CoolSavings pares down in conjunction with new financing

Chicago-based CoolSavings.com Inc., which provides online marketing and advertising solutions as well as a web site that allows consumers to find online deals, is cutting its staff after securing new financing of $15 million from Norfolk, VA-based Landmark Communications Inc. and its subsidiary Landmark Ventures VII LLC.

With the combination of the new funding and cutting staff 26%, or 47 people, the company says it expects to reduce operating expenses and reach break-even by the end of 2001. The new funding also will help develop more e-marketing products and services. With recent consolidation among its competitors and the new funding, CoolSavings says it is now in a better position to emerge as a leader in the next generation of Internet advertising as direct, promotional and online marketing converge.