CPI Outlines Key Elements of Strategic Growth Plan

Highlights Accomplishments of Current Board and Management Since 2004

ST. LOUIS, June 24 /PRNewswire-FirstCall/ -- CPI Corp. (NYSE: CPY) today
outlined key elements of the strategic growth plan that is being executed by
CPI's board of directors and management team.

The Company's strategic plan is addressing industry and economic challenges
through a focus on operational efficiency, customer service, and cash
generation while developing new avenues for profitable growth. The plan
includes:

-- Upgrading the store environment, visual merchandising, and in-store
promotion;
-- Driving additional gains in studio sales and labor productivity and
the
key customer indicators; and
-- Pursuing avenues for profitable growth that leverage existing
resources
to tap new demographic and service categories, including:
-- Mobile initiative
-- Online marketing / eCommerce
-- Digital fulfillment for third parties

Since 2004, CPI's board and management team have implemented a two-phased
program to successfully navigate a range of industry and company-specific
challenges and position the business for success. As a result, CPI today is
the category leader with unparalleled geographic coverage, digital
capabilities and economies of scale. CPI is also experiencing expanding
margins, improved earnings and cash flow, and there is strong momentum on key
customer indicators.

Key successes of the board's two-phased program include:

Phase 1: Successful Turnaround of Sears Portrait Studio (2004-2006)
-- Developed and executed a groundbreaking digital transition strategy;
-- Jettisoned diversionary and loss-making ventures and sharpened focus
on
the core Sears business;
-- Upgraded the range of products and services offered and improved value
proposition;
-- Established a more accountable, performance-oriented culture with a
closer alignment of interests of employees with those of shareholders;
-- Instituted new performance-management and selling systems across the
organization; and

-- Overhauled marketing programs - introduced analytical customer
segmentation and offer cadence strategies.

As a result of these Phase 1 actions, the company reversed severe sales
declines and drove large gains in operating margins, earnings and cash flow.

Phase 2: Transition of PictureMe Portrait Studios and Implementation of
System-Wide Performance Improvements (2007-2009)
-- Completed acquisition of PictureMe Portrait Studio(R) operations out
of
bankruptcy in June 2007;
-- Successfully integrated and digitally converted approximately 2,000
studios in the U.S., Canada and Mexico;
-- Extended CPI's cost leadership through the generation of $30
million in annualized cost savings;
-- Upgraded product and service offerings and improved selling
capabilities
driving significant increases in average sale;
-- Drove significant improvement in a range of customer indicators
(including average sale, satisfaction and loyalty);
-- Improved our performance management systems and expanded our
organizational capabilities in key areas including field management;
and

-- Strengthened relationships with CPI's retail hosts, Sears and
Walmart, and executed a new six year agreement with Sears.

As a result of these Phase 2 actions, the Company increased average sale by
approximately 33% in PictureMe Portrait Studios and realized $30 million in
annualized cost savings for fiscal 2009.

CPI will hold its 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.

Earlier today, the Company filed an investor presentation with the Securities
and Exchange Commission ("SEC"). The presentation is also available under the
"investor" section of the Company's website at: http://www.cpicorp.com and at
the SEC's website at http://www.sec.gov.

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, for CPI Corp.