----

----

| Delaware(State      or other jurisdiction of incorporation or organization) 1706      Washington Ave., St. Louis, Missouri(Address      of principal executive offices) | 43-1256674(I.R.S.      Employer Identification No.) 63103(Zip      Code) |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|

|  Title of each classCommon Stock, par value $0.40 per      share |  Name of each exchange on which      registeredNew York Stock      Exchange |
|-----------------------------------------------------------------------|----------------------------------------------------------------------------------|

----

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|           |   |                                                                                |
|----------------|--------|-------------------------------------------------------------------------------------|
| PART      II.  |   |                                                                                |   | PAGE  |
|           |   |                                                                                |   |   |
| Item      5.   |   | Market      for Registrant's Common Equity, Related Stockholders Matters            |   |   |
|           |   | and      Issuer Purchases of Equity Security                                   |   | 3 |
|           |   |                                                                                |   |   |
| PART      III. |   |                                                                                |   |   |
|           |   |                                                                                |   |   |
| Item 10.       |   | Directors,      Executive Officers and Corporate Governance                         |   | 4 |
|           |   |                                                                                |
| Item 11.       |   | Executive      Compensation                                                         |   | 6 |
|           |   |                                                                                |
| Item 12.       |   | Security      Ownership of Certain Beneficial Owners and Management                 |   |   |
|           |   | Related      Stockholder Matters                                                    |   |  18 |
|           |   |                                                                                |
| Item 13.       |   | Certain      Relationships and Related Transactions, and Director      Independence |   | 20 |
|           |   |                                                                                |
| Item 14.       |   | Principal      Accounting Fees and Services                                         |   | 20 |
|           |   |                                                                                |
| PART      IV.  |   |                                                                                |
|           |   |                                                                                |
| Item 15.       |   | Exhibits      and Financial Statement Schedules                                     |   | 21 |
|           |   | Signatures                                                                          |   | 26 |

PART II.

Item 

|              |   | 2004   |   |   | 2005   |   |   | 2006   |   |   | 2007   |   |   | 2008   |   |   | 2009   |   |
|-------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| CPY               |   |   | 100.00 |   |   |   | 72.71  |   |   |   | 90.15  |   |   |   | 266.99 |   |   |   | 103.80 |   |   |   | 39.59 |   |
| S&P      500  |   |   | 100.00 |   |   |   | 106.14 |   |   |   | 117.03 |   |   |   | 133.78 |   |   |   | 130.83 |   |   |   | 81.03 |   |
| Russell      2000 |   |   | 100.00 |   |   |   | 108.68 |   |   |   | 129.10 |   |   |   | 142.53 |   |   |   | 128.76 |   |   |   | 81.80 |   |
|              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

Item 10

| Name                 | Principal      Occupation, Business Experience and Directorships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| James      J. Abel   | Mr.      Abel, age 63, served as President and Chief Executive Officer of Financial      Executives International (FEI) from May 2008 to February 2009. FEI is the      preeminent organization representing senior financial executives in      dealing with the regulatory agencies involved with corporate financial      reporting and internal controls.  Mr. Abel retired on December      31, 2007 from positions of Executive Vice President, Secretary, Treasurer      and Chief Financial Officer of The Lamson & Sessions Co., a      diversified manufacturer and distributor of a broad line of thermoplastic      electrical, consumer, telecommunications and engineered sewer products for      major domestic markets.  Mr. Abel served as an executive officer      of The Lamson & Sessions Co. from December 1990 and a director from      2000 until his retirement.  Mr. Abel received a B.S. from Purdue      University and an MBA from St. John’s University (N.Y.).                                                                                                                                                                                                                                           |
| Peter      Feld      | Mr.      Feld, age 30, is a Managing Director of Ramius LLC, a position he has held      since November 2008.  Prior to becoming a Managing Director, Mr.      Feld served as a Director at Ramius LLC beginning in February      2007.  Mr. Feld joined Ramius as an Associate in February      2005.  From June 2001 to July 2004 Mr. Feld was an      investment-banking analyst at Bank of America Securities, LLC, the      investment-banking arm of Bank of America Corporation, a bank and      financial holding company.  Mr. Feld served on the Board of      Directors of The Sharper Image Corporation (NASD: SHRPQ), a multi-channel      specialty retailer, from August 2007 until January 2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Michael      Glazer  | Mr.      Glazer, age 61, has served as Managing Director of Team Neu, a private      equity investment firm, located in Pittsfield, MA since August      2005.  From May 1996 until August 2005, he served as President      and Chief Executive Officer of KB Toys, Inc.  He has served as      director of Stage Stores (NYSE: SSI) since 2001.  Mr. Glazer      received a B.A. from the University of California – Berkley and an MBA      from Columbia University.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Michael      Koeneke | Mr.      Koeneke, age 62, is a Managing Member of Knightspoint Partners LLC, a firm      which he co-founded in March 2003 that is engaged in the business of      acquiring, holding or disposing of investments in various      companies.  He served as a member of the Board of Directors of      Ashworth, Inc., a golf apparel company formerly listed on Nasdaq, from      2008 to 2009 and served on the Board of Directors of the Sharper Image      Corporation, a multi-channel specialty retailer formerly listed on Nasdaq,      from 2006 until May 2008.  From 1997 through 2002, Mr. Koeneke      was the Co-Head and then the Chairman of Global Mergers and Acquisitions      at Merrill Lynch & Co., Inc.  Mr. Koeneke received a B.A.      from the University of Michigan and an MBA from the Harvard Business      School.                                                                                                                                                                                                                                                                                                                                                                                                  |
| David      Meyer     | Mr.      Meyer, age 40, has served as Chairman of the Board since April      2004.  From October 2004 until August 2005, he served in the      Company’s interim Office of the Chief Executive.  Since 2003,      Mr. Meyer has served as a Managing Member of Knightspoint Partners LLC, a      firm which he co-founded, that is engaged in the business of acquiring,      holding or disposing of investments in various companies.  From      1995 to 2002, Mr. Meyer served in various capacities in the investment      banking department of Credit Suisse First Boston, including as a director      in the Mergers and Acquisitions and Global Industrial and Services Groups      in the firm’s London office.  From 2007 to 2008, Mr. Meyer      served as Chairman of the Board of Directors of Ashworth, Inc, a golf      apparel company formerly listed on Nasdaq.  From 2006 to 2007,      Mr. Meyer served as Chairman of the Compensation Committee of the Board of      Directors of the Sharper Image Corporation, a multi-channel specialty      retailer formerly listed on Nasdaq.  Mr. Meyer received a B.S.E.      from Princeton University and an MBA from StanfordUniversity.  |
| Turner      White    | Since      May 2004, Mr. White, age 60, has served as owner of White and Company,      LLC, a consulting and investment firm located in Kansas City, Missouri,      and as visiting assistant professor of management, Helzberg School of      Management, Rockhurst University in Kansas City, Missouri.  From      May 2000 to May 2004, Mr. White served as President and Chief Executive      Officer of Union Station Kansas City, Inc.  He was a Vice      President and East region general manager of Cell Net Data Systems, an      investor-owned data management and metering supplier to the electric      energy industry, from September 1998 through February 2000. From June 1989      to September 1998, Mr. White was Executive Vice President, Corporate      Development, of Kansas City Power & Light Company.  Mr.      White received a B.A. from Colorado College and an MBA from Rockhurst      University.                                                                                                                                                                                                                                                                                                                   |

