CPI Corp. Files Investor Presentation

Recommends Stockholders Vote FOR CPI's Highly-Qualified, Experienced Nominees
on the WHITE Proxy Card

ST. LOUIS, June 24 /PRNewswire-FirstCall/ -- CPI Corp. (NYSE: CPY) today
announced that it has filed an investor presentation with the Securities and
Exchange Commission ("SEC") in connection with the Company's 2009 Annual
Meeting of Stockholders to be held on July 8, 2009.

CPI's board of directors recommends that stockholders vote FOR the Company's
highly-qualified, experienced nominees -- James Abel, Paul Finkelstein,
Michael Glazer, Michael Koeneke, David Meyer and Turner White -- by telephone,
Internet or by signing, dating and returning the WHITE proxy card today.

The investor presentation is available under the "investor" section of the
Company's website at: http://www.cpicorp.com and at the SEC's website
athttp://www.sec.gov.

Highlights of the presentation include:

-- CPI's board, whose interests are closely aligned with those of all
stockholders, has nominated six experienced and highly-qualified
director nominees.

-- CPI's board and management team have undertaken a series of actions
to drive significant gains in operating margins, earnings and cash
flow,
including:

-- Developed and executed a groundbreaking digital transition
strategy;
-- Jettisoned diversionary and loss-making ventures and sharpened
focus on the core Sears business;
-- Completed acquisition of PictureMe Portrait Studio(R) operations
out
of bankruptcy in June 2007;
-- Extended CPI's cost leadership through the generation of $30
million in annualized cost savings; and
-- Strengthened relationships with CPI's retail hosts, Sears and
Walmart, and executed a new six year agreement with Sears.

-- CPI's board has in place a strategic plan to address industry and
economic challenges through a focus on operational efficiency,
customer
service and cash generation while developing new avenues for
profitable
growth.

-- CPI has a record of strong corporate governance, including: separate
Chairman and CEO; all directors are independent; and compensation
practices closely align the interests of employees, management and the
board with those of stockholders.

-- Ramius's nominees have not communicated any new ideas, plans or
strategies.

-- Ramius's nominees lack relevant qualifications for board service
and have no significant experience in corporate governance, corporate
finance and executive management. The Ramius nominees also lack any
relevant industry experience.

-- Ramius's interests are not aligned with the interests of other CPI
stockholders and we believe that its nominees, if elected, would seek
to
advance Ramius's own interests, not those of all CPI stockholders.

-- As a member of the CPI board and as evidenced by its proxy contest
with
respect to the election of the board, Ramius has engaged in a range of
disruptive behaviors, which CPI believes, if continued, will divert
management from the execution of the Company's strategic plan.

If you have any questions, require assistance with voting your WHITE proxy
card, or need additional copies of the proxy materials, please contact:

MacKenzie Partners, Inc.
105 Madison Avenue
New York, NY 10016

proxy@mackenziepartners.com

(212) 929-5500 (Call Collect)
Or
TOLL-FREE (800) 322-2885

Important Information
CPI Corp. has filed a definitive Proxy Statement with the Securities and
Exchange Commission ("SEC") and has furnished to its stockholders a Proxy
Statement in connection with the solicitation of proxies for the 2009 Annual
Meeting of Stockholders. The Company advises its stockholders to read the
Proxy Statement relating to the 2009 Annual Meeting because it contains
important information. Stockholders may obtain a free copy of the Proxy
Statement and other documents that CPI files with the SEC at the SEC's website
at www.sec.gov. The Proxy Statement and these other documents may also be
obtained for free from CPI by directing a request to CPI Corp., 1706
Washington Avenue, St. Louis, Missouri 63103-1717, Attn: Corporate Secretary,
calling (314) 231-1575, or by contacting MacKenzie Partners, Inc., by
toll-free telephone at 800-322-2885 or by e-mail at
proxy@mackenziepartners.com.

Certain Information Concerning Participants
CPI Corp. and its directors and executive officers (other than Peter Feld) may
be deemed to be participants in the solicitation of proxies from stockholders
in connection with the Company's 2009 Annual Meeting. Information concerning
persons who may be considered participants in the solicitation of the
Company's stockholders under the rules of the SEC is set forth in public
filings by the Company with the SEC, including the proxy statement relating to
the 2009 Annual Meeting of Stockholders.

Forward-Looking Statements
The statements contained herein that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, and involve risks and uncertainties. The
Company identifies forward-looking statements by using words such as
"preliminary," "plan," "expect," "looking ahead," "anticipate," "estimate,"
"believe," "should," "intend" and other similar expressions. Management wishes
to caution the reader that these forward-looking statements, such as the
Company's outlook for portrait studios, net income, future cash requirements,
cost savings, compliance with debt covenants, valuation allowances, reserves
for charges and impairments and capital expenditures, are only predictions or
expectations; actual events or results may differ materially as a result of
risks facing the Company. Such risks include, but are not limited to: the
Company's dependence on Sears and Walmart, the approval of the Company's
business practices and operations by Sears and Walmart, the termination,
breach, limitation or increase of the Company's expenses by Sears under the
license agreements, or Walmart under the lease and license agreements,
customer demand for the Company's products and services, the economic
recession and resulting decrease in consumer spending, compliance with the
NYSE listing requirements, manufacturing interruptions, dependence on certain
suppliers, competition, dependence on key personnel, fluctuations in operating
results, a significant increase in piracy of the Company's photographs,
widespread equipment failure, compliance with debt covenants, high level of
indebtedness, implementation of marketing and operating strategies, outcome of
litigation and other claims, impact of declines in global equity markets to
pension plans and impact of foreign currency translation. The risks described
above do not include events that the Company does not currently anticipate or
that it currently deems immaterial, which may also affect its results of
operations and financial condition. The Company undertakes no obligation to
update or revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.

About CPI Corp.
CPI Corp. has been dedicated to helping families conveniently create cherished
photography portrait keepsakes that capture a lifetime of memories for more
than 60 years. CPI Corp. provides portrait photography services in
approximately 3,000 locations, principally in Sears and Walmart stores. As the
first in the category to convert to a fully digital format, CPI Corp. studios
offer unique posing options, creative photography selections, a wide variety
of sizes and an unparalleled assortment of enhancements to customize each
portrait - all for an affordable price. CPI Corp. is based in St. Louis and
traded on the New York Stock Exchange (ticker: CPY).

Contact:
Matthew Sherman / Eric Brielmann
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

SOURCE CPI Corp.

Matthew Sherman, or Eric Brielmann, Joele Frank, Wilkinson Brimmer Katcher,
+1-212-355-4449