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(My Fox Houston)   Not News: Furniture store holds promotion that if you spend more than $6,000 you get your money back if Seattle wins the Super Bowl. Fark: Store refunds over $7 Million back to customers   (myfoxhouston.com) divider line 127
    More: Fail, Super Bowl, Seattle, refunds, furniture  
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12440 clicks; posted to Main » on 03 Feb 2014 at 10:19 AM (45 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



127 Comments   (+0 »)
   
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2014-02-03 07:15:59 AM  
Not sure what the Fail is supposed to be here. It's a fairly commonplace promotion, and I'd bet your mortgage that the store had insurance against Seattle winning.
 
2014-02-03 07:20:48 AM  
Happens out here every year if the Red Sox win (I think they start iy before the season starts). One year they paid out, and yeah it was insured.
 
2014-02-03 09:38:26 AM  

czetie: Not sure what the Fail is supposed to be here. It's a fairly commonplace promotion, and I'd bet your mortgage that the store had insurance against Seattle winning.


He said he didn't purchase insurance when he lost $600,000 at the divisional game

Most stores purchase insurance to prevent losing money during wild promotional events, which could have limited the financial damage. McIngvale told Yahoo Sports he did not purchase insurance.

Hope he did for this one. Otherwise that's gonna hurt.
 
2014-02-03 09:42:21 AM  
I'd have taken the money and bet on the game myself then bought better furniture if it worked out.
 
2014-02-03 09:44:54 AM  
He responded to a guy on twitter and said he did not have insurance for this event either.

https://twitter.com/MattressMack
 
2014-02-03 09:49:19 AM  
"Mattress Mac doesn't believe in insurance. He considers it a form of gambling."
 
2014-02-03 09:57:52 AM  
The man is a marketing genius.
 
2014-02-03 10:18:05 AM  

scottydoesntknow: He responded to a guy on twitter and said he did not have insurance for this event either.

https://twitter.com/MattressMack


what a dumbass.
 
2014-02-03 10:23:46 AM  

scottydoesntknow: He responded to a guy on twitter and said he did not have insurance for this event either.

https://twitter.com/MattressMack


What a damn idiot, that is fail...
 
2014-02-03 10:24:34 AM  
I just did a GIS for "Krusty the Clown Olympics" and an image of Liz Taylor came up.  I'm very confused.  Or maybe not.
 
2014-02-03 10:25:11 AM  

SilentStrider: scottydoesntknow: He responded to a guy on twitter and said he did not have insurance for this event either.

https://twitter.com/MattressMack

what a dumbass.


Why is that being a dumbass?  In the short term, insurance might be smart but just like gambling, insurance is always a long term losing venture.  If the odds were 50/50 this year, to insure $7 million of furniture, an insurance company would have charged him something like $4 million.  Turns out this year that would have been smart.  But do this year after year after year after year and as long as you can weather the bad years, it's no longer smart.
 
2014-02-03 10:27:24 AM  

Tr0mBoNe: I'd have taken the money and bet on the game myself then bought better furniture if it worked out.


The catch here isn't 'get free furniture' it's an incentive to overspend and maybe get free furniture.

In your example, if you lose you get nothing. It's lose-win; with the furniture you by whatever you normally would have and at worst you have to pay whatever you were going to anyway.
 
2014-02-03 10:28:04 AM  

czetie: Not sure what the Fail is supposed to be here. It's a fairly commonplace promotion, and I'd bet your mortgage that the store had insurance against Seattle winning.


Yeah, not sure about the "Fail", either. Even if the guy DIDN'T get insurance, he just got a ton of free advertising based on his "goodwill" and "sportsmanship". Besides, it sounds like the place has been around forever, he's not going out of business. Yeah, 7 mil is a lot of money, but something this big pays off for years and years, and ends up getting you over 1,000 return customers who will tell everyone they can think of.
 
2014-02-03 10:29:32 AM  

lennavan: SilentStrider: scottydoesntknow: He responded to a guy on twitter and said he did not have insurance for this event either.

https://twitter.com/MattressMack

what a dumbass.

