Panda Restaurant Group

Last updated
Panda Restaurant Group, Inc.
Company type Private
Genre Chinese and Japanese restaurants
Founded1973
Founder Andrew Cherng
Headquarters1683 Walnut Grove Avenue,
Rosemead, California
,
United States
Number of locations
2,200 [1]
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
Revenue$3.5 billion (2018) [2]
OwnerCherng family
Number of employees
30,000 [3]
Website www.pandarg.com OOjs UI icon edit-ltr-progressive.svg
Panda Express Logo Panda Express.svg
Panda Express Logo
Panda Inn Logo Pandainntopnav.png
Panda Inn Logo

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 [4] 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. [5]

Contents

The group's headquarters is located in Rosemead, California. [6] Panda Express is the largest Asian-American restaurant chain in the United States, [5] 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. [7] [8]

Andrew Cherng and his wife Peggy Tsiang Cherng met at Baker University in Baldwin City, Kansas. [9] 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. [6] The company debuted on Forbes' 2016 edition of America's Largest Private Companies [10]

The Cherngs invest their personal wealth out of their family office, the Cherng Family Trust. [11] [12]

Companies

The Panda Restaurant Group includes Panda Express, Panda Inn, Raising Cane's Chicken Fingers (AK/HI only) [13] and Hibachi-San. [6]

Panda Express, the most popular, has over 2,000 locations as of 2018, [6] 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. [14]

Panda Group has been aggressively supporting popular Asian chains by introducing them in the American market. Uncle Tetsu, [15] Yakiya, [16] Pieology [17] and Ippudo [18] [19] are all concepts supported by Panda Group.

In 2018 it was ranked 143 on the Forbes list of America's Largest Private Companies. [20]

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. [6] Since 1999 Panda Cares has raised over $107 million. [21]

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. [22]

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. [23]

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References

  1. ↑ Maurer, Jessica. "Panda Express Expected To Open This Week". WilmingtonBiz. Retrieved 16 December 2019.
  2. ↑ "Panda Restaurant Group". Forbes. 31 December 2018. Retrieved 16 December 2019.
  3. ↑ "#143 Panda Restaurant Group". Forbes. 24 October 2018. Retrieved 16 December 2019.
  4. ↑ Jennings, Lisa, "Having words with Peggy Tsiang Cherng: chief executive and co-chair, Panda Restaurant Group", Nation's Restaurant News, August 1, 2005
  5. 1 2 Klein, Danny (2018-12-19). "Panda Express Blazes a Legacy 35 Years in the Making". QSR magazine. Retrieved 2019-12-16.
  6. 1 2 3 4 5 Hannon, Kerry (2018-03-22). "For Panda Express Owners, It's About Family". The New York Times. ISSN   0362-4331 . Retrieved 2019-12-16.
  7. ↑ "Panda Express opens its first branch in Manila". www.bworldonline.com. 12 December 2019. Retrieved 2019-12-16.
  8. ↑ Guioguio, Kara Vibal. "New eats: Panda Express now in Manila with exclusive PH-only dishes". ABS-CBN News. Retrieved 2019-12-16.
  9. ↑ "Cherngs honored for contributions in L.A. area", Baker Pride alumni magazine, Baker University, Kansas, Spring 2008 issue.
  10. ↑ "2016 Private Company Newcomers". Forbes.com. Retrieved 2017-07-22.
  11. ↑ "Cherng Family Trust Office (Cherng Family Trust Office) - Family Office, United States - SWFI". www.swfinstitute.org. Retrieved 2019-12-16.
  12. ↑ Strum, Beckie. "Panda Express Founders Drop $14 Million on Hawaii Penthouse". www.mansionglobal.com. Retrieved 2019-12-16.
  13. ↑ Service, KATIE GAGLIANO | LSU Manship School News. "What's next for Raising Cane's? A deal with Panda Express, franchise locations in Hawaii, Alaska". The Advocate. Retrieved 2019-12-16.
  14. ↑ "Locations". Panda Inn. Retrieved 2017-07-22.
  15. ↑ "Panda Restaurant Group founders to grow Uncle Tetsu". Nation's Restaurant News. 2016-09-14. Retrieved 2019-12-16.
  16. ↑ "Our Brands | Panda Restaurant Group". Panda Restaurant Group. 2016-12-27. Retrieved 2022-06-27.
  17. ↑ "Panda Express makes investment in Pieology Pizzeria". www.bizjournals.com. 20 January 2016. Retrieved 2019-12-16.
  18. ↑ "Panda Restaurant Group Brings Famed Ramen Shop to L.A. | Los Angeles Business Journal". labusinessjournal.com. 11 November 2016. Retrieved 2019-12-16.
  19. ↑ Wang, Xiang. "Shares Of Newly Public Restaurant Chain IPPUDO Soar As Ramen King Plans U.S. Expansion". Forbes. Retrieved 2019-12-16.
  20. ↑ "Panda Restaurant Group on the Forbes America's Largest Private Companies List". Forbes. Retrieved 2019-12-16.
  21. ↑ Laliberte, Marissa. "13 Facts You Probably Didn't Know About Panda Express". Reader's Digest. Retrieved 2019-12-16.
  22. ↑ "Panda Express Makes $10M Pledge To Children's Hospital Los Angeles" (PDF). The Beverly Hills Courier. July 21, 2017. pp. 1, 5. Retrieved July 22, 2017.
  23. ↑ "Cherng family commits $25 million to Huntington Hospital". Philanthropy News Digest. 15 May 2022. Retrieved 18 May 2022.

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