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CHICAGO — Auditors expressed concern about struggling Coolsavings.com Inc.’s ability to stay in business as the online-marketing company said it violated some conditions attached to its lines of credit with banks and forecast a sharp drop in first-quarter revenue.
The firm also increased reserves for bad debt and deferred recognition of revenue from some of its electronic-commerce customers.
CoolSavings offers coupons, savings-incentive programs and shopping information to consumers on its Web site. It sells consumer data to online and traditional retailers as well as manufacturers.