| Renato      Cataldo     | President      and Chief Executive Officer.  Dr. Cataldo, age 49, joined the      Company as its Chief Operating Officer in July 2005 after serving as a      consultant to the Company since August 2004.  Effective October      10, 2006, he was appointed President and Chief Executive Officer of the      Company.  From 1998 until his resignation in August 2004, he      served as Chief Executive Officer and Chief Technology Officer of Publicis      eHealth Solutions, a division of the Publicis Groupe, S.A., an      international communications company.                                                                                                                                                                                                                                                                                                   |
|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Thomas      Gallahue    | Executive      Vice President, Operations.  Mr. Gallahue, age 58, joined the      Company in April 2002 in the position of Vice President, Sales Development      and Operations and was appointed to his current position in November      2002.  Prior to joining CPI, Mr. Gallahue enjoyed a thirty-year      career with Sears, Roebuck & Co. where he held various positions,      including Store Manager, Region Product Service Manager, Director of Sales      Development for Home Appliances and District General Manager.                                                                                                                                                                                                                                                                                                                                               |
| Dale      Heins         | Senior      Vice President, Finance, Chief Financial Officer and Treasurer of the      Company.  Mr. Heins, age 46, was promoted to his current      position in April 2008.  From July 2005 until April 2008, Mr.      Heins served as Vice President, Corporate Controller, Principal Accounting      Officer and Assistant Treasurer, after serving the Company in various      other financial positions since 1987.                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Keith      Laakko       | Chief      Marketing Officer.  Mr. Laakko, age 43, joined the Company in      his current position in January 2006.  He served as Category      Marketing Director for Consumer Controls Brands of Spectrum Brands from      2004 until he joined CPI.  From 2000 until 2004, Mr. Laakko held      marketing positions with Eastman Kodak Company, including Director of New      Business Development, Business to Business, and Director of Corporate      Branding from 2003 to 2004, Director of Global Brand Communication from      2001 to 2003 and Marketing Director, Strategic Web Partnerships and Online      Community from 2000 to 2001.  He has also held marketing      positions with The Coca-Cola Company, Hasbro Toys and Mattel.                                                                                                               |
| James      Mills        | Executive      Vice President, Field Operations.  Mr. Mills, age 44, joined the      Company in September 2008, following a distinguished career with      RadioShack Corporation that spanned more than twenty years.  His      most recent responsibilities with RadioShack, leading consumer electronics      retailer, included Vice President – Wholesale Channels (2007-2008), with      responsibility for coordinating and implementing the overall strategy for      RadioShack Franchise, Franchise International, Retail Solutions Kiosks,      Direct Sales and provided executive oversight for RadioShack      de’Mexico.  In 2006, Mr. Mills served as Vice President of      RadioShack Segmentation and Vice President of Visual Merchandising, and,      from 2004 to 2005, he was Vice President of the Southeast Region for      RadioShack.  |
| Jane      Nelson        | General      Counsel and Corporate Secretary.  Ms. Nelson, age 59, joined the      Company in 1988 as Assistant General Counsel and subsequently served as      Associate General Counsel and Assistant Secretary.  She was      promoted to her current position in 1993.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Rose      O’Brien | Vice President,      Finance/Controller and Principal Accounting Officer.  Ms. O'Brien,      age 48, joined the Company in August 2005 as Assistant Controller and was      promoted to her current position in April 2008.  Prior to joining the      Company, Ms. O'Brien was the Director of Special Projects at Instituform,      Inc., a provider of trenchless technology from September 2004 until July      2005.  She was the Controller at Growing Family, Inc., a baby      portrait photography company fom November 2000 until September 2004.       Prior to that, Ms. O'Brien held financial management positions with both      public and privately held companies in the St. Louis area.  Ms.      O'Brien      also served for seven years in the Audit Department of Price      Waterhouse.                                                                    |
| Richard      Tarpley    | Executive Vice      President, Manufacturing.  Mr. Tarpley, age 63, has served as      Executive Vice President, Manufacutring since 1995.  Since joining      the Company as Cost Control supervisor in 1970, he has held other      positions within the manufacturingdepartment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

