IN BRIEF

Lucky's plans move to Pioneer in Laughlin

Up-and-coming race and sports book operator Lucky's will move into another Nevada market by football season.

The independent operator has signed an agreement with the Pioneer Hotel & Gambling Hall in Laughlin to develop a sports book.

Lucky's, which is operated by Brandywine Bookmaking, will replace the Pioneer's convenience store with a sports book. The agreement is subject to approval by Nevada gaming regulators.

"We are excited to enter the Laughlin market," said Lucky's President Joe Asher.

Brandywine operates and manages 11 race and sports books in Nevada through Lucky's, including the Plaza downtown and the off-Strip Terrible's. The company also operates sports books for casinos in Reno, Elko, Carson City and Primm.

Creditors approve bankruptcy deal

Bankruptcy Judge Linda Riegle was told Tuesday that a creditors committee agreed to take a motion for appointment of a trustee off the calendar in the Chapter 11 bankruptcy proceedings for homebuilder and developer James Rhodes.

Riegle and attorneys for the Rhodes Cos. and creditors agreed to an order specifying how Rhodes can use cash through June 28.

Rhodes filed a petition for bankruptcy on behalf of many of his key businesses on March 31, including Rhodes Design and Development Corp., listing $100 million to $500 million in assets and liabilities in the same range.

Condo case moved to Las Vegas court

A bankruptcy judge in California approved a motion last week to transfer the Verge condominium Chapter 11 reorganization case to Las Vegas, an attorney for the architect said Tuesday.

Verge Living Corp., developer of the condo project planned at Bonanza Road and Main Street, voluntarily filed for bankruptcy this year in Santa Barbara, Calif.

Attorney William Noall of Las Vegas law firm Gordon Silver, representing architect Dennis Rusk, said it was "inconvenient, expensive and unnecessary" to travel to California for court proceedings.

The case has been assigned to U.S. Bankruptcy Court Judge Bruce Markell in Las Vegas.

A status conference is scheduled for June 2.

CHARLOTTE, N.C.

CalPERS voting 'no' on Bank of America slate

The California Public Employees' Retirement System, the largest U.S. public pension fund, said Tuesday it will vote against re-electing all 18 Bank of America Corp.'s board members, including Chairman and Chief Executive Ken Lewis.

CalPERS, an influential fund, says Lewis and the board failed to disclose information on Bank of America's acquisition of New York-based investment bank Merrill Lynch & Co. The group also opposes the more than $3.6 billion in bonuses that were paid ahead of schedule to Merrill employees before the deal was completed, even as Charlotte-based Bank of America was begging the government for aid to complete the acquisition.

The government helped orchestrate the acquisition of Merrill Lynch by Bank of America over the same weekend in September that another investment bank, Lehman Bros., went under.

Bank of America completed its purchase of Merrill Lynch on Jan. 1.

Chrysler agreements help assuage fears

With just two days left before a government-imposed restructuring deadline, Chrysler LLC took a step away from the brink of bankruptcy Tuesday when its biggest lenders reached a deal with the Treasury Department to slash the teetering automaker's debt.

Yet Chrysler's fate remains far from assured. If the company's smaller creditors don't get on board, a bankruptcy filing remains a possibility.

But now that Chrysler has a tentative agreement with the United Auto Workers and is closing in on a pact with Italian automaker Fiat Group SpA, Chrysler has cleared nearly all the hurdles ahead of its Thursday deadline.

CINCINNATI

Kroger cites targeting, corporate brands

Kroger Co. leaders listed their company's ability to target customers and its broad portfolio of corporate brands among its competitive advantages in luring spending by today's cautious consumers.

The Cincinnati-based company, the nation's largest traditional grocery chain, reinforced its earlier guidance at the Barclays Capital analysts conference Tuesday in New York.

Kroger expects full-year earnings of $2 to $2.05 per share in 2009. Analysts polled by Thomson Reuters expect $2.04 a share.

Kroger also repeated that it expects growth in identical-store sales to slow this year to 3 percent or 4 percent from a growth rate of 5 percent last year. Sales for stores open at least five quarters are a key retail gauge because they exclude stores that open or close during the year.

David Dillon, the company's chairman and CEO, said the company's future is bright and Kroger will deliver for investors even during the recession.

"In today's economy, operating nearly any retail business is challenging," Dillon said. "The good news about Kroger's business is that people have to eat, and we're positioned well to deliver value to customers at a time when they need it."

DETROIT

GM to force closure of 1,000 dealerships

General Motors Corp. told its dealers Tuesday that it will force 1,000 to 1,200 underperforming locations to close their doors as the automaker tries to thin dealer ranks to make the remaining outlets more profitable.

GM told the dealers about the plan in a video conference, according to a dealer who spoke on condition of anonymity because the video conference was private.

The company expects to lose 500 Hummer and Saturn dealers when those brands close or are sold, and it expects 400 dealers to close voluntarily.

Five hundred others would be consolidated into other dealerships, according to the dealer.

TRENTON, N.J.

Dollar hurts Pfizer, Bristol-Myers results

Pfizer Inc. reported lower first-quarter profit Tuesday as sales suffered for drugs including the blockbuster Lipitor, while rival Bristol-Myers Squibb Co. was a rare bright spot among drugmakers this quarter, posting an increase in sales.

Still, both companies saw their profits dip in the quarter -- Pfizer because heavy cost-cutting wasn't enough to offset an 8 percent drop in revenue and a higher tax rate, Bristol-Myers because of higher taxes on top of a sizable litigation charge.

NEW YORK

Treasurys pull back, pushing yields up

Treasurys retreated Tuesday, pushing yields higher, after a report showed consumer confidence is on the rebound.

The 10-year note fell 0.84 points to 97.81. Its yield jumped to 3.01 percent from 2.91 percent late Monday.

The 30-year bond fell 1.97 points to 92.09 and its yield rose to 3.96 percent from 3.83 percent, according to BGCantor Market Data.