Furniture Store Loses $7 Million in Risky Promotion After Seahawks Super Bowl Win [VIDEO]
Aside from Seattle, the happiest people in America can be found in…Houston?
Gallery Furniture, which is based in the Texas city, lost $7 million on a promotion in which — if the Seahawks beat the Broncos — it promised to give a full refund to customers who spent more than $6,000 in the two weeks before the game and had it delivered by kickoff on game day.
Gallery Furniture owner Jim ‘Mattress Mack’ McIngvale said he knew it was a big risk:
My accountant told me it was a crazy idea, that I should never do it and he’s pulling his hair out this morning….As far as financially, we didn’t do well. But we did a great job building the brand and delighting customers and if we do that, the business will continue to grow.”
About 1,000 people got in on the gimmick. One customer will get back $30,000, although all people are still responsible for the taxes.