Washington, D. C. formally the District of Columbia and referred to as Washington or D. C. is the capital of the United States. Founded after the American Revolution as the seat of government of the newly independent country, Washington was named after George Washington, first President of the United States and Founding Father; as the seat of the United States federal government and several international organizations, Washington is an important world political capital. The city is one of the most visited cities in the world, with more than 20 million tourists annually; the signing of the Residence Act on July 16, 1790, approved the creation of a capital district located along the Potomac River on the country's East Coast. The U. S. Constitution provided for a federal district under the exclusive jurisdiction of the U. S. Congress, the District is therefore not a part of any state; the states of Maryland and Virginia each donated land to form the federal district, which included the pre-existing settlements of Georgetown and Alexandria.
The City of Washington was founded in 1791 to serve as the new national capital. In 1846, Congress returned the land ceded by Virginia. Washington had an estimated population of 702,455 as of July 2018, making it the 20th most populous city in the United States. Commuters from the surrounding Maryland and Virginia suburbs raise the city's daytime population to more than one million during the workweek. Washington's metropolitan area, the country's sixth largest, had a 2017 estimated population of 6.2 million residents. All three branches of the U. S. federal government are centered in the District: Congress and the U. S. Supreme Court. Washington is home to many national monuments, museums situated on or around the National Mall; the city hosts 177 foreign embassies as well as the headquarters of many international organizations, trade unions, non-profit, lobbying groups, professional associations, including the World Bank Group, the International Monetary Fund, the Organization of American States, AARP, the National Geographic Society, the Human Rights Campaign, the International Finance Corporation, the American Red Cross.
A locally elected mayor and a 13‑member council have governed the District since 1973. However, Congress may overturn local laws. D. C. residents elect a non-voting, at-large congressional delegate to the House of Representatives, but the District has no representation in the Senate. The District receives three electoral votes in presidential elections as permitted by the Twenty-third Amendment to the United States Constitution, ratified in 1961. Various tribes of the Algonquian-speaking Piscataway people inhabited the lands around the Potomac River when Europeans first visited the area in the early 17th century. One group known as the Nacotchtank maintained settlements around the Anacostia River within the present-day District of Columbia. Conflicts with European colonists and neighboring tribes forced the relocation of the Piscataway people, some of whom established a new settlement in 1699 near Point of Rocks, Maryland. In his Federalist No. 43, published January 23, 1788, James Madison argued that the new federal government would need authority over a national capital to provide for its own maintenance and safety.
Five years earlier, a band of unpaid soldiers besieged Congress while its members were meeting in Philadelphia. Known as the Pennsylvania Mutiny of 1783, the event emphasized the need for the national government not to rely on any state for its own security. Article One, Section Eight, of the Constitution permits the establishment of a "District as may, by cession of particular states, the acceptance of Congress, become the seat of the government of the United States". However, the Constitution does not specify a location for the capital. In what is now known as the Compromise of 1790, Alexander Hamilton, Thomas Jefferson came to an agreement that the federal government would pay each state's remaining Revolutionary War debts in exchange for establishing the new national capital in the southern United States. On July 9, 1790, Congress passed the Residence Act, which approved the creation of a national capital on the Potomac River; the exact location was to be selected by President George Washington, who signed the bill into law on July 16.
Formed from land donated by the states of Maryland and Virginia, the initial shape of the federal district was a square measuring 10 miles on each side, totaling 100 square miles. Two pre-existing settlements were included in the territory: the port of Georgetown, founded in 1751, the city of Alexandria, founded in 1749. During 1791–92, Andrew Ellicott and several assistants, including a free African American astronomer named Benjamin Banneker, surveyed the borders of the federal district and placed boundary stones at every mile point. Many of the stones are still standing. A new federal city was constructed on the north bank of the Potomac, to the east of Georgetown. On September 9, 1791, the three commissioners overseeing the capital's construction named the city in honor of President Washington; the federal district was named Columbia, a poetic name for the United States in use at that time. Congress held its first session in Washington on November 17, 1800. Congress passed the District of Columbia Organic Act of 1801 that organized the District and placed the entire territory under the exclusive control of the federal
The United States of America known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U. S. is the third most populous country. The capital is Washington, D. C. and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico; the State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean; the U. S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The diverse geography and wildlife of the United States make it one of the world's 17 megadiverse countries.