Item 11.

| ●  | Exceptional      individual and team performance should be recognized and rewarded (and      thereby encouraged) at all levels of the  organization. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●  | Rewards      should be tied to the creation of stockholder value and its underlying      drivers. |
|---------------|---------------------------------------------------------------------------------------------------|

| Name      and Principal Position                                                                           |  Year                                     |  Salary      ($) | Bonus      ($) |  Stock      Awards ($)      (1) |  OptionAwards ($) (2) |    | Non-Equity      Incentive Plan Compensation ($) (3) |            | Change      in Pension Value and Nonqualified Deferred Compensation Earnings      ($)      (4) |   | All      Other Compensation ($) (5) |     |  Total      ($) |
|------------------------------------------------------------------------------------------------------------|------------------------------------------------|-----------------------|----------------|--------------------------------------|----------------------------|---------|-----------------------------------------------------|-----------------|------------------------------------------------------------------------------------------------|--------|-------------------------------------|----------|----------------------|
|                                                                                                       |                                           |                  |           |                                 |                       |    |                                                |            |                                                                                           |   |                                |     |                 |   |   |   |   |   |   |   |   |   |
| Renato      Cataldo                                                                                        |                                           |                  |           |                                 |                       |    |                                                |            |                                                                                           |   |                                |     |                 |   |   |   |   |   |   |   |   |   |
|                President and Chief      Executive Officer (6) |  2008                                     |                  | $              |  484,135                        |                       | $       | -                                                   |            |                                                                                           | $      | 27,113                              | (7       | )               | $ | 23,666 |   | $ | 21,250 |   | $ | - |   | $ | 2,879 |   |   | $ | 559,043 |   |
|                                                                                                       |  2007                                     |                  | $              | 385,000                              |                       | $       | -                                                   |            |                                                                                           | $      | 182,997                             | (8       | )                    | $ | - |   | $ | 35,000 |   | $ | - |   | $ | 4,999 |   |   | $ | 607,996 |   |
|                                                                                                       |  2006                                     |                  | $              | 275,000                              |                       | $       |  -                                             |            |                                                                                           | $      | 180,657                             | (9       | )                    | $ | - |   | $ | 150,000 |   | $ | - |   | $ | 6,833 |   |   | $ | 612,490 |   |
| Dale      Heins                                                                                            |                                           |                  |           |                                 |                       |    |                                                |            |                                                                                           |   |                                |     |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                Senior Vice President, Finance,                |            2008            |                  | $              | 228,806                              |                       | $       |  -                                             |            |                                                                                           | $      | 13,556                              | (7       | )               | $ | 11,833 |   | $ | 17,500 |   | $ | - |   | $ | 3,149 |   |   | $ | 274,844 |   |
|                Chief Financial Officer and Treasurer (10)     |  2007                                     |                  | $              | 163,654                              |                       | $  |  -                                             |            |                                                                                           | $      | 90,247                              | (8       | )               | $ | - |   | $ | 17,500 |   | $ | - |   | $ | 4,265 |   |   | $ | 275,666 |   |
|                                                                                                       |             2006 |                  | $              | 150,000                              |                       | $       |  -                                             |            |                                                                                           | $      | 18,935                              | (9       | )               | $ | - |   | $ | 40,000 |   | $ | - |   | $ | 3,586 |   |   | $ | 212,521 |   |
|                                                                                                       |                                           |                  |           |                                 |                       |    |                                                |            |                                                                                           |   |                                |     |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gary      Douglass                                                                                         |                                           |                  |           |                                 |                       |    |                                                |            |                                                                                           |   |                                |     |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                Executive Vice President, Finance,             |             2008 |                  | $              | 79,212                               |                       | $       | -                                                   |            |                                                                                           | $      | 23,242                              |     |                 | $ |  - |   | $ | - |   | $ | - |   | $ | 400,318 |  (11) |   | $ | 502,772 |   |
|           Chief      Financial Officer and Treasurer (10)     | 2007                                           |                  | $              | 275,000                              |                       | $       | -                                                   |            |                                                                                           | $      | 200,496                             | (8       | )                    | $ | - |   | $ | 30,000 |   | $ | 15,717 |   | $ | 5,513 |   |   | $ | 526,726 |   |
|                                                                                                            | 2006                                           |                  | $              | 275,000                              |                       | $       | -                                                   |            |                                                                                           | $      | -                                   | (9       | )                    | $ | - |   | $ | 100,000 |   | $ | 11,289 |   | $ | 3,151 |   |   | $ | 389,440 |   |
|                                                                                                       |                                           |                  |           |                                 |                       |    |                                                |            |                                                                                           |   |                                |     |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Thomas      Gallahue                                                                                  |                                           |                  |           |                                 |                       |    |                                                |            |                                                                                           |   |                                |     |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|           Executive      Vice President, Operations      |             2008 |                  | $              | 305,770                              |                       | $       | -                                                   |            |                                                                                           | $      | 23,242                              |  (7 | )               | $ | 9,149 |   | $ | 17,500 |   | $ | - |   | $ | 4,837 |   |   | $ | 360,498 |   |
|                                                                                                       | 2007                                           |                  | $              | 220,721                              |                       | $       | -                                                   |            |                                                                                           | $      | 29,933                              | (8       | )                    | $ | - |   | $ | 30,000 |   | $ | 638 |   | $ | 3,754 |   |   | $ | 285,046 |   |
|                                                | 2006                                           |                  | $              | 151,779                              |                       | $       | 100,000                                             |   (12 | )                                                                                         | $      | 39,478                              | (13      | )                    | $ | 71,280 |  (13) | $ | 30,000 |   | $ | 477 |   | $ | 3,529 |   |   | $ | 396,543 |   |
| Keith      Laakko                                                                                          |                                           |                  |           |                                 |                       |    |                                                |            |                                                                                           |   |                                |     |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|           Chief      Marketing Officer                   |             2008 |                  | $              | 203,846                              |                       | $       | -                                                   |            |                                                                                           | $      | 25,490                              | (7       | )               | $ | 9,466 |   | $ |  15,000 |   | $ | - |   | $ | 2,853 |   |   | $ | 256,655 |   |
|                                                                                                            | 2007                                           |                  | $              | 175,000                              |                       | $       | -                                                   |            |                                                                                           | $      | 34,951                              |     |                 | $ | - |   | $ | 20,000 |   | $ | - |   | $ | 4,729 |   |   | $ | 234,680 |   |
|                                                | 2006                                           |                  | $              | 175,000                              |                       | $       | -                                                   |            |                                                                                           | $      | 60,015                              |     |                 | $ | - |   | $ | 25,000 |   | $ | - |   | $ | 2,366 |   |   | $ | 262,381 |   |
| Jane      Nelson                                                                                           |                                           |                  |           |                                 |                       |    |                                                |            |                                                                                           |   |                                |     |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|           General      Counsel and Secretary             |             2008      |                  | $              | 211,615                              |                       | $       | -                                                   |            |                                                                                           | $      | 15,484                              | (7       | )               | $ | 9,466 |   | $ |  15,000 |   | $ | - |   | $ | 379,162 |  (11) |   | $ | 630,727 |   |
|                                                                                                            | 2007                                           |                  | $              | 210,000                              |                       | $       | -                                                   |            |                                                                                           | $      | 50,113                              | (8       | )                    | $ | - |   | $ | 20,000 |   | $ | 63,821 |   | $ | 5,015 |   |   | $ | 348,949 |   |
|                                                                                                       | 2006                                           |                  | $              | 195,000                              |                       | $       | -                                                   |            |                                                                                           | $      | -                                   |  (9 | )               | $ | - |   | $ | 25,000 |   | $ | 22,183 |   | $ | 6,011 |   |   | $ | 248,194 |   |

