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Mattress Mack loses $10 million in rebate bet with Houston Astros fans

HOUSTON – Houston businessman, Jim “Mattress Mack” McIngvale, is giving customers $10 million worth of refunds on mattress purchases because of the Astros World Series win.

“They built it up, built it up. They took their hits four years ago and they kept doing the right thing,” McIngvale said. “I had a feeling that the Astros were going to win way back in June because they had such a good team.”

What is the promotion?

Gallery Furniture and Mattress Mack launched a promotion back in June promising customers who purchased a $3,000 mattress a full refund if the Astros won the World Series. The cut-off day to buy a mattress was just before the World Series.

“We had insured the promotion throughout the entire stage, starting from June through now. It was all covered by insurance and hedging,” said McIngvale.

How much money will be refunded to customers?

Mack and Gallery Furniture will now refund customers $10 million worth of mattresses. The promotion did not include other furniture items.

“We didn’t lose, we won. The Astros made us all Texas and Houston proud and the customers won a free mattress,” McIngvale said.