HOUSTON — Next to the Denver Broncos, Jim McIngvale had the worst Super Bowl loss last night.
McIngvale, the CEO of Houston-based Gallery Furniture, lost $7 million on a promotion that promised to give customers who stopped at his stores their money back if the Seattle Seahawks won on Sunday.
When contacted Monday, McIngvale said he was “thrilled.”
In the days leading up to the big game, Gallery Furniture flipped a coin to determine that the customers will be rooting for the Seahawks, while the store would be rooting for the Broncos.
Anyone who spent more than $6,000 and had their furniture delivered by Super Bowl Sunday would get a full refund if Seattle won. Roughly 1,000 people bought enough to be eligible for the promotion, with an average bill of $7,000. One customer will be getting $30,000 back as a result of his purchase, according to McIngvale.
“Doing a promotion like this creates affinity, creates trust with the customer, makes you relevant. We already have people sending us videos of them jumping up and down celebrating, so I have no doubt that what we will lose is already worth it to our business.”
However, $7 million is still a big blow. It represents nearly five percent of Galley’s annual revenues, according to McIngvale.
Customers who want to get their money back can come to stores either on Feb. 9 or Feb. 23 for what the company is calling a “refund party.”