Why is that being a dumbass?  In the short term, insurance might be smart but just like gambling, insurance is always a long term losing venture.  If the odds were 50/50 this year, to insure $7 million of furniture, an insurance company would have charged him something like $4 million.  Turns out this year that would have been smart.  But do this year after year after year after year and as long as you can weather the bad years, it's no longer smart.


And look at all this free advertising he received. That makes up the difference, and then some.
 
2014-02-03 10:29:44 AM  

Satanic_Hamster: scottydoesntknow: He responded to a guy on twitter and said he did not have insurance for this event either.

https://twitter.com/MattressMack

What a damn idiot, that is fail...


What would it cost to insure what is essentially a 50/50 bet? (maybe 45/50). I assume less than the full amount but far more than the typical weather-related promotions.
 
2014-02-03 10:29:52 AM  

lennavan: SilentStrider: scottydoesntknow: He responded to a guy on twitter and said he did not have insurance for this event either.

https://twitter.com/MattressMack

what a dumbass.

Why is that being a dumbass?  In the short term, insurance might be smart but just like gambling, insurance is always a long term losing venture.  If the odds were 50/50 this year, to insure $7 million of furniture, an insurance company would have charged him something like $4 million.  Turns out this year that would have been smart.  But do this year after year after year after year and as long as you can weather the bad years, it's no longer smart.


True, but if a guy selling mattresses can afford a few "bad years" of $7 million losses, I think his mattresses might be overpriced to begin with. Or he's selling 10,000 of them a day.
 
2014-02-03 10:30:19 AM  

Mikey1969: czetie: Not sure what the Fail is supposed to be here. It's a fairly commonplace promotion, and I'd bet your mortgage that the store had insurance against Seattle winning.

Yeah, not sure about the "Fail", either. Even if the guy DIDN'T get insurance, he just got a ton of free advertising based on his "goodwill" and "sportsmanship". Besides, it sounds like the place has been around forever, he's not going out of business. Yeah, 7 mil is a lot of money, but something this big pays off for years and years, and ends up getting you over 1,000 return customers who will tell everyone they can think of.


Personally I think his dumbest move was saying it's automatically free if Seahawks win. Should've had the customers pick who wins. A hell of a lot of people would've picked the Broncos.
 
2014-02-03 10:30:35 AM  
At least he isn't welching on his bet.
 
2014-02-03 10:31:21 AM  

AliceBToklasLives: Satanic_Hamster: scottydoesntknow: He responded to a guy on twitter and said he did not have insurance for this event either.

https://twitter.com/MattressMack

What a damn idiot, that is fail...

What would it cost to insure what is essentially a 50/50 bet? (maybe 45/50). I assume less than the full amount but far more than the typical weather-related promotions.


Never mind - reading comprehnsion etc
 
2014-02-03 10:33:35 AM  
Sofa KIng smart.
 
2014-02-03 10:34:35 AM  
If the store is paying out according to the terms of the bet, I don't see why this is news.
 
2014-02-03 10:35:46 AM  
He should have taken the $7 million and placed a bet in Vegas on the Seahawks.
 
2014-02-03 10:36:02 AM  

AliceBToklasLives: What would it cost to insure what is essentially a 50/50 bet? (maybe 45/50). I assume less than the full amount but far more than the typical weather-related promotions.


and if the moron had bought insurance, he could actually make more of a profit. instead, he's in the hole
 
2014-02-03 10:37:11 AM  
lets be clear here.

The furniture cost him 1/2 that at most. He gets to write off 7 million to marketing....  which will help eliminate a good portion of taxes.  so maybe end of the day he "lost"  1 million. I doubt even that much.
 
2014-02-03 10:37:17 AM  
I am sure he is still profitable for the year and, if not, he gets a juicy NOL for tax purposes.
 
2014-02-03 10:38:48 AM  

ChrisDe: lennavan: SilentStrider: scottydoesntknow: He responded to a guy on twitter and said he did not have insurance for this event either.

https://twitter.com/MattressMack

what a dumbass.

