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n2doc

(47,953 posts) Mon Feb 3, 2014, 12:04 PM Feb 2014

2

Gallery Furniture Loses $7 Million in ‘Pigskin Promotion’ Super Bowl Bet

HOUSTON – Mattress Mack is a lot lighter in the bank account after a Super Bowl promotion cost him millions of dollars.

Jim “Mattress Mack” McIngvale announced on his website that he lost $7 million in the “Pigskin Promotion” after about a thousand customers won free furniture.

After a coin toss, Mack bet that the Seattle Seahawks would lose the game. If not, Gallery Furniture customers who bought at least $6,000 worth of furniture during the promotion -- before the Super Bowl—would get a refund. As we all know, Seattle won, leaving plenty of happy customers singing “cha-ching!”

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http://www.kbtx.com/home/headlines/Gallery-Furniture-Loses-7-Million-in-Pigskin-Promotion-Super-Bowl-Bet-243325371.html

4 replies

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Gallery Furniture Loses $7 Million in ‘Pigskin Promotion’ Super Bowl Bet (Original Post) n2doc Feb 2014 OP

That's pretty cool...but it sucks you had to have $6k in available cash or credit to take part. Systematic Chaos Feb 2014 #1

Mattress Mac is an interesting person Gothmog Feb 2014 #2

Or showing the loss has good tax benefits madville Feb 2014 #3

According to this article, Mattress Mac did not have insurance Gothmog Feb 2014 #4

Systematic Chaos

(8,601 posts)

1. That's pretty cool...but it sucks you had to have $6k in available cash or credit to take part.

Reply to n2doc (Original post)

Mon Feb 3, 2014, 12:24 PM

Feb 2014

If you're like me and all you want is a decent recliner chair to nap in, then no such luck.

Gothmog

(145,850 posts)

2. Mattress Mac is an interesting person

Reply to n2doc (Original post)

Mon Feb 3, 2014, 01:44 PM

Feb 2014

I am betting that he has some insurance that mitigated this loss

madville

(7,413 posts)

3. Or showing the loss has good tax benefits

Reply to n2doc (Original post)

Mon Feb 3, 2014, 01:48 PM

Feb 2014

Surely he wouldn't leave himself that vulnerable to such a loss.

Gothmog

(145,850 posts)

4. According to this article, Mattress Mac did not have insurance

Reply to n2doc (Original post)

Mon Feb 3, 2014, 05:07 PM

Feb 2014

Most contests like this contest are backed with an insurance policy to control the amount of the loss. It seems that Mattress Mac did not have insurance http://www.chron.com/news/houston-texas/houston/article/Mattress-Mack-forks-over-7-million-in-Seahawks-5198913.php?cmpid=hpts

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