An interest in a four-store chain of Mattress Outlet stores, including two stores here and stores in Coeur d Alene and Kennewick, is being bought by a former regional vice president of the Southern California franchise of Serta Mattress Co.


Ken Mullinax, who became general manager of all four stores this summer, says he has acquired a minority interest in the small chain from Mark Walker and Gary Absalonson, who also own Spokane-based Walkers Furniture Inc., under an agreement that entitles him to buy the remaining interest in the stores at a later date. Absalonson says the agreement was reached recently. Mullinax says he expects to exercise the option, but cant yet say when. He declines to reveal the financial details of the transaction.


The agreement covers Mattress Outlet stores in leased buildings at 4446 N. Division in Spokane; 13908 E. Sprague in the Spokane Valley; 202 Ironwood Drive in Coeur d Alene; and 2319 Vista Way in Kennewick, he says.


The four stores altogether employ about 20 people, Mullinax says.


In addition, he says he intends to open a fifth Mattress Outlet store in the Inland Northwest as early as the first quarter of 2002, but has yet to select a location.


Mullinax says he became aware of the Mattress Outlet chain, which sells Serta mattresses exclusively, while working for that bedding manufacturers regional franchise in the Los Angeles area and will continue to feature that companys product line in the stores here.