Why is that being a dumbass?  In the short term, insurance might be smart but just like gambling, insurance is always a long term losing venture.  If the odds were 50/50 this year, to insure $7 million of furniture, an insurance company would have charged him something like $4 million.  Turns out this year that would have been smart.  But do this year after year after year after year and as long as you can weather the bad years, it's no longer smart.

True, but if a guy selling mattresses can afford a few "bad years" of $7 million losses, I think his mattresses might be overpriced to begin with. Or he's selling 10,000 of them a day.



It's the latter. Well maybe not 10,000 a day but he sells a shiat load of furniture. The guy is pretty wealthy.
 
2014-02-03 10:39:28 AM  

ChrisDe: lennavan: SilentStrider: scottydoesntknow: He responded to a guy on twitter and said he did not have insurance for this event either.

https://twitter.com/MattressMack

what a dumbass.

Why is that being a dumbass?  In the short term, insurance might be smart but just like gambling, insurance is always a long term losing venture.  If the odds were 50/50 this year, to insure $7 million of furniture, an insurance company would have charged him something like $4 million.  Turns out this year that would have been smart.  But do this year after year after year after year and as long as you can weather the bad years, it's no longer smart.

True, but if a guy selling mattresses can afford a few "bad years" of $7 million losses, I think his mattresses might be overpriced to begin with. Or he's selling 10,000 of them a day.


Well, first, he sells furniture including mattresses, his nickname is Matress Mac, presumably because Furniture Mac isn't as catchy.  If you only count orders $6000 or higher, this store sold nearly $7 million of furniture in two weeks.  Also, he is not absorbing $7 million of losses, that's what his stuff SOLD for.  I would be we're only really looking at $2-3 million in losses.

And if you watch the news segment on it, it's a 2 minute Matress Mac commercial about how customers are getting an even better deal than usual.  So he paid something like $2-3 million for an ad campaign.  He's not just betting on this one Super Bowl, he's building and maintaining a brand.  I'd bet he does this same ad campaign every year.
 
2014-02-03 10:39:38 AM  
So the tag is Fail because he didn't ask for a bailout or something?  I don't get it.
 
2014-02-03 10:39:51 AM  

czetie: Not sure what the Fail is supposed to be here. It's a fairly commonplace promotion, and I'd bet your mortgage that the store had insurance against Seattle winning.


If they didn't, they're idiots of the highest magnitude. This isn't like some store in San Diego betting against 12 inches of snow on New Years Day or something.
 
2014-02-03 10:39:58 AM  

SilentStrider: AliceBToklasLives: What would it cost to insure what is essentially a 50/50 bet? (maybe 45/50). I assume less than the full amount but far more than the typical weather-related promotions.

and if the moron had bought insurance, he could actually make more of a profit. instead, he's in the hole


Not if you run it year after year. They've been around a long time and are a Houston fixture. You don't think they ran all the numbers?
 
2014-02-03 10:40:55 AM  
He's got more money than god, anyway. Seriously, it would hurt me more to lose $700, than it hurts Mattress Mac to lose 7 mill.
 
2014-02-03 10:43:59 AM  
His slogan for the past 30+ years, known by all Houstonians, is "Saves...You...MONEY!!"
 
2014-02-03 10:44:45 AM  
I'm sure he and his corporate accounting wizards figured out the odds, and that the amount they sold over $6k actually made them profits even with giving it back.
 
2014-02-03 10:45:43 AM  

sigdiamond2000: "Mattress Mac doesn't believe in insurance. He considers it a form of gambling."


Then what the hell does he consider betting $7M that Seattle will lose the Super Bowl?
 
2014-02-03 10:46:48 AM  
lennavan:
And if you watch the news segment on it, it's a 2 minute Matress Mac commercial about how customers are getting an even better deal than usual.  So he paid something like $2-3 million for an ad campaign.  He's not just betting on this one Super Bowl, he's building and maintaining a brand.  I'd bet he does this same ad campaign every year.

Bingo. He's getting all the same post-game coverage that the game day commercials do, and he saved at least a million bucks on it.
 
2014-02-03 10:48:24 AM  
Jordan's Furniture did the same thing with the Red Sox and their World Series wins.

