EXHIBIT 10.45

Master Lease Termination Agreement
Multiple CPI Locations

THIS MASTER LEASE TERMINATION AGREEMENT (“Agreement”) is made and entered into
by and between WAL-MART STORES EAST, LP, individually and only as to Stores
owned, leased, or operated in AL, CT, DC, DE, FL, GA, IN, KY, ME, MD, MA, MI,
MS, MO, NH, NJ, NM, NY, NC, OH, OK, PA, RI, SC, TN, VT, VA, WI, WV; WAL-MART
STORES, INC., individually and only as to Stores owned or leased in AK, AZ, CA,
CO, HI, ID, IL, IA, KS, MN, MT, NE, NV, ND, OR, SD, UT, WA, WY; WAL-MART
LOUISIANA, LLC, individually and only as to Stores owned or leased in Louisiana;
and WAL-MART STORES TEXAS, LLC, individually and only as to Stores owned or
leased in Texas; and WAL-MART STORES ARKANSAS, LLC, and only as to Stores owned
or leased in Arkansas (each referred to as “Landlord” for purposes of this
Agreement as it applies to a particular location and collectively hereinafter
referred to as “Wal-Mart” or “Landlord”) and CPI Corp. (“Tenant”). The effective
date of this Agreement is April 17, 2012 (the “Effective Date”).

WHEREAS, Wal-Mart and CPI Corp., successor in interest to Portrait Corporation
of America, Inc. entered into that certain Master Lease Agreement, dated as of
June 8, 2007, as subsequently amended (collectively, the “Lease Agreement”);

WHEREAS, pursuant to the Master Lease Agreement, the parties agreed to attach an
“Attachment A” for each individual location in which Tenant would lease a
vestibule space from Wal-Mart;

WHEREAS, subject to the agreed upon conditions below, Landlord and Tenant desire
to terminate the Lease Agreement only as it relates to the Leased Spaces as
described in Exhibit 1, attached hereto and incorporated herein by this
reference (collectively the “Leased Spaces”); and
 
NOW, THEREFORE, for valuable consideration, the sufficiency and receipt of which
is hereby acknowledged, Tenant and Landlord hereby agree as follows:

1.The Lease Agreement shall be terminated and cancelled, only as it pertains to
the Leased Spaces, effective 11:59 p.m. (Pacific Time) April 17, 2012 (the
“Termination Date”). The Leased Spaces shall be surrendered to Landlord no later
than 11:59 p.m. (Pacific Time) April 21, 2012 (the “Vacate Date”).

1.2    Tenant shall be responsible for and shall pay Landlord all rent and other
charges and fees due and owing under the Lease Agreement accruing through the
Termination Date.

1.3    Notwithstanding anything to the contrary contained elsewhere in this
Agreement, nothing in this Agreement nor any act or omission by Landlord or its
attorneys is intended or should be deemed to be a waiver, alteration, accord,
satisfaction, novation, composition or modification of the Lease Agreement or
any rights or remedies that Landlord may have in collecting all rent and other
charges and fees due and owing under the Lease Agreement accruing through the
Termination Date, and all such rights or remedies, whether at law or equity, are
hereby expressly reserved.

1.4    In addition to all rent and other fees accruing under the Lease Agreement
through the Termination Date, Tenant agrees to pay Landlord a one-time
settlement fee / tenant improvement reimbursement of five hundred forty-three
thousand nine hundred seventy-two dollars and zero cents ($543,972.00).     

1.5    Tenant shall remove Tenant's furniture, fixtures, equipment, and personal
property and return the Leased Spaces in broom clean condition by the Vacate
Date. Tenant shall coordinate with Landlord's Store Manager the schedule for
removal so as not to interfere with store operations and customer traffic.
Tenant shall repair any damage to the Store caused by removal of such equipment,
fixtures and equipment.
 
1.6     Tenant shall remove all of Tenant's bulkhead, interior and exterior
signage, repair any damage caused by the removal of such signage, and repaint
the bulkhead by the Termination Date.

--------------------------------------------------------------------------------

1.7     From and after the Termination Date, the Tenant does hereby forever and
unconditionally waive and relinquish Tenant's right to use, occupy, and possess
the Leased Spaces under the Lease Agreement.

