LESS IS MORE: Kmart Corp. on Tuesday received Chicago bankruptcy court approval to close 300-plus stores before it emerges from Chapter 11. However, the number of stores to be shuttered was reduced to 316, rather than the 326 it indicated when it announced the closures on Jan. 14. Kmart’s attorney disclosed that the changing store count was due to concessions the retailer won from landlords in at least 10 of the stores initially set to go dark.

THE FINDER AND THE DELLS: Fashion designer Susan Dell is expected to announce today a $3 million grant being made by the Michael and Susan Dell Foundation to be used as start-up funding for a national missing child rapid-response system. The system, named Team Adam after the abducted and murdered son of John and Revé Walsh, is operated by the National Center for Missing & Exploited Children, which the Walshes founded. Team Adam is patterned after the National Transportation Safety Board’s system of sending specialist teams to the sites of serious transportation accidents, by sending retired law enforcement officers to the sites of child abductions and cases of sexual exploitation. Dell and the Walshes plan to announce the grant at a presentation at the Children’s Museum of Manhattan today.

THE EW SHUFFLE: Entertainment Weekly managing editor Rick Tetzeli still isn’t satisfied with his staff’s seating chart. He’s hired two outsiders, Jason Adams and Ari Karpel, to edit the News & Notes section at the front of the book, starting a chain reaction of reassignments and departures. Previous section editor Thom Geier will take over the book reviews, while current editor Tina Jordan keeps book-related features. Also morphing-but-staying is book critic Troy Patterson, who will keep his title, but will write for other sections. Leaving, say sources familiar with the moves, is deputy news editor Jeff Gremillion and soon to follow is photo director Sarah Rozen. The new editors, Adams and Karpel, arrived from Blender and TV Guide, respectively.

ANTS IN HIS PANTS: Karl Lagerfeld, one of fashion’s overachievers, has another project cooking. Through his own Lagerfeld Gallery brand, he is collaborating with Austrian high-end hosiery firm Wolford on a 22-piece hosiery and bodywear collection to retail for fall.The first designs will be previewed in March at Lagerfeld Gallery’s runway show in Paris. The cobranded collection, which follows previous Wolford collaborations with designers including Vivienne Westwood and Jean Paul Gaultier, will be distributed at Lagerfeld Gallery and at Wolford boutiques globally.

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