EXHIBIT 10.54

THIRD AMENDMENT TO CREDIT AGREEMENT

This THIRD AMENDMENT TO CREDIT AGREEMENT (this “Third Amendment”) is entered
into and effective as of August 28, 2012 (the “Third Amendment Effective Date”),
and is by and among: (i) CPI Corp., a Delaware corporation (the “Borrower” also
referred to herein as the “Company”); (ii) Consumer Programs Incorporated, a
Missouri corporation (“CPI Inc.”), CPI Canadian Holdings, Inc., a Delaware
corporation (“CPI Canada”), CPI Images, L.L.C., a Missouri limited liability
company (“Images”), CPI International Holdings, Inc., a Delaware corporation
(“CPI International”), Texas Portraits L.P., a Delaware limited partnership
(“Texas”), Centrics Technology, Inc., a Delaware corporation (“Centrics”), and
Image Source Inc., a Missouri corporation (“ISI,” and, with CP Inc., CPI Canada,
Images, CPI International, Texas and Centrics, each an “Original Guarantor” and,
collectively, the “Original Guarantors”); (iii) Bella Pictures Holdings, LLC, a
Delaware limited liability company (“Bella”), and Sandy Realty Holdings, LLC, a
Missouri limited liability company (“Sandy” and, with Bella, each an “Additional
Guarantor” and, collectively, the “Additional Guarantors”); (iv) Bank of
America, N.A., as Administrative Agent (the “Administrative Agent”) for the
various financial institution parties identified as Lenders in the Credit
Agreement (collectively, the “Lenders”); and (v) each of the Lenders signatory
hereto. The Borrower, the Original Guarantors and the Additional Guarantors are
collectively referred to herein as the “Obligors”.

Recitals:

A.
The Administrative Agent, the Lenders and the Company are parties to that
certain Credit Agreement dated as of August 30, 2010, as amended by that certain
First Amendment to Credit Agreement dated December 16, 2011 (the “First
Amendment”), as further amended by that certain Forbearance Agreement dated May
18, 2012 (the “Forbearance Agreement”), and as further amended by that certain
Second Amendment to Credit Agreement dated as of June 6, 2012 (“Second
Amendment”, and collectively with the above, the “Credit Agreement”). The
Company and the Original Guarantors executed and delivered that certain Guaranty
and Collateral Agreement dated as of August 30, 2010 (the “Guaranty/Collateral
Agreement”), pursuant to which, among other things, the Original Guarantors
guaranteed the Company’s payment and performance of its obligations under the
Credit Agreement and the Company and the Original Guarantors granted
Administrative Agent a security interest in the Collateral (as defined therein).
The Additional Guarantors executed and delivered a Joinder Agreement to the
Guaranty/Collateral Agreement dated as of May 23, 2012, pursuant to which the
Additional Guarantors assumed, jointly and severally with the Original
Guarantors, all of the obligations of the Company and the Original Guarantors
arising under the Guaranty/Collateral Agreement.

B.
The Administrative Agent and each Lender have agreed with the Obligors to make
certain other amendments to the Credit Agreement, subject to the terms and
conditions contained in this Third Amendment.

Agreement

Therefore, in consideration of the mutual agreements herein and other sufficient
consideration, the receipt of which is hereby acknowledged, the Obligors, the
Administrative Agent and the undersigned Lenders hereby agree as follows:

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1.
Definitions. Capitalized terms used and not otherwise defined herein have the
meanings given them in the Credit Agreement. The terms “Credit Agreement” and
“Agreement” shall mean the Credit Agreement, as amended by the First Amendment,
the Forbearance Agreement, the Second Amendment, and this Third Amendment.

2.
Amendments to Credit Agreement. Effective as of the Third Amendment Effective
Date, the Credit Agreement is hereby further amended as follows:

2.1
Amended Definitions. The following definition in Section 1.1 of the Credit
Agreement is amended and restated in its entirety as follows:

Agreement. The definition of “Agreement” as set forth in the preamble to the
Credit Agreement is amended to specifically include (i) the First Amendment to
Credit Agreement dated as of December 16, 2011, entered into between the Company
and the Administrative Agent, on its own behalf and on behalf of the Lenders,
(ii) the Forbearance Agreement dated as of May 18, 2012, entered into among the
Company, several of the Loan Parties, the Administrative Agent and the Lenders,
(iii) the Second Amendment to Credit Agreement dated as of June 6, 2012, entered
into among the Company, several of the Loan Parties, the Administrative Agent
and the Lenders, and (iv) the Third Amendment to Credit Agreement dated as of
August 28, 2012, entered into among the Company, several of the Loan Parties,
the Administrative Agent and the Lenders, as such may be further amended,
modified, supplemented, and replaced and/or restated from time to time.