1.8     From and after the Termination Date, Tenant and Landlord shall have no
further obligations and liabilities, one to the other with respect to the Leased
Spaces, pursuant to the Lease Agreement and the terms and conditions contained
therein, except as is specifically provided for in this Agreement.

1.9     Tenant, its agents, employees and contractor shall keep in strict
confidence the terms of this Agreement.

1.10     Tenant acknowledges that Landlord is in full compliance with all
provisions of the Lease Agreement as of the Termination Date. Tenant
acknowledges and agrees that all of Tenant's indemnification obligations (and
related warranties) contained in the Lease Agreement shall remain unimpaired and
in full force and effect with respect to any Claims that may have arisen during
the Tenant's use or occupancy of the Leased Spaces.

1.11     No modification of this Agreement shall be valid or binding unless such
modification is in writing, duly dated, and signed by both parties.
 
1.12     This Agreement contains the entire agreement of the parties with
respect to the subject matter hereof, and all prior communications, oral or
written, are without any force and effect as it is the specific intent of the
parties that this Agreement alone sets forth the terms upon which the parties
have mutually agreed. Each party specifically agrees that it enters into this
Agreement based on its own understanding of the terms hereof and does not rely,
in whole or part, on any interpretation or representation of the other party.
Each party agrees that this Agreement is the result of good faith arms length
negotiations.

1.13     This Agreement may be executed in one or more counterparts (including
by facsimile or electronically), all parties need not be signatories to the same
documents, and all counterpart-signed documents shall be deemed to be an
original and one (1) instrument. Counterpart signatures received through
facsimile transmission or electronic signature shall bind the party whose
signature is so received as if such signature were an original

(signature page to follow)

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties have executed this Agreement the day and year
written below.

                
TENANT:                     LANDLORD:

CPI CORP.                    WAL-MART STORES, INC.

By: /s/Dale Heins                By: /s/Don Ethridge
________________________________        ____________________________________
Dale Heins                    Don Ethridge
Executive Vice President, Finance,        Senior Director
Chief Financial Officer and Treasurer        Date: April 20, 2012
Date: April 17, 2012
WAL-MART STORES EAST, LP
By: /s/Don Ethridge
________________________________________
Don Ethridge
Senior Director
Date: April 20, 2012
                

WAL-MART STORES ARKANSAS, LLC
By: /s/Don Ethridge
________________________________________
Don Ethridge
Senior Director
Date: April 20, 2012

WAL-MART LOUISIANA, LLC
By: /s/Don Ethridge
________________________________________
Don Ethridge
Senior Director
Date: April 20, 2012                    

WAL-MART STORES TEXAS, LLC
By: /s/Don Ethridge
________________________________________
Don Ethridge
Senior Director
Date: April 20, 2012

--------------------------------------------------------------------------------

"EXHIBIT 1"

