20,000 New Englanders Lose Out on $50 Million in Refunds

The University of South Carolina women’s basketball team saved the insurer for a New England furniture company millions of dollars by beating the University of Connecticut team 62-48 last Friday night.

At the same time, 20,000 New Englanders missed a shot at being refunded in full for their purchases of furniture and mattresses, a total payout of about $50 million.

Jordan’s Furniture, which is part of Berkshire Hathaway, ran a “Make the Finals” promotion during this year’s National Collegiate Athletic Association (NCAA) “March Madness” basketball tournament. The retailer promised to refund its customers the full amount of their recent purchases. Or rather, it promised that its insurance company would refund $50 million thanks to an insurance policy on which Jordan’s paid the premium. The condition: both the men’s and women’s UConn teams had to make it to their final games.

UConn women’s team came close, advancing to the Final Four before losing to South Carolina. The men’s team made it to the final game and will face Michigan for the NCAA title tonight.

An estimated 20,000 customers who bought furniture, mattresses, and accessories at any of Jordan’s eight stores in New England between January 20, 2026, and March 1, 2026 would have been eligible for full refunds had both Nutmeg State teams made it to the final.

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Jordan’s ran a similar promotion in 2007, offering more than 24,000 customers a full refund if the Boston Red Sox won the World Series. The Red Sox won and the customers received about $35 million in checks.

Berkshire Hathaway acquired Jordan’s Furniture in 1999. The company is based in Massachusetts and is run by Barry and Eliot Tatelman, who are known for their folksy advertisements, unusual promotions and incorporating entertainment venues within stores. The company’s flagship store includes a flight-simulator movie theatre while another features a walk along “Bourbon Street” and a Mardi Gras show.

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In commenting on the merger in 1999, Warren E. Buffett, who was chairman and CEO of Berkshire Hathaway at the time, said, “Jordan’s Furniture is truly one of the most phenomenal and unique companies that I have ever seen. The reputation that Eliot and Barry have earned from their employees, their customers, and the community is unparalleled. This company is a gem!”

The company is also known for its generosity toward employees. When the merger happened, all employees were rewarded with 50 cents for every hour they ever worked for the firm. Some employees had been with the company for decades.