After being trounced in Super Bowl XLVIII, the Denver Broncos can at least take a shred of solace in the fact that they weren’t the only big losers.
Gallery Furniture, a Houston-based furniture store, lost $7 million in a simple promotional deal. The promotion was that any customer who bought more than $6,000 worth of furniture and had it delivered by kickoff on Super Bowl Sunday was eligible for a full refund if the Seahawks won.
Many fans bet correctly, with around 1,000 customers buying enough to be eligible for the refund. One particularly brave individual is set to win back $30,000 thanks to his bold purchasing strategy.
Gallery Furniture’s CEO, Jim McIngvale, better known as “Mattress Mack,” said that the $7 million represents close to 5 percent of the company’s annual revenue. That’s one costly promotion, especially because the company didn’t take out insurance to mitigate such a potentially harmful bet.
Why did he decide to back the Broncos? McIngvale said the store flipped a coin to determine which team customers should root for.
Despite the substantial blow, “Mattress Mack” said he was “thrilled,” and he congratulated all the lucky customers. Check out his congratulatory tweet below.
Thank you all! Congratulations to great Gallery Furniture customers who won Pigskin Promotion #2! Way to go! #Outstanding—
(@MattressMack) February 03, 2014