| (1)   | Stock      awards issued under the CPI Performance Plan.  See Note 13 in      the Company’s Annual Report to the Securities and Exchange Commission on      Form 10-K for the fiscal year ended February 7, 2009, for discussion of      valuation methods related to stock awards.  Dividends are earned      on restricted stock not yet vested.  Such dividends are included      in All Other Compensation as they are earned.  2007 Stock Awards      column also includes $100,718 awarded to Mr. Douglass, $50,336 awarded to      Mr. Heins and $25,168 awarded to Ms. Nelson as a special bonus for their      roles in the completion of the acquisition of assets from Portrait      Corporation of America, Inc. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Under      the CPI Corp. Omnibus Incentive Plan, the Company issued options to the      NEOs in the third quarter of fiscal year 2008 as follows:  Mr.      Cataldo, 50,000; Mr. Gallahue, 17,500; Mr. Heins, 25,000; Mr. Laakko,      20,000; and Ms. Nelson, 20,000.  These options vest in three      equal increments on their anniversary dates, with the exception of Mr.      Gallahue’s options, which vest 7,500 on the first anniversary date and      5,000 both on the second and third anniversary dates.  The first      increment vests on the first anniversary date and is exercisable when the      common stock trades in excess of $25.00 for a minimum of 20 consecutive      trading days, the second increment vests on the second anniversary date      and is exercisable when the common stock trades in excess of $45.00 for a      minimum of 20 consecutive trading days and the third increment vests on      the third anniversary and is exercisable when the common stock trades in      excess of $65.00 for a minimum of 20 consecutive trading      days.  If the target common stock price is met for a minimum of      20 consecutive trading days prior to the vesting schedule, the exercise      dates would be the vesting schedule dates.  See the “Outstanding      Equity Awards at 2008 Fiscal Year End” table for exercise prices and      expiration dates.  Additional disclosure of these options,      including valuation method, is included in Note 13 in the Company’s Annual      Report to the Securities and Exchange Commission on Form 10-K for the      fiscal year ended February 7, 2009. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Value      of cash portion of performance bonus awarded under the CPI Corp. Omnibus      Incentive Plan for the fiscal year listed in the table.  Amounts      are granted and paid in the fiscal year subsequent to the fiscal year for      which the performance relates.  The balance of the bonus was      awarded in restricted stock and is reflected in the Stock Awards      column. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Amounts      relate to actuarial changes in pension values related to the pension plan      and supplemental retirement plan. The table does not include negative      values of $11,551, $520 and $795, in fiscal year 2008, 2007 and 2006,      respectively, for Mr. Heins and $2,814, $2,692 and $74,495 in 2008 for Mr.      Douglass, Mr. Gallahue and Ms. Nelson,  respectively. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Detail      of All Other Compensation follows. |
|-----------------|------------------------------------------------|