Paleo-Indians migrated from Siberia to the North American mainland at least 12,000 years ago. European colonization began in the 16th century; the United States emerged from the thirteen British colonies established along the East Coast. Numerous disputes between Great Britain and the colonies following the French and Indian War led to the American Revolution, which began in 1775, the subsequent Declaration of Independence in 1776; the war ended in 1783 with the United States becoming the first country to gain independence from a European power. The current constitution was adopted in 1788, with the first ten amendments, collectively named the Bill of Rights, being ratified in 1791 to guarantee many fundamental civil liberties; the United States embarked on a vigorous expansion across North America throughout the 19th century, acquiring new territories, displacing Native American tribes, admitting new states until it spanned the continent by 1848. During the second half of the 19th century, the Civil War led to the abolition of slavery.
By the end of the century, the United States had extended into the Pacific Ocean, its economy, driven in large part by the Industrial Revolution, began to soar. The Spanish–American War and World War I confirmed the country's status as a global military power; the United States emerged from World War II as a global superpower, the first country to develop nuclear weapons, the only country to use them in warfare, a permanent member of the United Nations Security Council. Sweeping civil rights legislation, notably the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act of 1968, outlawed discrimination based on race or color. During the Cold War, the United States and the Soviet Union competed in the Space Race, culminating with the 1969 U. S. Moon landing; the end of the Cold War and the collapse of the Soviet Union in 1991 left the United States as the world's sole superpower. The United States is the world's oldest surviving federation, it is a representative democracy.
The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States, other international organizations. The United States is a developed country, with the world's largest economy by nominal GDP and second-largest economy by PPP, accounting for a quarter of global GDP; the U. S. economy is post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world. The United States is the world's largest importer and the second largest exporter of goods, by value. Although its population is only 4.3% of the world total, the U. S. holds 31% of the total wealth in the world, the largest share of global wealth concentrated in a single country. Despite wide income and wealth disparities, the United States continues to rank high in measures of socioeconomic performance, including average wage, human development, per capita GDP, worker productivity.
The United States is the foremost military power in the world, making up a third of global military spending, is a leading political and scientific force internationally. In 1507, the German cartographer Martin Waldseemüller produced a world map on which he named the lands of the Western Hemisphere America in honor of the Italian explorer and cartographer Amerigo Vespucci; the first documentary evidence of the phrase "United States of America" is from a letter dated January 2, 1776, written by Stephen Moylan, Esq. to George Washington's aide-de-camp and Muster-Master General of the Continental Army, Lt. Col. Joseph Reed. Moylan expressed his wish to go "with full and ample powers from the United States of America to Spain" to seek assistance in the revolutionary war effort; the first known publication of the phrase "United States of America" was in an anonymous essay in The Virginia Gazette newspaper in Williamsburg, Virginia, on April 6, 1776. The second draft of the Articles of Confederation, prepared by John Dickinson and completed by June 17, 1776, at the latest, declared "The name of this Confederation shall be the'United States of America'".
The final version of the Articles sent to the states for ratification in late 1777 contains the sentence "The Stile of this Confederacy shall be'The United States of America'". In June 1776, Thomas Jefferson wrote the phrase "UNITED STATES OF AMERICA" in all capitalized letters in the headline of his "original Rough draught" of the Declaration of Independence; this draft of the document did not surface unti
Army-Navy "E" Award
The Army-Navy "E" Award was an honor presented to companies during World War II whose production facilities achieved "Excellence in Production" of war equipment. The award was known as the Army-Navy Production Award; the award was created to encourage industrial production of war time materials. By war's end, the award had been earned by only 5% of the more than 85,000 companies involved in producing materials for the U. S. military's war effort. An earlier award, the Navy "E" Award, had been created in 1906 during Theodore Roosevelt's administration. By the end of World War I, the Navy "E" Award had been joined by the Army "A" Award and the Army-Navy Munitions Board "Star"; these three separate awards continued until seven months after the attack on Pearl Harbor had pulled the United States into World War II. In July 1942, the War Department proclaimed that the new Army-Navy "E" Award would merge the Navy "E", Army "A" and Army-Navy Munitions Board "Star" into a single, service-wide award. All factories engaged in war production were eligible to receive the award.
