I think the joke is that whoever is badass enough to ride the bear is making the other patrons leave as fast as possible, even if it means throwing themselves through the window.
That was my understanding as well, except I assumed the person riding the bear threw the patron through the window, and everyone else is just running away from that fight.
Not sure about the 80s, but in 1992 there was a futon store seemingly on every corner in a NJ college town where I lived at the time, futons were a bit of a fad then.
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