| Name                 | Year   |   | Dividends      Paid on Stock not yet vested ($) |   |   | Company401      (k)Contribution      ($) |   |   | Life      Insurance Premiums ($) |   |   | Other      ($) | Total      ($) |   |
|----------------------|--------|--------|-------------------------------------------------|--------|--------|------------------------------------------|--------|--------|----------------------------------|--------|--------|----------------|----------------|--------|
| Renato      Cataldo  | 2008   |   | $                                               | 824    |   |                                     | $      | 1,363  |                             |   | $      | 692            |           |   | $ | - |   |   | $ | 2,879 |   |
|                 | 2007   |   | $                                               | 1,331  |   |                                     | $      | 2,494  |                             |   | $      | 674            |           |   | $ | - |   |   | $ | 4,499 |   |
|                 | 2006   |   | $                                               | 3,682  |   |                                     | $      | 2,087  |                             |   | $      | 1,064          |           |   | $ | - |   |   | $ | 6,833 |   |
|                 |   |   |                                            |   |   |                                     |   |   |                             |   |   |           |           |   |   |   |   |   |   |   |   |
| Dale      Heins      | 2008   |   | $                                               | 412    |   |                                     | $      | 1,363  |                             |   | $      | 414            |           |   | $ | 960 |   |   | $ | 3,149 |   |
|                 | 2007   |   | $                                               | 531    |   |                                     | $      | 2,494  |                             |   | $      | 280            |           |   | $ | 960 |   |   | $ | 4,265 |   |
|                 | 2006   |   | $                                               | 519    |   |                                     | $      | 2,087  |                             |   | $      | 580            |           |   | $ | 400 |   |   | $ | 3,586 |   |
|                 |   |   |                                            |   |   |                                     |   |   |                             |   |   |           |           |   |   |   |   |   |   |   |   |
| Gary      Douglass   | 2008   |   | $                                               | -      |   |                                     | $      | -      |                             |   | $      | 318            |           |   | $ | 400,000 |   | (11) | $ | 400,318 |   |
|                 | 2007   |   | $                                               | 1,239  |   |                                     | $      | 2,494  |                             |   | $      | 1,380          |           |   | $ | 400 |   |   | $ | 5,513 |   |
|                 | 2006   |   | $                                               | -      |   |                                     | $      | 2,087  |                             |   | $      | 1,064          |           |   | $ | - |   |   | $ | 3,151 |   |
|                 |   |   |                                            |   |   |                                     |   |   |                             |   |   |           |           |   |   |   |   |   |   |   |   |
| Thomas      Gallahue | 2008   |   | $                                               | 706    |   |                                     | $      | 1,363  |                             |   | $      | 1,268          |           |   | $ | 1,500 |   |   | $ | 4,837 |   |
|                 | 2007   |   | $                                               | 266    |   |                                     | $      | 2,494  |                             |   | $      | 994            |           |   | $ | - |   |   | $ | 3,754 |   |
|                 | 2006   |   | $                                               | 649    |   |                                     | $      | 2,087  |                             |   | $      | 793            |           |   | $ | - |   |   | $ | 3,529 |   |
|                 |   |   |                                            |   |   |                                     |   |   |                             |   |   |           |           |   |   |   |   |   |   |   |   |
| Keith      Laakko    | 2008   |   | $                                               | 1,147  |   |                                     | $      | 1,363  |                             |   | $      | 343            |           |   | $ | - |   |   | $ | 2,853 |   |
|                 | 2007   |   | $                                               | 1,911  |   |                                     | $      | 2,494  |                             |   | $      | 324            |           |   | $ | - |   |   | $ | 4,729 |   |
|                 | 2006   |   | $                                               | 1,689  |   |                                     | $      | -      |                             |   | $      | 677            |           |   | $ | - |   |   | $ | 2,366 |   |
|                 |   |   |                                            |   |   |                                     |   |   |                             |   |   |           |           |   |   |   |   |   |   |   |   |
| Jane      Nelson     | 2008   |   | $                                               | 470    |   |                                     | $      | 1,363  |                             |   | $      | 2,329          |           |   | $ | 375,000 |   | (11) | $ | 379,162 |   |
|                 | 2007   |   | $                                               | 310    |   |                                     | $      | 2,494  |                             |   | $      | 2,211          |           |   | $ | - |   |   | $ | 5,015 |   |
|                 | 2006   |   | $                                               | -      |   |                                     | $      | 2,087  |                             |   | $      | 3,924          |           |   | $ | - |   |   | $ | 6,011 |   |

| (6)   | Dr.      Cataldo was appointed President and Chief Executive Officer on October 10,      2006. |
|-----------------|------------------------------------------------------------------------------------------------|

