10 years ago
7
Seahawks' Super Bowl win costs 'Mattress Mack' $7 million on lost bet
Seattle's victory in the Super Bowl has cost Houston furniture store mogul Jim McIngvale $7,000,000. Brilliant brand-building? Stupid gambling? What do you think?
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He's been pulling these kind of stunts for years though and somehow he is still around. It'll be a hit but he'll pull through
Just out of curiosity, is this the most crazy one hes pulled? I'm not too familiar with his other crazy antics, care to indulge?
When Mattress Mac started Gallery Furniture, he invested all that the company was worth at the time ($10,000) in producing a TV advertisement. He was so frustrated with the way the ad came out that he just made it himself and talked really fast because of the limited air time. The commercial was a success and his business took off. Later when trying to come up with a catch phrase for the company, the best thing he could come up with was "Gallery Furniture saves you money!" He decided to roll with it and again, it was a success. He is certainly an interesting businessman, but its worked out for him so far.
Sounds like he likes a good gamble...
He took a hit making that bet, but he honored it. Respect.
A big hit. Assuming that it brings him new business (probably will) and assuming that he clears 15% profit, he would have to sell $50,000,000 more product than he otherwise would have had to, in order to break even.
Yeah, its going to be a rough year for "Mattress Mack". That's what happens when you have blind hope that a certain team will win.