Government as well as owned plants were eligible, as were contractors. Although the award was granted to industry, one academic institution and one individual received it. Iowa State College received the award for its contribution to the production of uranium for the Manhattan Project. Dr. Harley A. Wilhelm received the award for inventing the Ames process for the extraction and mass production of uranium for the Manhattan Project, which occurred at Iowa State College; some factors which were considered in selecting recipients were: Quality and quantity of production Overcoming of production obstacles Avoidance of work stoppages Maintaining of fair labor standards Training of additional labor forces Good record keeping in relation to health and safetyDistrict procurement officers, chiefs of the supply services, agencies concerned with production and the Commanding Officers for the Matériel Commands would recommend plants, complete with the reasons for such recommendations. An Award Board would decide on granting of the awards.
The award consisted of a pennant for the production plant and emblems for all employees in the plant at the time the award was made. The pennant was a triangular swallowtail with a white border, with a capital E within a yellow wreath of oak and laurel leaves on a vertical divided blue and red background. ARMY is on NAVY on the blue background. Plants that maintained an outstanding record of performance for six months after receiving their original Army-Navy E-Award were granted a star award, with a white star added to their pennant; as with only a small percentage of all war production companies earning an Army-Navy "E" Award, only a small number of these earned stars, with a small number of plants earning six stars by the end of the war. An Army officer and a Navy officer would be present at a ceremony, where the company would assemble all the employees involved in production. After the award of the pennant to the plant, the employees present would receive individual pins. A total of 4,283 companies received the award in the course of the war.
This amounted to about five percent of the companies engaged in war work. The Army-Navy "E" Award was terminated three months after the end of World War II, on December 5, 1945. "Army-Navy E Award - Miscellaneous Documents and Images". The Navy Department Library. Retrieved 2014-01-21
Indiana is a U. S. state located in the Midwestern and Great Lakes regions of North America. Indiana is the 17th most populous of the 50 United States, its capital and largest city is Indianapolis. Indiana was admitted to the United States as the 19th U. S. state on December 11, 1816. Indiana borders Lake Michigan to the northwest, Michigan to the north, Ohio to the east, Kentucky to the south and southeast, Illinois to the west. Before becoming a territory, various indigenous peoples and Native Americans inhabited Indiana for thousands of years. Since its founding as a territory, settlement patterns in Indiana have reflected regional cultural segmentation present in the Eastern United States. Indiana has a diverse economy with a gross state product of $359.12 billion in 2017. Indiana has several metropolitan areas with populations greater than 100,000 and a number of smaller industrial cities and towns. Indiana is home to professional sports teams, including the NFL's Indianapolis Colts and the NBA's Indiana Pacers, hosts several notable athletic events, such as the Indianapolis 500 and Brickyard 400 motorsports races.
The state's name means "Land of the Indians", or "Indian Land". It stems from Indiana's territorial history. On May 7, 1800, the United States Congress passed legislation to divide the Northwest Territory into two areas and named the western section the Indiana Territory. In 1816, when Congress passed an Enabling Act to begin the process of establishing statehood for Indiana, a part of this territorial land became the geographic area for the new state. A resident of Indiana is known as a Hoosier; the etymology of this word is disputed, but the leading theory, as advanced by the Indiana Historical Bureau and the Indiana Historical Society, has "Hoosier" originating from Virginia, the Carolinas, Tennessee as a term for a backwoodsman, a rough countryman, or a country bumpkin. The first inhabitants in what is now Indiana were the Paleo-Indians, who arrived about 8000 BC after the melting of the glaciers at the end of the Ice Age. Divided into small groups, the Paleo-Indians were nomads, they created stone tools made out of chert by chipping and flaking.