| (7)   | The      number of restricted shares awarded to named executive officers for fiscal      year 2008 performance was determined by dividing 50% of the value of their      total bonuses by the closing price of the Company’s common stock at the      end of fiscal year 2008 ($7.14).  The same formula was used for      all other recipients of restricted shares pursuant to the Omnibus      Incentive Plan.  The Compensation Committee selected the closing      price of the Company’s common stock on the last trading day of the fiscal      year because the awards were for fiscal year 2008      performance.  The awards were not made until completion of the      year-end audit of the Company’s financial statements and allocation of the      incentive pool determined upon completion of the audit, which occurred on      April 27, 2009.  The amounts in the table reflect the amount      expensed under FAS 123R in fiscal year2008. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8)   | The      number of restricted shares awarded to the named executive officers for      fiscal year 2007 performance was determined by dividing 50% of the value      of their total bonuses by the closing price of the Company’s common stock      at the end of fiscal year 2007 ($20.40).  The same formula was      used for all other recipients of restricted shares pursuant to the      Performance Plan.  The Compensation Committee selected the      closing price of the Company’s common stock on the last trading day of the      fiscal year because the awards were for fiscal year 2007      performance.  The awards were made on March 5,      2008.  The amounts in the table reflect the amount expensed      under FAS 123R in fiscal year 2007. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9)   | The      number of restricted shares awarded to named executive officers for fiscal      year 2006 performance was determined by dividing 50% of the value of their      total bonuses by the closing price of the Company’s common stock at the      end of fiscal year 2006 ($54.12).  The same formula was used for      all other recipients of restricted shares pursuant to the Performance      Plan.  The Compensation Committee selected the closing price of      the Company’s common stock on the last trading day of the fiscal year      because the awards were for fiscal year 2006 performance.  The      awards were not made until completion of the year-end audit of the      Company’s financial statements and allocation of the incentive pool      determined upon completion of the audit which occurred on April 10,      2007.  The amounts in the table reflect the amount expensed      under FAS 123R in fiscal year 2006. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10)   | Mr.      Douglass resigned as Chief Financial Officer on April 18, 2008, and was      replaced as Chief Financial Officer by Mr. Heins, effective April 19,      2008. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11)   | Previous      employment agreements for Mr. Douglass and Ms. Nelson provided for      supplemental retirement benefits that vested at the rate of 10% for each      year of service.  Mr. Douglass and Ms. Nelson were fully vested      in this plan, but negotiated cash payments of $400,000 and $375,000,      respectively, to settle the Company’s liability with them under this plan      in December 2008. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (12)   | Mr.      Gallahue entered into a retention agreement on January 12, 2006, which was      amended on August 29, 2006 and October 26, 2006.  Pursuant to      his retention agreement, Mr. Gallahue received  $100,000. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (13)   | On      June 7, 2006, the Board of Directors approved the vesting of Mr.      Gallahue’s restricted stock despite his planned retirement, which would      have resulted in forfeiture of unvested shares.  As a result of      this change, his restricted stock was revalued and expense of $15,818 was      recognized in fiscal year 2006.  Additionally, Mr. Gallahue had      15,046 vested options outstanding at the end of fiscal year      2005.  In connection with his retention agreement, the term      available to him to exercise his options was extended and accordingly the      options outstanding were revalued and the Company recognized expense of      $71,280.  Mr. Gallahue subsequently agreed to resume full-time      service for the Company effective February 4,      2007.  Accordingly, his options are subject to the Stock Option      Plan, which allows exercise up to the original expiration date in 2010 or      three months after termination of employment, whichever occurs      earlier.  Additionally, Mr. Gallahue was awarded 1,352 shares      with a value of $23,660 as a 2005 performance bonus which was expensed in      fiscal year 2006. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                 |                              |                           | Estimated      Future Payouts Under Non-Equity Incentive      Plan Awards | Estimated      Future Payouts Under Equity Incentive      Plan Awards |                     |   Grant      Date Fair Value of |
|----------------------|-----------------------------------|--------------------------------|---------------------------------------------------------------------------|-----------------------------------------------------------------------|--------------------------|-------------------------------------------|
|  Name           | Plan      Name                    | Grant      Date       (1) | Threshold      ($)                                                        |  Target      ($)(2)                                              |   Max      ($) |  Threshold      (#)                  |  Target      (#)(3) |  Max      (#) |   |   Stock      and Options Awards ($)(3) |
|                 |                              |                           |                                                                      |                                                                  |                     |                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Renato      Cataldo  | Restricted      Stock Plan (4)    | 3/5/08                         |                                                                      | $                                                                     | -                        |                                      | $ | 35,000 |   | $ | - | - | 1,716 |   | - |   | $ | 27,113 |
|                 | Omnibus Incentive      Plan       | 8/14/08                        |                                                                      | $                                                                |  -                  |                                      | $ | - |   | $ | - | - | 50,000 |   | - |   | $ | 179,501 |
|                 |                              |                           |                                                                      |                                                                  |                     |                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Dale      Heins      | Restricted      Stock Plan (4)    | 3/5/08                         |                                                                      | $                                                                     |  -                  |                                      | $ | 17,500 |   | $ | - | - | 858 |   | - |   |  $ | 13,556 |
|                 | Omnibus Incentive      Plan  | 8/14/08                        |                                                                      | $                                                                |  -                  |                                      | $ | - |   | $ | - | - | 25,000 |   | - |   | $ | 89,751 |
|                 |                              |                           |                                                                      |                                                                  |                     |                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Gary      Douglass   | Restricted      Stock Plan (4)    | 3/5/08                         |                                                                      | $                                                                     |  -                  |                                      | $ | 30,000 |   | $ | - | - | 1,471 | (5) | - |   | $ | 23,242 |
|                 |                              |                           |                                                                      |                                                                  |                     |                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Thomas      Gallahue | Restricted      Stock Plan (4)    | 3/5/08                         |                                                                      | $                                                                     |  -                  |                                      | $ | 30,000 |   | $ | - | - | 1,471 |   | - |   | $ | 23,242 |
|                 | Omnibus Incentive      Plan  | 8/14/08                        |                                                                      | $                                                                |  -                  |                                      | $ | - |   | $ | - | - | 17,500 |   | - |   | $ | 64,505 |
|                 |                              |                           |                                                                      |                                                                  |                     |                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Keith      Laakko    | Restricted      Stock Plan (4)    | 3/5/08                         |                                                                      | $                                                                     |  -                  |                                      | $ | 20,000 |   | $ | - | - | 980 |   | - |   | $ | 15,484 |
|                 | Omnibus Incentive      Plan  | 8/14/08                        |                                                                      | $                                                                |  -                  |                                      | $ | - |   | $ | - | - | 20,000 |   | - |   | $ | 71,801 |
|                 |                              |                           |                                                                      |                                                                  |                     |                                      |   |   |   |   |   |   |   |   |   |   |   |   |
| Jane      Nelson     | Restricted      Stock Plan (4)    | 3/5/08                         |                                                                      | $                                                                     |  -                  |                                      | $ | 20,000 |   | $ | - | - | 980 |   | - |   | $ | 15,484 |
|                 | Omnibus Incentive      Plan  | 8/14/08                        |                                                                      | $                                                                |  -                  |                                      | $ | - |   | $ | - | - | 20,000 |   | - |   | $ | 71,801 |

