P.F. Chang’s China Bistro Inc. on Tuesday said it has agreed to be taken private in a $1.1 billion sale to Centerbridge Partners, CNBC reported. The announcement came after the struggling Asian food chain posted a 40 percent drop in earnings. The sale, which is expected to be completed by the third quarter, represents about a 30 percent premium on Chang’s recent stock prices.The company is slowing down expansion to new locations as it concentrates on revamping its existing restaurants and introducing lower-priced menu options. Chang’s operates a location at Jordan Creek Town Center in West Des Moines.