The Archaic period, which began between 5000 and 4000 BC, covered the next phase of indigenous culture. The people developed new tools as well as techniques to cook food, an important step in civilization; such new tools included different types of spear knives, with various forms of notches. They made ground-stone tools such as woodworking tools and grinding stones. During the latter part of the period, they built earthwork mounds and middens, which showed that settlements were becoming more permanent; the Archaic period ended at about 1500 BC, although some Archaic people lived until 700 BC. The Woodland period commenced around 1500 BC. During this period, the people created ceramics and pottery, extended their cultivation of plants. An early Woodland period group named the Adena people had elegant burial rituals, featuring log tombs beneath earth mounds. In the middle portion of the Woodland period, the Hopewell people began developing long-range trade of goods. Nearing the end of the stage, the people developed productive cultivation and adaptation of agriculture, growing such crops as corn and squash.
The Woodland period ended around 1000 AD. The Mississippian culture emerged, lasting from 1000 AD until the 15th century, shortly before the arrival of Europeans. During this stage, the people created large urban settlements designed according to their cosmology, with large mounds and plazas defining ceremonial and public spaces; the concentrated settlements depended on the agricultural surpluses. One such complex was the Angel Mounds, they had large public areas such as plazas and platform mounds, where leaders lived or conducted rituals. Mississippian civilization collapsed in Indiana during the mid-15th century for reasons that remain unclear; the historic Native American tribes in the area at the time of European encounter spoke different languages of the Algonquian family. They included the Shawnee and Illini, they were joined by refugee tribes from eastern regions including the Delaware who settled in the White and Whitewater River Valleys. In 1679, French explorer René-Robert Cavelier, Sieur de La Salle was the first European to cross into Indiana after reaching present-day South Bend at the Saint Joseph River.
He returned the following year to learn about the region. French-Canadian fur traders soon arrived, bringing blankets, tools and weapons to trade for skins with the Native Americans. By 1702, Sieur Juchereau established the first trading post near Vincennes. In 1715, Sieur de Vincennes built Fort Miami at Kekionga, now Fort Wayne. In 1717, another Canadian, Picote de Beletre, built Fort Ouiatenon on the Wabash River, to try to control Native American trade routes from Lake Erie to the Mississippi River. In 1732, Sieur de Vincennes built a second fur trading post at Vincennes. French Canadian settlers, who had left the earlier post because of hostilities, returned in larger numbers. In a period of a few years, British colonists arrived from the East and contended against the Canadians for control of the lucrative fur trade. Fighting between the French and British colonists occurred throughout the 1750s as a result; the Native American tribes of Indiana sided with th
A tool is an object used to extend the ability of an individual to modify features of the surrounding environment. Although many animals use simple tools, only human beings, whose use of stone tools dates back hundreds of millennia, use tools to make other tools; the set of tools needed to perform different tasks that are part of the same activity is called gear or equipment. While one may apply the term tool loosely to many things that are means to an end speaking an object is a tool only if, besides being constructed to be held, it is made of a material that allows its user to apply to it various degrees of force. If repeated use wears part of the tool down, it may be possible to restore it, thus tool falls under the taxonomic category implement, is on the same taxonomic rank as instrument, device, or ware. Anthropologists believe; because tools are used extensively by both humans and wild chimpanzees, it is assumed that the first routine use of tools took place prior to the divergence between the two species.
These early tools, were made of perishable materials such as sticks, or consisted of unmodified stones that cannot be distinguished from other stones as tools. Stone artifacts only date back to about 2.5 million years ago. However, a 2010 study suggests the hominin species Australopithecus afarensis ate meat by carving animal carcasses with stone implements; this finding pushes back the earliest known use of stone tools among hominins to about 3.4 million years ago. Finds of actual tools date back at least 2.6 million years in Ethiopia. One of the earliest distinguishable stone tool forms is the hand axe. Up until weapons found in digs were the only tools of “early man” that were studied and given importance. Now, more tools are recognized as culturally and relevant; as well as hunting, other activities required tools such as preparing food, “…nutting, grain harvesting and woodworking…” Included in this group are “flake stone tools". Tools are the most important items that the ancient humans used to climb to the top of the food chain.