| (1)   | Restricted      stock plan grants were granted on March 5, 2008, and relate to 2007      service.  Omnibus Incentive Plan grants were granted on August      14, 2008, and relate to stock options awarded pursuant to the Omnibus      Incentive Plan.  See footnote 2 to the “Summary Compensation      Table” for a description of the vesting of stock options awarded pursuant      to the Omnibus Incentive Plan. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Amounts are cash      bonuses for 2007 performance awards under the CPI Corp. Performance Plan      which were granted and paid in fiscal year2008. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Under      the Restricted Stock Plan, the portion of a participant’s incentive      compensation award is calculated by dividing (1) that portion of the      participant’s incentive compensation award payable in restricted shares      for the fiscal year by (2) the fair market value of one share of common      stock measured as of the last day of the fiscal year.  The      restricted shares are subject to restrictions on transferability, as well      as vesting and forfeiture restrictions.  Termination due to      normal retirement (65 or older) results in automatic waiver of the      uncompleted portion of restriction. The shares vest automatically upon a      change of control.  The stock options granted under the Omnibus      Incentive Plan are described in footnote 2 under the Summary Compensation      table set forth above. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Includes      grants made in fiscal year 2008 only.  Incentive plan grants in      fiscal year 2008 relate to fiscal year 2007 service.  All cash      awards and restricted stock granted in fiscal year 2008 was paid or vested      prior to fiscal year 2008 year-end.  Amounts related to 2008      service were granted subsequent to the fiscal year-end and are not      included in this table because such amounts are not allocated until after      the fiscal year-end.  Amounts related to fiscal year 2008      service that are expensed in fiscal year 2009 are included in the Summary      Compensation Table above in the year earned, which includes cash awards,      as indicated in the “Non-Equity Incentive Plan Compensation” column for      fiscal year 2008 and restricted shares, as indicated in the “Stock Awards”      column for fiscal year 2008. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Mr.      Douglass forfeited his 1,471 restricted share awards as of April 18, 2008,      when he resigned as Executive Vice President, Finance, Chief Financial      Officer and Treasurer of theCompany. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                             |  Option      Awards (outstanding at year end)                                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------|
|                                Name |  Number      of Securities Underlying Unexercised Options Exercisable(#) | Equity      Incentive Plan Awards: Number of Securities Underlying Unexercised      Unearned Options (#)(1) | Option Exercise      Price      ($) | Option      Expiration      Date |
| Renato      Cataldo                                                                                                                                              |                                                                               | - |   | 50,000 |   | $ | 13.58 |   |        08/14/18 |   |
| Dale      Heins                                                                                                                                                  |                                                                               | - |   | 25,000 |   | $ | 13.58 |   | 08/14/18 |   |
| Gary      Douglass                                                                                                                                               |                                                                               | - |   | - |   | $ | - |   | - |   |
| Thomas      Gallahue                                                                                                                                             |                                                                               | - |   | 17,500 |   | $ | 13.58 |   | 08/14/18 |   |
|                                                                                                                                                             |                                                                               | 10,046 | (2)  | - |   | $ | 12.96 |   | 10/21/10 |   |
|                                                                                                                                                             |                                                                               | 5,000 |  (2) | - |   | $ | 17.00 |   |  04/15/10 |   |
| Keith      Laakko                                                                                                                                                |                                                                               | - |   | 20,000 |   | $ | 13.58 |   |        08/14/18 |   |
| Jane      Nelson                                                                                                                                                 |                                                                               | - |   | 20,000 |   | $ | 13.58 |   |        08/14/18 |   |