2.2
Supplemental Definitions. Section 1.1 of the Credit Agreement is supplemented by
the addition of the following definitions:

2.2.1
“Third Amendment” means that certain Third Amendment to Credit Agreement dated
as of August 28, 2012, among the Obligors (as defined in the Third Amendment),
the Lenders, and the Administrative Agent.

2.2.2
“Third Amendment Effective Date” means the date upon which all conditions
precedent to the effectiveness of the Third Amendment have been satisfied or
waived in accordance with the terms of the Third Amendment.

2.3
Amended Provisions. The following provisions of the Credit Agreement are amended
as follows:

2.3.1
Section 6.1.3 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“6.1.3
Permanent Reduction of the Revolving Commitment. The Revolving Commitment shall
be permanently reduced on a dollar-for-dollar basis by the amount of all
Designated Proceeds paid in accordance with Section 6.2.2 (other than Designated
Proceeds from the sale of the Matthews Property and the St. Louis Property and
Designated Proceeds paid in accordance with Section 6.2.2.(a)(vi)); provided,
however, that if the Charlotte Property is sold in accordance with this Credit
Agreement and the applicable Designated Proceeds are paid to the Lenders in
accordance with Section 6.2.2 prior to December 1, 2012, Administrative Agent
and the Lenders agree that the corresponding permanent

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reduction in the Revolving Commitment shall be deferred until December 1, 2012.”

2.3.2
Section 6.2.2(d) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“(d) Within 15 Business Days after the end of Period 10, Company shall make a
cash principal payment towards the repayment of the PIK Obligations in an amount
equal to EBITDA for the immediately preceding Fiscal Quarter in excess of one
hundred five percent (105%) of EBITDA for such Fiscal Quarter set forth in the
May 25, 2012 presentation made by The Keystone Group to the Lenders (the
“Quarterly PIK Principal Payment Amount”). All payments with respect to the PIK
Obligations shall be applied in accordance with the Lenders’ Applicable
Percentages. Any previously stated obligation of the Company to make a Quarterly
PIK Principal Payment Amount after the end of Period 6 is hereby waived in
consideration for the agreements set forth in the Third Amendment.”

3.
Representations and Warranties. Each Obligor represents on its behalf, and on
behalf of each other Loan Party, to the Administrative Agent and the Lenders as
of the date hereof that: (i) such Obligor’s execution of this Third Amendment
has been duly authorized by all requisite action of such Obligor; (ii) no
consents are necessary from any third parties for such Obligor’s execution,
delivery or performance of this Third Amendment; (iii) this Third Amendment, the
Agreement, and each of the other Loan Documents constitute the legal, valid and
binding obligations of such Obligor enforceable against such Obligor in
accordance with their terms, except to the extent that the enforceability
thereof may be limited by bankruptcy, insolvency or other laws affecting the
enforceability of creditors rights generally or by equity principles of general
application; (iv) except as previously disclosed to Administrative Agent in
writing or disclosed on amended schedules to the Credit Agreement and the
Guaranty/Collateral Agreement attached to this Third Amendment as Exhibit A and
except with respect to the representations and warranties contained in Sections
9.5 and 9.14 of the Agreement and in Sections 5(iv), (v) and (vi) of the First
Amendment, all of the representations and warranties contained in Section 9 of
the Agreement, in Section 5 of the First Amendment, in Section 7 of the
Forbearance Agreement, and in Section 4 of the Second Amendment are true and
correct in all material respects with the same force and effect as if made on
and as of the date of this Third Amendment except to the extent such
representations and warranties expressly by their terms relate only to an
earlier date; (v) after giving effect to this Third Amendment, there is no
Unmatured Event of Default or Event of Default; and (vi) since the date of the
Forbearance Agreement, there has been no event or occurrence that would
reasonably be likely to give rise to a Material Adverse Effect. Company hereby
further represents and warrants that it has disclosed to Administrative Agent
and the Lenders all material facts and circumstances relating to the Loan
Parties’ business, assets, liabilities, properties, condition (financial or
otherwise), results of operations or prospects of the Loan Parties.