“Man the hunter” as the catalyst for Hominin change has been questioned. Based on marks on the bones at archaeological sites, it is now more evident that pre-humans were scavenging off of other predators' carcasses rather than killing their own food. Mechanical devices experienced a major expansion in their use in Ancient Greece and Ancient Rome with the systematic employment of new energy sources waterwheels, their use expanded through the Dark Ages with the addition of windmills. Machine tools occasioned a surge in producing new tools in the industrial revolution. Advocates of nanotechnology expect a similar surge. One can classify tools according to their basic functions: Cutting and edge tools, such as the knife, scythe or sickle, are wedge-shaped implements that produce a shearing force along a narrow face. Ideally, the edge of the tool needs to be harder than the material being cut or else the blade will become dulled with repeated use, but resilient tools will require periodic sharpening, the process of removing deformation wear from the edge.
Other examples of cutting tools include gouges and drill bits. Moving tools move tiny items. Many are levers. Examples of force-concentrating tools include the hammer which moves a nail or the maul which moves a stake; these operate by applying physical compression to a surface. In the case of the screwdriver, the force called torque. By contrast, an anvil concentrates force on an object being hammered by preventing it from moving away when struck. Writing implements deliver a fluid to a surface via compression to activate the ink cartridge. Grabbing and twisting nuts and bolts with pliers, a glove, a wrench, etc. move items by some kind of force. Tools that enact chemical changes, including temperature and ignition, such as lighters and blowtorches. Guiding and perception tools include the ruler, set square, straightedge, microscope, clock, printer Shaping tools, such as molds, trowels. Fastening tools, such as welders, rivet nail guns, or glue guns. Information and data manipulation tools, such as computers, IDE, spreadsheetsSome tools may be combinations of other tools.
An alarm-clock is for example a combination of a perception tool. This enables the alarm-clock to be a tool. There is some debate on whether to consider protective gear items as tools, because they do not directly help perform work, just protect the worker like ordinary clothing, they do meet the general definition of tools and in many cases are necessary for the completion of the work. Personal protective equipment includes such items as gloves, safety glasses, ear defenders and biohazard suits. A simple machine is a mechanical device that changes the magnitude of a force. In general, they are the simplest mechanisms; the six classical simple machines which were defined by Renaissance scientists are: Lever Wheel and axle Pulley Inclined plane Wedge Screw Often, by design or coincidence, a tool may share key functional attributes with one or more other tools. In this case, s
Craftsman is a line of tools and garden equipment, work wear. Owned by Sears, the brand is now controlled by Stanley Black & Decker. Craftsman tools were first sold in 1927, they were not manufactured by various other companies under contract. The tools were sold in Sears, sister retailer Kmart, several other retailers. In March 2017, Stanley Black & Decker acquired the Craftsman brand from Sears Holdings and Sears kept a limited license for Craftsman products. Sears maintains the right to manufacture and sell tools using existing supply channels under the Craftsman name for 15 years after the deal closed. In April 2018, Lowe's began selling Craftsman tools; the Craftsman trademark was registered by Sears on May 20, 1927. Arthur Barrows, head of the company's hardware department, liked the name Craftsman and bought the rights to use it from the Marion-Craftsman Tool Company for $500; the brand's early customers were farmers. Barrows' successor, Tom Dunlap, upgraded the quality of the tools and added chrome plating to them as America moved into the automobile age.
