Houston furniture store owner loses a Super Bowl bet Vol. Down $7M

[macbk]

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A Houston furniture store owner has lost $7 million in a Super Bowl bet with customers.

Jim "Mattress Mack" McIngvale promised that if the Seattle Seahawks won, he would provide full refunds to customers who purchased more than $6,000 in furniture during the two weeks leading up to the game, ABC News reported.

After the Denver Broncos lost Sunday, McIngvale announced on the "Gallery Furniture" store's website that he would honor his promise.

"The accountant is pulling his hair out this morning, but the customers are happy and that’s what’s most important," McIngvale told ABC News.

McIngvale said he did not take out any insurance to cover the bet.

"In the long term, we made a lot of happy customers," he told the Houston Chronicle. "That's what it's all about: building customers for life."

More than 1,000 customers took advantage of the promotion and will receive an average $7,000 in refunds during a celebratory party at the store on Feb. 17.

http://www.businessinsider.com/houston-furniture-store-loses-7-million-super-bowl-bet-2014-2

In no way do I think was a "brilliant" promotion .

 

[Naruto]

 

[crcballer55]

I highly doubt he lost much on this "bet". Most stores that do this kind of promotion take out insurance on their "bet" so the only thing they lose is the premium on the policy.

 

[ballahb]

At least he's a man of his word

 

[macbk]

I highly doubt he lost much on this "bet". Most stores that do this kind of promotion take out insurance on their "bet" so the only thing they lose is the premium on the policy.

Article clearly stated that he claims he didn't take out any insurance.

 

[servechilled81]

They just explained this on the news, basically the customers paid double what the actual cost of the furniture is anyway

So Mattress Mack isn't out much, especially since many customers probably spent more than the $6000 minimum (they were only refunded $6k) 

so he didn't lose $7 million, and has certainly gained some repeat customers

he always has some crazy deal, and his store has been around for a long time

he knew what he was doing

http://www.khou.com/news/local/Matt...gskin-Promotion-Super-Bowl-bet-243321271.html

 

[Peep Game]

Mattress Mack has lots of money, but he was NOT expecting to lose that

 

[360waves]

At least he's a man of his word

 

[6 Rings G.O.A.T.]

Dumb move..

 

[steeeeeeven]

mattress mack is a Houston legend, dude is set for life regardless

 

[createdestroy]

At least he's a man of his word

 

[yeezusdisciple]

Mattress mack

Dudes pimpin

 

[grandtheftbike]

Probably hedged

 

[bhergh]

Cot dam

 

[guzzy]

Dont know if doing it or not.

 

[dipsetgeneral]

Sons name is "Mattress Mack"?! Musta been a Don Juan in his heyday!

Son a fool.

 

[slimk4]

Mattress Mac is a legend lol....

he used drug money to flip into a multimillion dollar furniture store....7 mili to him is nothing

 

[crcballer55]

I highly doubt he lost much on this "bet". Most stores that do this kind of promotion take out insurance on their "bet" so the only thing they lose is the premium on the policy.

Article clearly stated that he claims he didn't take out any insurance.

ya... definitely missed that part.

 

[yotk13]

Genius

 

[fraij da 5 11]

Couldn't you just return your **** afterwards for a refund anyways if the Bronco's won?

 

[grandtheftbike]

why would they do that?