Saturday, Dec 20, 2014Saturday, Dec 20, 2014

News

 

Texas mattress merchant lost $8.93m Super Bowl bet with customers

Published on Feb 4, 2014 7:48 AM
 

HOUSTON (REUTERS) - A Houston furniture store owner is out an estimated US$7 million (S$8.93 million) due to the Seattle Seahawks' win in the Super Bowl on Sunday after losing a bet with customers who made hefty purchases at his stores.

Mr Jim McIngvale, known as "Mattress Mack", ran a 10-day promotion at his two Gallery Furniture stores promising customers their money back if the Seahawks beat the Denver Broncos in the National Football League championship. To win, customers needed to have purchased US$6,000 worth of furniture and had it delivered before kick-off on Sunday night.

Mr McIngvale said about 1,000 people participated, buying an average of US$7,000 worth of furniture.

"It's a big hit, but it's a marketing expense. But more importantly, it's a brand-builder," Mr McIngvale said in a phone interview.

 
If you are not a subscriber, you can get instant, unlimited access here