Store #
City
State
Sq Ft
25

MEXICO
MO
640

58

RUSSELLVILLE
AR
404

75

PINEVILLE
LA
390

83

MAGNOLIA
AR
535

85

BENTON
AR
300

96

HARRISONVILLE
MO
300

152

DE SOTO
MO
535

170

NATCHITOCHES
LA
784

174

COCOA
FL
561

180

JACKSONVILLE
TX
240

214

JASPER
TX
300

221

YUKON
OK
300

222

SPARTA
IL
525

251

MINEOLA
TX
300

253

JERSEYVILLE
IL
300

254

OLNEY
IL
540

256

GLEN CARBON
IL
216

258

TUPELO
MS
300

262

BENTON
IL
548

277

MOORE
OK
349

278

SHREVEPORT
LA
300

282

FRANKLIN
KY
523

299

BOWLING GREEN
KY
300

304

SPRINGFIELD
TN
390

308

MANCHESTER
TN
525

310

CROWLEY
LA
300

317

VANDALIA
IL
535

329

ANNISTON
AL
535

331

SULPHUR
LA
300

343

TAYLORVILLE
IL
525

348

MONTICELLO
AR
300

355

OPELIKA
AL
390

376

BOSSIER CITY
LA
300

395

MISSION
TX
300

398

LONGVIEW
TX
260

406

SMYRNA
TN
300

420

WICHITA FALLS
TX
390

421

DECATUR
TX
300

429

EDINBURG
TX
300

431

PADUCAH
KY
300

432

TALLADEGA
AL
535

--------------------------------------------------------------------------------

448

SHREVEPORT
LA
390

450

SHREVEPORT
LA
390

452

MCALLEN
TX
462

464

CORPUS CHRISTI
TX
240

472

BROKEN ARROW
OK
390

475

ROUND ROCK
TX
300

483

PRATTVILLE
AL
640

494

NEWNAN
GA
300

495

COLUMBUS
MS
390

497

SHELBYVILLE
KY
390

499

ENID
OK
561

510

GAINESVILLE
GA
300

513

BIG SPRING
TX
300

526

LOUISVILLE
KY
300

530

EL DORADO
AR
300

531

LAFAYETTE
LA
390

533

NEW IBERIA
LA
390

534

LAFAYETTE
LA
390

539

ALEXANDRIA
LA
390

540

MORGAN CITY
LA
300

542

HOUMA
LA
240

544

OKLAHOMA CITY
OK
404

547

PLANT CITY
FL
300

548

LAWRENCEVILLE
GA
390

560

SAINT JOSEPH
MO
260

571

GEORGETOWN
KY
390

573

LEES SUMMIT
MO
390

574

SURFSIDE BEACH
SC
300

576

TULSA
OK
300

595

HARLINGEN
TX
300

599

KINGSPORT
TN
300

616

ORANGEBURG
SC
300

624

NEWBERRY
SC
525

640

GREENVILLE
SC
390

652

GARDEN CITY
KS
300

656

SHELBYVILLE
TN
640

657

COOKEVILLE
TN
300

659

NASHVILLE
TN
390

660

MUSCLE SHOALS
AL
300

665

CAMPBELLSVILLE
KY
300

671

LEBANON
TN
300

672

ALCOA
TN
300

680

GREENEVILLE
TN
404

683

LAWRENCEBURG
TN
300

686

FITZGERALD
GA
535

691

FORT PAYNE
AL
300

--------------------------------------------------------------------------------

695

MADISON
TN
180

702

WINCHESTER
KY
300

720

FRANKFORT
KY
300

724

JEFFERSON CITY
TN
240

740

OZARK
AL
525

752

PASADENA
TX
404

758

AMERICUS
GA
300

777

WEST ORANGE
TX
300

781

MARBLE FALLS
TX
300

804

MINERAL WELLS
TX
404

806

LAS CRUCES
NM
300

818

PANAMA CITY BEACH
FL
390

828

PLAINFIELD
IN
404

860

DELAND
FL
561

881

LEXINGTON
SC
300

892

ANKENY
IA
390

899

VALDOSTA
GA
561

903

JACKSON
MS
300

908

ORLANDO
FL
390

931

VERO BEACH
FL
300

934

DAPHNE
AL
300

938

MONTGOMERY
AL
390

982

OWATONNA
MN
180

992

TULSA
OK
394

994

NEW PORT RICHEY
FL
390

1,003

PLANO
IL
337

1,014

INDEPENDENCE
MO
260

1,016

THIBODAUX
LA
390

1,020

ALBERT LEA
MN
525

1,025

MCCOMB
MS
390

1,041

WESLACO
TX
561

1,062

FRIENDSWOOD
TX