Sears' tool line, like many of its other product lines, uses a "good, best" pricing structure, with the "Craftsman" brand as the middle tier and "Craftsman Professional" or "Craftsman Industrial" as the highest tier. Craftsman Professional and Craftsman Industrial are marketed as being comparable to brands like Cornwell Quality Tools, SK, Snap on, Proto and Matco; the standard Craftsman line is marketed as being comparable in quality to other mid-price brands including UltraPro, Gray and Kobalt. Sears marketed a "Sears Best" line of hand tools for a time; the lowest tier was branded "Sears". The company used the "Dunlap" name for its lesser quality tools from the late 1930s until the late 1950s; the Sears tool line was replaced by the "Companion" tool line. The Companion tool line was itself discontinued and replaced by the "Evolv" tool line in 2008, with a focus on homeowners and DIYers. Evolv tools have a lifetime warranty but require that the customer have the original dated receipt to make a claim.
Since 1991, Sears has run the Craftsman Club customer loyalty program, one of the oldest such programs by a retailer. Craftsman tools are sold in Sears and sister store Kmart, as well as US military Army and Air Force Exchange Service stores, Navy Exchange stores, Summit Racing Equipment, Blain's Farm & Fleet, Menards, W. W. Grainger, Ace Hardware, Montgomery Ward and Orchard Supply Hardware. On January 5, 2017, Stanley Black & Decker announced its intent to acquire the Craftsman brand in a deal with a total value of $900 million. Sears will hold a royalty-free license to the Craftsman brand for a 15-year period after the completion of the sale, will receive a royalty on all new Craftsman sales over this period. Afterwards, Sears will pay Stanley Decker a 3 % licensing fee; the deal was closed on March 9, 2017. Sears maintains the right to manufacture and sell tools using existing supply channels under the Craftsman name for 15 years. Sears has never manufactured Craftsman products itself, instead relying on other manufacturers to make the products for them following Sears designs and specifications, applying the Craftsman brand name.
Sometimes, the Craftsman branded items include exclusive features or functions that separate them from the manufacturer's own brand or other brands that the manufacturer produces. At other times, Craftsman products are identical to models of other brands with a different name on them; the hardline mechanic's tools that make up the core of the brand have been made by a variety of manufacturers over the years, including New Britain, Moore Drop Forging, Easco Hand Tools, Danaher Corporation, most Apex Tool Group. Screwdrivers have been manufactured by Pratt-Read and Western Forge, but are now supplied exclusively by Western Forge, who supply pliers and adjustable wrenches. Beginning in 2010, hand tools manufactured for Craftsman by Apex Tool Group such as ratchets and wrenches began to be sourced overseas, while tools produced for Craftsman by Western Forge such as adjustable wrenches, screwdrivers and larger mechanic tool sets remain made in the United States, although as of 2018, most if not all of the production for these products have moved over to Asia.
Sears still has an Industrial line, sold through various authorized distributors. These tools are US made, appearing identical to their previous non-industrial US made counterparts, save for the "Industrial" name stamped on them, they are manufactured by Apex on the US production lines that produced the USA made standard Craftsman product before production switched overseas to Asia. Many Craftsman portable power tools have been manufactured by Techtronic Industries; these products were produced by the Diehl Motor Company and Ryobi. Both Singer and Ryobi have been condensed under the Techtronic company umbrella; these tools had a "315" or "973" prefix. Most of the "315" product was made in the United States. Sears hand power tools have been produced by DeWalt; these tools will have a "900" model prefix. Some, such as the corded and cordless drills, were indistinguishable, other than the color and decal labels. Many Craftsman bench and stationary power tools have been manufactured by Emerson Electric Company under the "113" model prefix
Sears Holdings Corporation is an American holding company headquartered in Hoffman Estates, Illinois. It was the parent company of the chain stores Kmart and Sears and was founded after Kmart purchased Sears in 2005, it was the 20th-largest retailing company in the United States in 2015 and filed for Chapter 11 bankruptcy on October 15, 2018. On November 17, 2004, the management of Kmart Holding Corporation announced its intention to purchase Sears, Roebuck and Co under a new corporation. Kmart emerged from Chapter 11 bankruptcy protection on May 6, 2003; the new corporation became known as Sears Holdings Corporation known as Sears Holdings. The new corporation announced that it would continue to operate stores under both the Sears and Kmart brands; the merger of Kmart and Sears closed on March 24, 2005, following affirmative shareholder votes of both companies. The result of the merger was Kmart and parent Kmart Holding Corporation and Sears became subsidiaries of the new Sears Holdings Corporation.
