Cherng Family Trust Office) - Family Office, United States - SWFI|website=www.swfinstitute.org|access-date=2019-12-16}}{{Cite web|url=https://www.mansionglobal.com/articles/panda-express-founders-drop-14-million-on-hawaii-penthouse-58222|title=Panda Express Founders Drop $14 Million on Hawaii Penthouse|last=Strum|first=Beckie|website=www.mansionglobal.com|language=en-US|access-date=2019-12-16}}
Companies
The Panda Restaurant Group includes Panda Express, Panda Inn, Raising Cane's Chicken Fingers (AK/HI only){{Cite web|url=https://www.theadvocate.com/baton_rouge/news/business/article_edcd2c9c-0f82-11e8-8bad-37a9fca9affd.html|title=What's next for Raising Cane's? A deal with Panda Express, franchise locations in Hawaii, Alaska|last=Service|first=KATIE GAGLIANO {{!}} LSU Manship School News|website=The Advocate|date=11 February 2018 |language=en|access-date=2019-12-16}} and Hibachi-San.{{Cite news|url=https://www.nytimes.com/2018/03/22/business/panda-express-owners.html|title=For Panda Express Owners, It's About Family|last=Hannon|first=Kerry|date=2018-03-22|work=The New York Times|access-date=2019-12-16|language=en-US|issn=0362-4331}}
Panda Express, the most popular, has over 2,000 locations as of 2018, making it the largest Chinese fast food chain in the United States.
Panda Inn, a sit-down restaurant chain, has 6 locations, all of which are in California, plus Wasabi, a Japanese concept.{{cite web|url=http://www.pandainn.com/locations |title=Locations |publisher=Panda Inn |date= |accessdate=2017-07-22}}
Panda Group has been aggressively supporting popular Asian chains by introducing them in the American market. Uncle Tetsu,{{Cite web|url=http://restaurant-hospitality.com/new-restaurant-concepts/america-ready-fluffy-japanese-style-cheesecake|title=Panda Restaurant Group founders to grow Uncle Tetsu|date=2016-09-14|website=Nation's Restaurant News|language=en|access-date=2019-12-16}} Yakiya,{{Cite web |date=2016-12-27 |title=Our Brands {{!}} Panda Restaurant Group |url=https://www.pandarg.com/our-brands |access-date=2022-06-27 |website=Panda Restaurant Group |language=en}} Pieology{{Cite web|url=https://www.bizjournals.com/losangeles/news/2016/01/20/panda-express-makes-investment-in-pieology.html|title=Panda Express makes investment in Pieology Pizzeria|last=|first=|date=20 January 2016|website=www.bizjournals.com|archive-url=|archive-date=|access-date=2019-12-16}} and Ippudo{{Cite web|url=https://labusinessjournal.com/news/2016/nov/11/panda-restaurant-group-brings-famed-ramen-shop-l/|title=Panda Restaurant Group Brings Famed Ramen Shop to L.A. {{!}} Los Angeles Business Journal|website=labusinessjournal.com|date=11 November 2016 |access-date=2019-12-16}}{{Cite web|url=https://www.forbes.com/sites/xiangwang/2017/04/01/shares-of-newly-public-restaurant-chain-ippudo-soar-as-ramen-king-plans-u-s-expansion/|title=Shares Of Newly Public Restaurant Chain IPPUDO Soar As Ramen King Plans U.S. Expansion|last=Wang|first=Xiang|website=Forbes|language=en|access-date=2019-12-16}} are all concepts supported by Panda Group.
In 2018 it was ranked 143 on the Forbes list of America's Largest Private Companies.{{Cite web|url=https://www.forbes.com/companies/panda-restaurant-group/|title=Panda Restaurant Group on the Forbes America's Largest Private Companies List|website=Forbes|language=en|access-date=2019-12-16}}
Philanthropy
The majority of the Cherngs donations are done through Panda Cares, the giving arm of the Panda Group, and the Panda Charitable Foundation, to education, youth leadership development and health. Since 1999 Panda Cares has raised over $107 million.{{Cite web|url=https://www.rd.com/food/fun/panda-express-facts/|title=13 Facts You Probably Didn't Know About Panda Express|last=Laliberte|first=Marissa|website=Reader's Digest|language=en-US|access-date=2019-12-16}}
In July 2017, the company pledged $10 million to the Children's Hospital Los Angeles, where the sixth floor will be renamed the Panda Express Floor.{{cite news|title=Panda Express Makes $10M Pledge To Children's Hospital Los Angeles|url=http://bhcourier.com/wp-content/uploads/2017/07/072117Fissue.pdf|accessdate=July 22, 2017|work=The Beverly Hills Courier|date=July 21, 2017|pages=1; 5}}
In May 2022, The Huntington Hospital in Pasadena, California announced a $25 million gift from the Panda Charitable Family Foundation in support of enhancements to the hospital’s surgical care program. The Huntington Hospital announced they will be displaying the family's name on campus as a thank you to their commitment and continuous support of the hospital.{{cite journal|date=15 May 2022|url=https://philanthropynewsdigest.org/news/cherng-family-commits-25-million-to-huntington-hospital|title=Cherng family commits $25 million to Huntington Hospital|journal=Philanthropy News Digest|access-date=18 May 2022}}
References
{{Reflist}}
Further reading
- Bernstein, Charles, 'Manchu Leads the Working Race,' Restaurants & Institutions, August 1, 1994, p. 30.
- Cebrzynski, Gregg, 'Panda Express Breaks TV Ad Campaign as Test to Raise Brand Awareness,' Nation's Restaurant News, August 9, 1999, p. 11.
- Farkas, David, 'Fast and Friendly,' Chain Leader, March 2000, p. 72.
- Glover, Kara, 'Success on Oriental (Food) Express,' Los Angeles Business Journal, September 25, 1995, p. 21.
- Leibowitz, Ed, [http://www.lamag.com/longform/tao-panda/1/ "The Tao of Panda Express: The Chinese food chain’s success story—how a single outlet in the Glendale Galleria grew to 1,800 locations worldwide—begins with one secret ingredient: owners who care"], LA Magazine, April 20, 2015
- Marchetti, Michele, and Alisson, Lucas, 'Creating Panda-monium,' Sales & Marketing Management, January 1996, p. 14.
- Martin, Richard, 'Panda Express: Bullish about the Bear,' Nation's Restaurant News, May 16, 1994, p. 86.
- ------, 'Top Chi-Chi's, El Torito Execs Tackle Panda Push,' Nation's Restaurant News, August 7, 1995, p. 18
- Walkup, Carolyn, 'Panda Express Promo Targets Takeout Business,' Nation's Restaurant News, February 28, 1994, p. 7.
External links
{{Portal|Los Angeles|Companies|Food}}
- [http://www.pandarg.com Official website]
- [http://www.pandacares.org Panda Cares]
- [http://hoovers.com/panda-restaurant-group/--ID__47673--/free-co-factsheet.xhtml Hoover's Financial Data on the Panda Restaurant Group]
{{DEFAULTSORT:Panda Restaurant Group}}
Category:Restaurant chains in the United States
Category:Companies based in Los Angeles County, California
Category:Restaurants established in 1973