390

1,070

EAST ELLIJAY
GA
390

1,074

GRENADA
MS
300

1,077

TALLAHASSEE
FL
300

1,086

SAINT CLOUD
FL
300

1,087

STUART
FL
561

1,089

KIMBALL
TN
300

1,101

WETUMPKA
AL
640

1,121

MILLEDGEVILLE
GA
561

1,122

EASTANOLLEE
GA
462

1,128

MANSURA
LA
535

1,142

SCOTTSBURG
IN
390

1,146

MONCKS CORNER
SC
404

1,153

MACON
GA
390

--------------------------------------------------------------------------------

1,158

BIRMINGHAM
AL
640

1,164

COLUMBIA
SC
300

1,177

MANCHESTER
MO
462

1,180

GREENSBURG
IN
390

1,183

WEST COLUMBIA
SC
390

1,203

WIMAUMA
FL
561

1,223

TALLAHASSEE
FL
497

1,243

MARTINSVILLE
VA
300

1,268

WHITEVILLE
NC
640

1,281

SPARTANBURG
SC
497

1,284

PHENIX CITY
AL
390

1,286

COLUMBIA
SC
561

1,297

CHIEFLAND
FL
300

1,303

GEORGETOWN
TX
497

1,304

WARSAW
IN
390

1,310

TERRE HAUTE
IN
300

1,311

COLUMBUS
GA
462

1,317

ASHEVILLE
NC
561

1,320

KNOXVILLE
TN
561

1,333

VAN WERT
OH
461

1,341

EVANSVILLE
IN
561

1,346

OCEAN SPRINGS
MS
390

1,359

NORTH CHARLESTON
SC
390

1,360

FAYETTEVILLE
WV
640

1,378

GOSHEN
IN
300

1,379

GREENVILLE
NC
300

1,381

APACHE JUNCTION
AZ
390

1,392

WILMINGTON
NC
390

1,393

OSKALOOSA
IA
535

1,403

CORNELIA
GA
180

1,406

WINCHESTER
VA
300

1,433

CELINA
OH
404

1,438

CEDAR CITY
UT
390

1,450

RIPLEY
WV
462

1,455

FORT WORTH
TX
390

1,458

FORT OGLETHORPE
GA
300

1,466

JACKSBORO
TN
390

1,488

DOUGLASVILLE
GA
390

1,496

WATERLOO
IA
390

1,518

INDIANAPOLIS
IN
390

1,526

STORM LAKE
IA
525

1,545

GRAND FORKS
ND
423

1,556

ORLAND HILLS
IL
439

1,560

LAS VEGAS
NV
404

--------------------------------------------------------------------------------

1,568

HERMITAGE
PA
404

1,577

BUFFALO
MN
497

1,591

HARRISBURG
PA
250

1,605

PENSACOLA
FL
390

1,622

TIFFIN
OH
404

1,646

MESA
AZ
390

1,655

CRAWFORDSVILLE
IN
459

1,676

TELL CITY
IN
666

1,677

NEW HARTFORD
NY
390

1,682

CHESAPEAKE
VA
390

1,685

PIERRE
SD
640

1,686

TAYLORSVILLE
UT
404

1,687

SUFFOLK
VA
300

1,688

VIRGINIA BEACH
VA
423

1,710

CLINTON
MS
390

1,720

SNELLVILLE
GA
390

1,730

TAPPAHANNOCK
VA
555

1,734

CHAMPAIGN
IL
404

1,758

NEW CASTLE
IN
605

1,767

SHALLOTTE
NC
390

1,768

OREM
UT
390

1,770

CRANBERRY TWP
PA
561

1,776

WATERTOWN
WI
390

1,779

BRIDGEVIEW
IL
260

1,780

CHARLOTTESVILLE
VA
276

1,792

SAINT MARYS
PA
640

1,799

PORTAGE
WI
605

1,807

WEST BERLIN
NJ
260

1,833

FREDERICKSBURG
VA
390

1,842

GREENSBORO
NC
390

1,844

TOMS RIVER
NJ
260

1,851

NORTH LAUDERDALE
FL
400

1,866

FARMINGTON
ME
525

1,867

WESTMINSTER
MD
374

1,883

MONACA
PA
260

1,888

NORTH LOGAN
UT
390

1,889

ISLAND CITY
OR
462

1,891

MANCHESTER
CT
260

1,900

BURLEY
ID
525

1908

GREEN BAY
WI
260

1924

PRESQUE ISLE
ME
390

1961

ALEXANDRIA
KY
470

1992

UPLAND
CA
260

2004

DUBUQUE
IA
390

--------------------------------------------------------------------------------

2021

RAYNHAM
MA
555

2035

GREENVILLE
OH
390

2045

NOTTINGHAM
MD
417

2064

MILFORD
PA
561

2087

