WILMINGTON, N.C.—A North Carolina jewelry store owner made a $400,000 bet against a white Christmas -- and lost.
Alan Perry, owner of Perry's Emporium in Wilmington, promised refunds for everything bought at his store between Nov. 26 and Dec. 11 if more than three inches of snow fell in Asheville on Christmas Day. The city got more than six inches.
Perry says the total payout for customers will be around $400,000. He says he paid for an insurance policy that will cover the refunds.
Perry is undaunted by losing the bet. He says he's thinking of a similar promotion for Valentine's Day, based on how much snow Asheville gets on Feb. 14.