4.
Fees and Expenses. Company shall promptly pay all out of pocket fees, costs,
expenses (including, without limitation, fees, costs, and expenses of counsel
and financial advisors) and other amounts owing to Administrative Agent and the
Lenders under the Credit Agreement and the other Loan Documents upon demand,
including, without limitation, all reasonable fees, costs and expenses incurred
by the Administrative Agent and the Lenders in connection with the preparation,
negotiation, execution, and delivery of this Third Amendment.

5.
Conditions Precedent. This Third Amendment shall become effective as of the date
set forth in the

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introductory paragraph to this Third Amendment, but only if on or before 5:00
p.m. Central time on August 30, 2012:

5.1    The Administrative Agent (or its counsel) shall have received:

5.1.1
duly executed counterparts of this Third Amendment that, when taken together,
bear the signature of: (i) each Obligor; (ii) the Administrative Agent, and
(iii) the Lenders; and

5.1.2
all other documents reasonably requested by the Administrative Agent in
connection with the transactions contemplated by this Third Amendment.

5.2
The Company has paid in same day funds all fees and expenses that may be owing
to Administrative Agent and the Lenders pursuant to the Credit Agreement and the
other Loan Documents (including, without limitation, pursuant to Section 4 of
this Third Amendment), any agent fee letter, or other arrangement (as such have
been amended pursuant to any amendments required by the Administrative Agent).

6.
Effect of Amendment. Except as expressly provided for herein, the execution,
delivery and effectiveness of this Third Amendment shall not operate as a waiver
of any right, power or remedy of the Administrative Agent or any Lender under
the Credit Agreement or any of the other Loan Documents, nor constitute a waiver
of any provision of the Credit Agreement, any of the other Loan Documents or any
existing Unmatured Event of Default or Event of Default.

7.
Reaffirmation.

7.1
Each Obligor hereby acknowledges and confirms that as of the date hereof: (i)
the Credit Agreement and the other Loan Documents remain in full force and
effect as amended hereby and shall not be impaired or limited by the execution
and effectiveness of this Third Amendment; (ii) no Obligor nor any other Loan
Party has any defense to its obligations under the Credit Agreement and the
other Loan Documents; and (iii) the Liens of the Administrative Agent under the
Loan Documents secure all the Obligations, are reaffirmed in all respects,
continue in full force and effect, have the same priority as before this Third
Amendment, and are not impaired or extinguished in any respect by this Third
Amendment. Until the Obligations are Paid in Full, each Obligor agrees and
covenants that it is bound by the covenants and agreements set forth in this
Third Amendment, the Credit Agreement, and any other Loan Document and each
Obligor hereby ratifies and confirms the Obligations. This Third Amendment does
not create or constitute, and is not, a novation of the Credit Agreement nor the
other Loan Documents. Each Obligor hereby ratifies and reaffirms all of its
payment and performance obligations, contingent or otherwise, under each Loan
Document.

7.2
Each Original Guarantor and each Additional Guarantor hereby: (i) represents and
warrants that all representations and warranties contained in the
Guaranty/Collateral Agreement are true and correct in all material respects (or,
with respect to any representation or warranty that is itself modified or
qualified by materiality or a “Material Adverse Effect” standard, such
representation and warranty is true in correct in all respects) on and as of the
Third Amendment Effective Date with the same effect as though made on and as of
such date, except to the extent such representations and warranties specifically
refer to an earlier date, in which case such representations and warranties are
true and correct in all material respects (or, with respect to

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any representation or warranty that is itself modified or qualified by
materiality or a “Material Adverse Effect” standard, such representation and
warranty is true in correct in all respects) as of such earlier date; and (ii)
acknowledges and agrees that (A) notwithstanding the conditions to effectiveness
set forth in this Third Amendment, it is not required by the terms of the Credit
Agreement or any other Loan Document to consent to the amendments to the Credit
Agreement effected pursuant to this Third Amendment and (B) nothing in this
Third Amendment, the Credit Agreement, or any other Loan Document shall be
deemed to require the consent of such Guarantor to any future amendments to the
Credit Agreement.

