The company that holds the exclusive license to P.F. Chang's China Bistro in Canada recently filed a notice of intention to make a proposal to creditors (see below), pursuant to a section of the Bankruptcy and Insolvency Act. Interaction Asian Restaurants LP operates three P.F. Chang's restaurants in Montreal, Laval and Toronto, all of which remain in business. Principals include prominent Montreal businessmen Stephen Bronfman and Michael Aronovici. The pan-Asian chain was launched in the city in 2012 amid much fanfare. "Many Canadians have expressed to us, both in person and over social media, how much they love P.F. Chang’s, and wished it was closer to home," said Aronovici at the time. "Given this existing fan base, a commitment to fresh, Chinese-fusion flavour combinations in a distinctive dining setting, we have no doubt that this bistro experience will resonate with Canada’s sophisticated dining population."
PwC defines a "Notice of Intention to Make a Proposal [as] a procedure under the Bankruptcy and Insolvency Act that allows financially troubled corporations the opportunity to restructure their affairs." Aronovici, the President of Interaction Asian Restaurants, writes today that "Interaction filed a Notice of Intention to Make a Proposal to its Creditors in order to obtain the Courts' protection and to gain time to find a strategic partner or a buyer. The company [has] already had several discussions with potential strategic partners or buyers. Interaction will continue to operate its stores in the ordinary course of business until it is ready to present its proposal."
Update: This story has been updated to emphasize the fact that P.F. Chang's restaurants in Canada continue to operate as normal. Stay tuned for developments as they become available.