Houston furniture store loses $7 million following Seahawks' Super Bowl win

Jim McIngvale, CEO of Gallery Furniture in Houston, is out $7 million because of a promotion that promised to refund customers' money if the Seattle Seahawks defeated the Denver Broncos in Super Bowl XLVIII.

Per Darren Rovell of ESPN.com, the promotion was the result of a coin toss that determined the furniture store would be cheering for the Broncos while Gallery Furniture customers rooted for the Seahawks.

If the Seahawks won, all those who spent more than $6,000 and received their furniture prior to kickoff would receive a full refund. Approximately 1,000 people were eligible for the promotion, including one customer who McIngvale said will receive a $30,000 refund.

McIngvale said that while $7 million is a significant amount of money to lose, it's worth it in the long run.

"Doing a promotion like this creates affinity, creates trust with the customer, makes you relevant," McIngvale said. "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."