8.
Release. As a material part of the consideration for the Administrative Agent
and the Lenders entering into this Third Amendment, each Obligor (collectively
“Releasor”) agrees as follows (the “Release Provision”):

8.1
Releasor hereby releases and forever discharges Administrative Agent and each
Lender and such parties’ predecessors, successors, assigns, officers, managers,
directors, shareholders, employees, agents, attorneys, consultants,
representatives, parent corporations, subsidiaries, and affiliates (hereinafter
all of the above collectively referred to as “Lender Group”) jointly and
severally from any and all claims, counterclaims, demands, damages, debts,
agreements, covenants, suits, contracts, obligations, liabilities, accounts,
offsets, rights, actions, and causes of action of any nature whatsoever,
including, without limitation, all claims, demands, and causes of action for
contribution and indemnity, whether arising at law or in equity, whether
presently possessed or possessed in the future, whether known or unknown,
whether liability be direct or indirect, liquidated or unliquidated, whether
presently accrued or to accrue hereafter, whether absolute or contingent,
foreseen or unforeseen, and whether or not heretofore asserted, which Releasor
may have or claim to have against any of the Lender Group, in each case to the
extent arising or accruing prior to and including the Third Amendment Effective
Date; provided, however, that Administrative Agent and each Lender shall not be
released hereby from any obligation to pay to Releasor any amounts that Releasor
may have on deposit with Administrative Agent or such Lender, in accordance with
applicable law and the terms of the documents establishing any such deposit
relationship.

8.2
Releasor agrees not to sue any of the Lender Group or in any way assist any
other person or entity in suing any of the Lender Group with respect to any
claim released herein. The Release Provision may be pleaded as a full and
complete defense to, and may be used as the basis for an injunction against, any
action, suit, or other proceeding which may be instituted, prosecuted, or
attempted in breach of the release contained herein.

8.3
Releasor is the sole owner of the claims released by the Release Provision, and
Releasor has not heretofore conveyed or assigned any interest in any such claims
to any other person or entity.

8.4
Releasor understands that the Release Provision was a material consideration in
the agreement of Administrative Agent and each Lender to enter into this Third
Amendment.

8.5
It is the express intent of Releasor that the release and discharge set forth in
the Release Provision be construed as broadly as possible in favor of the Lender
Group so as to foreclose forever the assertion by Releasor of any claims
released hereby against any of the Lender Group. If any term, provision,
covenant, or condition of the Release Provision is held by a court of competent
jurisdiction to be invalid, illegal, or unenforceable, the remainder of the

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provisions shall remain in full force and effect.

9.
Governing Law. This Third Amendment shall be governed by and construed under the
laws of the State of Missouri without giving effect to choice or conflicts of
law principles thereunder.

10.
Section Titles. The section titles in this Third Amendment are for convenience
of reference only and shall not be construed so as to modify any provisions of
this Third Amendment.

11.
Counterparts; Facsimile Transmissions. This Third Amendment may be executed in
one or more counterparts and on separate counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument. Signatures to this Third Amendment may be given by facsimile or
other electronic transmission, and such signatures shall be fully binding on the
party sending the same.

12.
Patriot Act Notice. Administrative Agent, each Lender and Bank of America, N.A.
(for itself and not on behalf of any other party) hereby notifies each Obligor
and each other Loan Party that, pursuant to the requirements of the USA Patriot
Act, Title III of Pub. L. 107-56, signed into law October 26, 2001 (the “Act”),
it is required to obtain, verify and record information that identifies each
Obligor and each other Loan Party, which information includes the name and
address of each Obligor and each other Loan Party and other information that
will allow the Administrative Agent, such Lender or Bank of America, N.A., as
applicable, to identify the Obligors and each other Loan Party in accordance
with the Act.

13.
Incorporation By Reference. The Administrative Agent, the Lenders and the
Obligors hereby agree that all of the terms of the Loan Documents are
incorporated in and made apart of this Third Amendment by this reference. The
Administrative Agent, the Lenders and the Obligors hereby agree that this Third
Amendment and any other document referred to herein or required to be delivered
hereby is a “Loan Document.”

