UPDATE: P.F. Chang’s looks to sell Taneko

SCOTTSDALE Ariz. P.F. Chang’s China Bistro Inc. said Thursday that it is negotiating the sale of a controlling stake in Taneko Japanese Tavern to Dallas restaurateur Jack Baum, who indicated that he intends to grow the izakaya-inspired concept.

Terms of the deal were not disclosed, but P.F. Chang’s said it would retain a minority interest in the business. Baum’s company, Food, Friends & Co., operates 13 restaurants in nine states, including the brands Wapango,

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