Mattress Mack loses Super Bowl bet, will give $7M in refunds to customers

He said he's picking up the tab on furniture $6,000 and up bought in the last two weeks
April 2, 2014 5:11:50 AM PDT
Gallery Furniture owner Jim 'Mattress Mack' McIngvale made a promise to refund customers who spent a certain amount of money if the Seattle Seahawks won the Super Bowl. Seattle won and now he's keeping his word.

McIngvale has what may seem like millions of things on his mind after the big Super Bowl bet involving hundreds of customers cost him $7 million.

"My accountant told me it was a crazy idea, that I should never do it and he's pulling his hair out this morning," he said.

McIngvale, well-known for his energetic style, says it all started last week with a coin toss for the Broncos.

"The best outcome that could have happened is for Seattle to have won the big game. Our drivers were delivering furniture up until the fourth quarter," said McIngvale.

He bet every customers who bought $6,000 in furniture or more within the two weeks before the Super Bowl and had it delivered by 5pm on game day that if the Seattle Seahawks beat the Denver Broncos, he would repay them every dollar and let them keep the furniture.

They were buying all sorts of stuff, sofas, loves seats, Tempur-Pedic mattresses, solid wood furntirue, they bought it all.

McIngvale says he knew early in the game that he was in the red.

"I was doing the stairmaster for a couple hours at the store gym," he said. "When none of the salespeople were back there telling me the score, I knew Seattle was winning."

And in the end, it was customers, not him, who were seeing green as the big bet has cost him $7 million.

"As far as financially, we didn't do well," he said. "But we did a great job building the brand and delighting customers and if we do that, the business will continue to grow,"

Customers who cashed in on the offer are still responsible for the taxes.

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