Furniture Store Forced to Refund Millions of Dollars After Bad Super Bowl Bet
One furniture store owner's Super Bowl bet is costing him $7 million worth of business after he guaranteed refunds to customers if the Seahawks won this past Sunday's championship game.
Jim McIngvale is the CEO of the Houston, Texas-based Gallery Furniture. McIngvale promised customers a refund on any purchases of $6,000 or more if the Seattle Seahawks pulled off a win over the Denver Broncos in Super Bowl XLVIII, CBSSports.com reports.
McIngvale, like most of the nation, was likely stunned when the Seahawks did just THAT, defeating the Broncos by a score of 43-8.
And now McIngavle is getting blown out worse than Peyton Manning, forced to refund $7 million worth of profit back to customers.
McIngvale also declined to take out any extra insurance on the promotion, so all the refunds will go against Gallery Furniture's bottom line.