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Business news briefs

Published January 8, 2013 9:31 pm

This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Queen of Wraps

to increase staff

The Queen of Wraps, a Salt Lake printing and advertising company that specializes in vehicle wraps, plans to add five employees to its staff of 30 this year. Harley Griffith, CEO, said the new positions will be "good full-time jobs," with retirement and healthcare benefits. He said the company's revenues have grown by 15 percent to 20 percent over the past four years.

Crown Auto

closes down

Crown Auto Holdings, a Utah company whose shares traded over-the-counter, has gone out of business. All assets and inventory were assigned to a Utah corporation owned by its director in consideration of an agreement that saw its majority shareholder agree to take on the liabilities of the business. As of Nov. 30, Crown Auto's liabilities exceeded its assets by approximately $208,000.

Richfield Oil

now trading

Richfield Oil & Gas, a Utah-based oil and gas exploration company, said its shares are now listed on the OTC:OB electronic exchange under the symbol "ROIL." Douglas Hewitt, CEO, said Alpine Securities is acting as the initial market maker for the company's shares. Richfield says it has producing assets in Kansas and land holdings in Utah and Wyoming.

Sears Holdings

gets new CEO

Sears Holdings Corp. said its chairman and hedge fund billionaire Edward Lampert will take over as CEO. He succeeds Louis D'Ambrosio, who is leaving because of family health matters. Overall, the company still faces a long, uphill battle to turn itself around. D'Ambrosio will remain on the board until the annual meeting in May.

Jeep cleared

in fire probe

The National Highway Traffic Safety Administration closed its probe of the 2012 Jeep Grand Cherokee after getting reports of fluid leaks and engine fires. It traced the leaks to a defective power steering hose but concluded it was unlikely leaking fluid would reach any ignition sources. Leaks were fixed under warranty.

New beer to debut

in Superbowl ad

Anheuser-Busch is introducing a new beer with a Super Bowl ad. The maker of Budweiser and other brews said Budweiser Black Crown is an amber lager. The first ad promoting it will run during Super Bowl LXVII. The beer will be available in stores Jan. 21.

U.S. DOE raises

2013 oil outlook

The U.S. Energy Department increased crude oil price projections for 2013. The agency believes global consumption will climb to a record. West Texas Intermediate oil will average $89.54 a barrel this year, up 1.3 percent from the December projection of $88.38. The DOE increased its forecast for global oil consumption this year to 90.11 million barrels.