14.
Statutory Notice - Insurance. UNLESS YOU PROVIDE EVIDENCE OF THE INSURANCE
COVERAGE REQUIRED BY YOUR AGREEMENT WITH US, WE MAY PURCHASE INSURANCE AT YOUR
EXPENSE TO PROTECT OUR INTERESTS IN YOUR COLLATERAL. THIS INSURANCE MAY, BUT
NEED NOT, PROTECT YOUR INTERESTS. THE COVERAGE THAT WE PURCHASE MAY NOT PAY ANY
CLAIM THAT YOU MAKE OR ANY CLAIM THAT IS MADE AGAINST YOU IN CONNECTION WITH THE
COLLATERAL. YOU MAY LATER CANCEL ANY INSURANCE PURCHASED BY US, BUT ONLY AFTER
PROVIDING EVIDENCE THAT YOU HAVE OBTAINED INSURANCE AS REQUIRED BY OUR
AGREEMENT. IF WE PURCHASE INSURANCE FOR THE COLLATERAL, YOU WILL BE RESPONSIBLE
FOR THE COSTS OF THAT INSURANCE, INCLUDING THE INSURANCE PREMIUM, INTEREST AND
ANY OTHER CHARGES WE MAY IMPOSE IN CONNECTION WITH THE PLACEMENT OF THE
INSURANCE, UNTIL THE EFFECTIVE DATE OF THE CANCELLATION OR EXPIRATION OF THE
INSURANCE. THE COSTS OF THE INSURANCE MAY BE ADDED TO YOUR TOTAL OUTSTANDING
BALANCE OR OBLIGATION. THE COSTS OF THE INSURANCE MAY BE MORE THAN THE COST OF
INSURANCE YOU MAY BE ABLE TO OBTAIN ON YOUR OWN.

15.
Statutory Notice - Oral Commitments. Nothing contained in the following notice
shall be deemed to limit or modify the terms of this Third Amendment and the
other Loan Documents:

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ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM
ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT
ARE NOT ENFORCEABLE REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED OR
THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT AND THE LOAN DOCUMENTS. TO
PROTECT THE OBLIGORS AND EACH OTHER LOAN PARTY (COMPANY) AND THE ADMINISTRATIVE
AGENT AND THE LENDERS (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY
AGREEMENTS THE OBLIGORS AND EACH OTHER LOAN PARTY AND ADMINISTRATIVE AGENT AND
THE LENDERS REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS
THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE
MAY LATER AGREE IN WRITING TO MODIFY IT.

The Obligors acknowledge that there are no other agreements between
Administrative Agent, Lenders, Company and the Loan Parties, oral or written,
concerning the subject matter of the Loan Documents, and that all prior
agreements concerning the same subject matter, including any proposal or
commitment letter, are merged into the Loan Documents and thereby extinguished.

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IN WITNESS WHEREOF, this Third Amendment has been duly executed as of the date
first above written.

BORROWER:

CPI CORP., a Delaware corporation

By: _____________________________
Name: ___________________________
Title: ____________________________

GUARANTORS:

CONSUMER PROGRAMS INCORPORATED, a Missouri corporation

By ______________________________
Name: ___________________________
Title: ____________________________

CPI CANADIAN HOLDINGS, INC., a Delaware corporation

By ______________________________
Name: ___________________________
Title: ____________________________

CPI IMAGES, L.L.C., a Missouri limited liability company

By ______________________________
Name: ___________________________
Title: ____________________________

CPI INTERNATIONAL HOLDINGS, INC., a Delaware corporation
By ______________________________
Name: ___________________________
Title: ____________________________

TEXAS PORTRAITS L.P., a Delaware limited partnership

By ______________________________
Name: ___________________________
Title: ____________________________

CENTRICS TECHNOLOGY, INC., a Delaware corporation

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By ______________________________
Name: ___________________________
Title: ____________________________

IMAGE SOURCE INC., a Missouri corporation

By ______________________________
Name: ___________________________
Title: ____________________________

BELLA PICTURES HOLDINGS, LLC, a Delaware limited liability company

By ______________________________
Name: ___________________________
Title: ____________________________

SANDY REALTY HOLDINGS, LLC, a Missouri limited liability company

By ______________________________
Name: ___________________________
Title: ____________________________

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BANK OF AMERICA, N.A., as Administrative Agent for the various financial
institution parties identified as Lenders,

By ______________________________
Name: ___________________________
Title: ____________________________

BANK OF AMERICA, N.A., as Issuing Lender and as a Lender,

By ______________________________
Name: ___________________________
Title: ____________________________

ASSOCIATED BANK, N.A., as a Lender
By ______________________________
Name: ___________________________
Title: ____________________________

FIFTH THIRD BANK, as a Lender
By ______________________________
Name: ___________________________
Title: ____________________________

THE PRIVATEBANK AND TRUST COMPANY, as a Lender
By ______________________________
Name: ___________________________
Title: ____________________________

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Exhibit A

Amended Schedules to Credit Agreement and Guaranty/Collateral Agreement

None.