VADNAIS HEIGHTS
MN
526

2093

UTICA
NY
560

2,149

MOUNT VERNON
OH
570

2,195

HOWELL
NJ
260

2,196

PORT ANGELES
WA
478

2,202

WINDHAM
ME
390

2,204

FOREST PARK
IL
462

2,214

COLUMBIA
SC
300

2,221

SPRINGFIELD
MO
300

2,234

ROME
NY
300

2,257

HOUSTON
TX
554

2,287

NEW CASTLE
PA
300

2,299

CROMWELL
CT
216

2,309

WEST CHESTER
OH
404

2,312

ROANOKE
VA
300

2,418

PLACERVILLE
CA
254

2,438

STAFFORD
VA
522

2,450

BELLINGHAM
WA
260

2,452

MILWAUKEE
WI
240

2,453

FALLON
NV
640

2,472

WINSTON SALEM
NC
360

2,491

DANVILLE
IL
260

2,511

AMERICAN FORK
UT
561

2,528

MILL HALL
PA
390

2,531

MOHEGAN LAKE
NY
216

2,534

DOTHAN
AL
300

2,538

EUGENE
OR
260

2,550

VANCOUVER
WA
312

2,554

AVONDALE
AZ
390

2,576

CROSS LANES
WV
390

2,593

LAS VEGAS
NV
390

2,599

SAN ANTONIO
TX
390

2,603

GIBSONIA
PA
525

2,628

LEXINGTON
KY
390

2,633

PISCATAWAY
NJ
216

2,637

MONROE
NY
390

2,651

MANVILLE
NJ
216

2,679

ELKHART
IN
390

2,680

SOUTH BEND
IN
390

2,712

MYRTLE BEACH
SC
390

2,713

BIRMINGHAM
AL
390

2,714

SPENCER
IA
525

--------------------------------------------------------------------------------

2,716

CEDAR RAPIDS
IA
390

2,720

MADISON
MS
561

2,724

PASADENA
TX
390

2,788

BROWNSBURG
IN
390

2,796

OLDSMAR
FL
390

2,806

BOILING SPRINGS
SC
390

2,812

ROCHESTER
MN
390

2,816

NILES
IL
216

2,817

LANSING
IL
216

2,818

HAMMOND
IN
216

2,883

PLANO
TX
390

2,910

SALEM
OH
605

2,914

MASSILLON
OH
390

2,920

ORANGE PARK
FL
390

2,936

MILWAUKEE
WI
240

2,947

VANCOUVER
WA
240

2,967

FT WRIGHT
KY
640

2,978

FORT WORTH
TX
390

2,989

FREMONT
CA
251

3,208

SPRINGVILLE
UT
744

3,214

SUFFOLK
VA
390

3,219

WILLIAMSBURG
VA
426

3,222

CENTRAL
SC
555

3,237

SIOUX FALLS
SD
390

3,241

GLENDALE
AZ
426

3,278

LINCOLN
NE
497

3,279

SAN ANTONIO
TX
390

3,295

BROKEN ARROW
OK
390

3,342

AMELIA
OH
404

3,344

WINCHESTER
VA
404

3,367

NORTH CHARLESTON
SC
404

3,388

LAWRENCEVILLE
GA
404

3,430

OKLAHOMA CITY
OK
459

3,484

PENSACOLA
FL
390

3,513

SHAKOPEE
MN
509

3,514

BRADFORD
PA
525

3,597

BELVIDERE
IL
640

3,648

BISMARCK
ND
404

3,700

INDIAN TRAIL
NC
404

3,705

YELM
WA
462

3,732

RIO RANCHO
NM
404

3,828

LONGVIEW
TX
462

3,877

GAINESVILLE
FL
462

4,200

COLUMBUS
GA
464

4,420

LEESVILLE
SC
462

5,038

PLAINFIELD
IL
684

--------------------------------------------------------------------------------

5,046

CLAYTON
NC
497

5,058

ANTIOCH
TN
561

5,085

BELMONT
NC
640

5,113

PELL CITY
AL
640

5,137

AURORA
CO
561

5,151

ROME
GA
640

5,175

ALGOOD
TN
640

5,186

GILBERT
AZ
561

5,189

PHOENIX
AZ
561

5,218

SAINT PETERSBURG
FL
561

5,233

WEST VALLEY CITY
UT
555

5,251

CHATTANOOGA
TN
561

5,262

PELHAM
AL
640

5,281

WOODBRIDGE
NJ
251

5,295

FARMINGDALE
NY
251

5,320

GREENSBORO
NC
561

5,326

OCALA
FL
404

5,330

PHOENIX
AZ
561

5,352

BATAVIA
IL
465

5,404

GLENWOOD
IL
360

5,419

HERNANDO
MS
535

5,450

NORTH EAST
MD
400

5,480

ROUND ROCK
TX
561

5,481

CHARLOTTE
NC
640