ST. LOUIS, June 23 /PRNewswire-FirstCall/ -- CPI Corp. (NYSE: CPY) today announced that its two largest, unaffiliated stockholders, Century Management and its affiliate, Van Den Berg Management, and Lafitte Capital Management, which in the aggregate owned approximately 23% of the Company's outstanding shares as of the May 9, 2009 record date, have publicly pledged to vote their shares for CPI's director nominees at the Company's July 8, 2009 Annual Meeting of Stockholders.

"Century and Lafitte are both long-term stockholders of CPI that possess a deep understanding of our business and industry," said David Meyer, Chairman of CPI. "We are pleased that our two largest, unaffiliated stockholders recognize the progress that CPI has made under our board and management team. We value their ideas and opinions and appreciate their strong endorsement of our board and director nominees."

In its June 22, 2009 press release, Century Management and its affiliate, Van Den Berg Management, which owned approximately 15.5% of the Company's outstanding shares as of the May 9, 2009 record date, stated:


        "[A]fter carefully reviewing the positions of CPI and Ramius with
        regards to the election of directors at CPI's Annual Meeting, Century
        Management has decided to vote its shares in favor of all six of the
        candidates nominated by the CPI Board of Directors.

        "As long-term share holders of CPI, we are confident that the CPI
        Board of Directors and management team have taken the right steps to
        create value for all stockholders.  As a result of their efforts, we
        believe that CPI is on the right path and well positioned to compete.
        We believe that electing the Board's director nominees is in the long-
        term interests of CPI stockholders and we intend to vote our shares
        for the CPI director nominees."*

In its June 22, 2009 press release, Lafitte Capital Management, which owned approximately 7.8% of CPI's outstanding shares as of the May 9, 2009 record date, stated: 

        "We intend to vote our shares, which represent approximately 7.8% of
        CPI's outstanding shares, in favor of all of the CPI Board's nominees
        at the upcoming Annual Meeting.  We are pleased with the strategic
        direction of the Company under the stewardship of the CPI Board.
        Furthermore, we are extremely pleased with the Board's slate, which
        includes the nomination of Paul Finkelstein.  We believe Mr.
        Finkelstein will bring highly relevant experience and expertise to the
        CPI Board.  After speaking with both CPI and Ramius, we feel that the
        interests of our clients are best served by electing the directors
        nominated by the CPI Board of Directors."*

CPI urges stockholders to follow the example of the Company's two largest, unaffiliated stockholders by signing, dating and returning the WHITE proxy card today. Stockholders with any questions or in need assistance voting their shares should contact CPI's proxy solicitor, MacKenzie Partners, Inc., by toll-free telephone at 800-322-2885 or by e-mail at proxy@mackenziepartners.com.

*NOTE: Permission to use quotations was neither sought nor obtained.

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 Wal-Mart 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).

SOURCE CPI Corp.