Just buy insurance and sell ads.
 
2014-02-03 10:50:32 AM  
My poor namesake has been losing quite a bit recently on these bets. Then again, he makes money hand over fist.

$7m for prime-time, nationwide media exposure that I'm sure he's writing at least part off in off in taxes? Something tells me he may know what he's doing. Plus his stuff is way overpriced to begin with. His whole angle is pay today get it today and it seems to work as he's always expanding.

My wife just bought some nightstands from Star and they're taking over a month to come in.

BinderWoman: His slogan for the past 30+ years, known by all Houstonians, is "Saves...You...MONEY!!"


"No frustrating back-back-back order slips"

And his daughter is pretty hot.
 
2014-02-03 10:51:51 AM  

Weidbrewer: sigdiamond2000: "Mattress Mac doesn't believe in insurance. He considers it a form of gambling."

Then what the hell does he consider betting $7M that Seattle will lose the Super Bowl?


Advertising.
 
2014-02-03 10:56:02 AM  

scottydoesntknow: Hope he did for this one. Otherwise that's gonna hurt he deserves to be out of business.


FTFY.
 
2014-02-03 10:57:19 AM  
They did this once they were already in the Super Bowl?

They must be WAY overpriced for that to make sense.
 
2014-02-03 10:58:08 AM  

scottydoesntknow: He responded to a guy on twitter and said he did not have insurance for this event either.

https://twitter.com/MattressMack


Seriously? Wow.

I take it back. Fail, but only because we don't have a "farking moron" tag.
 
2014-02-03 10:59:32 AM  
He didn't really loose 7M, that's how much he refunded.  At worst, he lost the wholesale costs and salesmen commissions. There are probably other costs, but they are certainly balanced out by the free publicity.
 
2014-02-03 11:03:00 AM  

MadMattressMack: Advertising


It's still potato, patahtoe.

He pays for the "advertising" in when his team loses, and doesn't when they win.  So, he's still betting whether he's going to get a lot of big ticket sales, or spend a lot of money for a Super Bowl ad.

Whatever helps Churchy MacBetterThanYou sleep through the night, I guess.
 
2014-02-03 11:05:27 AM  
The are folks who make, lose, and remake fortunes periodically.

If you want to be wealthy you are likely going to have to take risks.
 
2014-02-03 11:05:46 AM  
s3.sidereel.com
 
2014-02-03 11:07:31 AM  
Considering that he was willing to invest $8 million in the Chuck Norris movie "Sidekicks" back in the early '90s and attempted to invest $100 million for the naming rights of former Enron Field, now Minute Maid Park in the early '00s, I doubt the $7 million loss today hurt nearly as much in comparison.
 
2014-02-03 11:09:20 AM  
Mattress Mac's maniacal marketing magically makes Mac money, my mom mentioned.

/In the long term.
 
2014-02-03 11:10:09 AM  

Diogenes: I just did a GIS for "Krusty the Clown Olympics" and an image of Liz Taylor came up.  I'm very confused.  Or maybe not.


images4.wikia.nocookie.net
 
2014-02-03 11:19:30 AM  
Isn't it illegal to sell used matresses, even if they were only used for a few days (during the promo)?  If so, there's the fail.  Not sure about the other furniture - never been to this place, so don't know if they just sell 'new' or if they do new and used.  If just 'new', then I think it would be a poor business practicce for them to welcome back all this returned furniture, scotchgard it, and tag it as 'new' to try to put the original price tag back on it.

Lotta fail, if that's the case.
 
2014-02-03 11:22:01 AM  

Premeditated_Road_Rage: Isn't it illegal to sell used matresses, even if they were only used for a few days (during the promo)?  If so, there's the fail.  Not sure about the other furniture - never been to this place, so don't know if they just sell 'new' or if they do new and used.  If just 'new', then I think it would be a poor business practicce for them to welcome back all this returned furniture, scotchgard it, and tag it as 'new' to try to put the original price tag back on it.

Lotta fail, if that's the case.


I have no idea what you are talking about.
 
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