Sears Holdings now operates Kmart stores. The company continues to market products under brands held by both companies; the two companies cited several reasons for combining forces: Sears had begun investing in new, larger off-mall stores, called Sears Grand. Earlier in the year, Sears had purchased dozens of current Super Kmart locations. Proprietary brands held by both companies could be made more accessible to their target demographics by leveraging their combined real estate holdings; this was estimated to be an expected $200 million a year in revenue synergies. At least $300 million a year in cost savings was expected annually in the supply chain and in administrative overhead; the establishment of a shared customer-focused corporate culture between the two companies was estimated to yield improvements in revenue per unit area. Preservation of two brands after the merger was intended to allow Sears Holdings to continue focusing on different customer demographics, without alienating either group.
The company is directed by a board of directors composed of members from the two companies: seven members from Kmart's board, three from Sears. Shareholders in the Kmart Holding Corporation received one share in the new company. Shares of Sears and Company stock were converted into a combination of 55 percent stock and 45 percent cash. Stockholders had a choice of receiving either cash, subject to the predefined ratio; the merger was completed on March 24, 2005, after receiving regulatory approval from the government and approval by shareholders of both companies. Sears Holdings continues to operate stores under the Kmart mastheads. In 2005, Sears introduced; as part of this new store format, some Kmart stores were converted to Sears Essentials, as well as a few locations that were acquired from Walmart and several bankrupt discount retailers. The new store format combined the Sears store concept with the Kmart format, intended to help the company better compete with Walmart and Target; the project has since been resigned, merged with the Sears Grand concept.
Sears Holdings has begun cross-selling merchandise between its two brands. For example, Craftsman tools are now available in Kmart stores. However, Martha Stewart brand paint colors were discontinued at Sears. Sears Holdings owned 51 percent of Sears Canada, a large department store chain in Canada similar to the U. S. stores. At one point it owned as much as 92% of the Canadian company, but it failed in 2006 to buy the remainder of Sears Canada that it did not own because Bill Ackman took a 17.3 percent stake in it and prevented any takeover. He accepted to sell his stake at $30 a share on April 23, 2010.. Sears Holdings owns 20 percent of Sears Mexico. Like Target stores, Kmart-branded stores in Australia belong to Wesfarmers. In 2005, Sears Holdings sold a stake in hardware chain Orchard Supply Hardware to private equity firm Ares Management. On December 14, 2011, Sears Holdings announced that it would spin off its remaining holdings in Orchard Supply to shareholders effective December 30, 2011.
In November 2006, speculation rolled around as The Chicago Sun Times reported that Sears may buy Safeway, Home Depot, Gap, BJ's Wholesale Club, Radio Shack, Pep Boys, Anheuser-Busch. The Washington Post, in a March 11, 2007, described the current Sears as a hedge fund with money being diverted from the maintenance and improvement of stores to non-retail financial investments. A former executive was quoted as saying the company faced an "uncertain future". A third of pre-tax income in the third quarter of 2006, according to The Washington Post, was due to financial trades and not the retail business. However, these investments performed poorly in the fourth quarter. In 2007, the company placed its three major brands in KCD IP, a "separate, wholly owned, bankruptcy-remote subsidiary". KCD stands for the three brands: Kenmore and DieHard. KCD IP issued $1.8 billion in bonds that were sold to Sears' insurance subsidiary based in Bermuda. Sears would thus pay KCD for use of the three brands' trademarks.
On December 14, 2007, the company submitted a draft merger agreement to buy Restoration Hardware for $6.75 a share. Sears owned 13.7 percent of the company. That offer was withdrawn after Restoration's shares tumbled and a competing bid from private equity firm Catterton Partners was lowered to $4.50 per share. On February 28, Sears Holdings made an of