Walmart is closing four stores in Chicago, cutting its footprint in half in the third-largest U.S. city after years of mounting losses. The closings mark a retreat for the nation's largest retailer, which faces tough competition in Chicago from the likes of Target, Albertsons, and Aldi. Walmart said it had tried and failed to improve its performance by building smaller stores, localizing its merchandise offerings, and investing $70 million in recent years on store upgrades.
Young Chang, founder and CEO of A-Sha Noodles, joined Cheddar News to discuss what inspired him to create his new company. "Our whole objective was to keep that nostalgic comfort feeling of the ramen noodle but bring it in a better-for-you method," he said.
Over 140 CEOs sent President Joe Biden and Congressional leaders an open letter on the potential major devastation the economy could face if a debt ceiling agreement isn't reached. Josh Silverman, CEO of Etsy, spoke with Cheddar News to explain his reasoning why he joined in on the letter.
Uber unveiled some new features at its annual product showcase. Cheddar News discussed some of these products, most of which are geared toward families, along with group grocery orders and group rides.
Alex Morris, president and chief investment officer with F/M Investments, joined Cheddar News to discuss Wednesday's trading session as stocks climbed amid optimism over a potential debt ceiling deal just days ahead of a deadline.