| (1) | With the exception      of Mr. Gallahue, the stock options vest equally in three increments on the      first three anniversary dates after the August 14, 2008 grant date.       Mr. Gallahue's options vest at 7,500 on the first anniversary date and      5,000 on each of the second and third anniversary dates.  See      footnote 2 to the "Summary Compensation Table" for further description of      the vesting of stock options awarded pursuant to the Omnibus Incentive      Plan. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Mr.      Gallahue’s options were scheduled to expire on February 15, 2007, pursuant      to his Retention Agreement.  In fiscal year 2007 Mr. Gallahue      agreed to continue his employment with the Company beyond his planned      retirement.  Accordingly, his options remain exercisable and      will expire in accordance with the terms of the Stock Option      Plan. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                 |  Stock      Awards                            |
|----------------------|----------------------------------------------------|
| Name                 | Number      of Shares Acquired Upon Vesting (#)(1) |  Value      Realized on Vesting ($) |
| Renato      Cataldo  |                                               |   | 1,716 |   |   | $ | 12,252 |   |
| Dale      Heins      |                                               |   | 858 |   |   | $ | 6,126 |   |
| Gary      Douglass   |                                               |   | - |   |   | $ | - |   |
| Thomas      Gallahue |                                               |   | 1,471 |   |   | $ | 10,503 |   |
| Keith      Laakko    |                                               |   | 1,508 |   |   | $ | 10,767 |   |
| Jane      Nelson     |                                               |   | 980 |   |   | $ | 6,997 |   |

| (1)   | Shares      represent restricted stock awarded as part of fiscal year 2007 bonuses,      and, for Mr. Laakko, one fifth of shares awarded upon his joining the      Company. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  Name               |  Plan      Name       |   Number      of Years of Credited Service (#) |  Present      Value of Accumulated Benefits ($) |  Payments      During Last Fiscal Year ($) |
|--------------------------|----------------------------|----------------------------------------------------------|------------------------------------------------------|-------------------------------------------------|
| Renato      Cataldo (1)  |  Retirement      Plan |                                                     | -                                                    |                                            |   | $ | - |   | $ | - |   |
| Dale      Heins (2)      |  Retirement      Plan |                                                     | 17                                                   |                                            |   | $ | 39,079 |   | $ | - |   |
| Gary      Douglass (2)   |  Retirement      Plan |                                                     | 2                                                    |                                            |   | $ | 23,013 |   | $ | - |   |
| Thomas      Gallahue (2) |  Retirement      Plan |                                                     | 2                                                    |                                            |   | $ | 24,799 |   | $ | - |   |
| Keith      Laakko (1)    |  Retirement      Plan |                                                     | -                                                    |                                            |   | $ | - |   | $ | - |   |
| Jane      Nelson (3)     |  Retirement      Plan |                                                     | 16                                                   |                                            |   | $ | 126,474 |   | $ | - |   |

| (1)   | Years      of actual service differ from the years of credited service because the      plan was frozen in 2004 and these employees were not yet      employed.  See description of the retirement plan      below. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Years      of actual service differ from the years of credited service because the      plan was frozen in2004.   |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------|

| (3)   | Employee      is eligible for early retirement.  See descriptions of the      retirement plan and supplemental retirement      plan below. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                               |   | Renato      Cataldo |      |   | Dale      Heins |   |      | Gary      Douglass (1) |   |   | Thomas      Gallahue |   |   | Keith      Laakko |    |   | Jane      Nelson |   |
|------------------------------------|--------|---------------------|-----------|--------|-----------------|--------|-----------|------------------------|--------|--------|----------------------|--------|--------|-------------------|---------|--------|------------------|--------|
|                               |   |                |      |   |            |   |      |                   |   |   |                 |   |   |              |    |   |             |   |
| Termination      with cause        |   |                |      |   |            |   |      |                   |   |   |                 |   |   |              |    |   |             |   |
| Pension      (2)                   |   | $                   | -         |   |            | $      | 39,079    |                   |   | $      | -                    |   |   | $                 | 24,799  |   |             | $      | - |   |   | $ | 126,474 |   |
|                               |   |                |      |   |            |   |      |                   |   |   |                 |   |   |              |    |   |             |   |   |   |   |   |   |   |
| Termination      without cause (3) |   |                |      |   |            |   |      |                   |   |   |                 |   |   |              |    |   |             |   |   |   |   |   |   |   |
| Salary                             |   | $                   | 475,000   |   |            | $      | 235,000   |                   |   | $      | -                    |   |   | $                 | 300,000 |   |             | $      | 200,000 |   |   | $ | 210,000 |   |
| Pension      (2)                   |   |                | -         |   |            |   | 39,079    |                   |   |   | -                    |   |   |              | 24,799  |   |             |   | - |   |   |   | 126,474 |   |
| Total                              |   | $                   | 475,000   |   |            | $      | 274,079   |                   |   | $      | -                    |   |   | $                 | 324,799 |   |             | $      | 200,000 |   |   | $ | 336,474 |   |
|                               |   |                |      |   |            |   |      |                   |   |   |                 |   |   |              |    |   |             |   |   |   |   |   |   |   |
| Retirement      or resignation     |   |                |      |   |            |   |      |                   |   |   |                 |   |   |              |    |   |             |   |   |   |   |   |   |   |
| Pension      (2)                   |   | $                   | -         |   |            | $      | 39,079    |                   |   | $      | -                    |   |   | $                 | 24,799  |   |             | $      | - |   |   | $ | 126,474 |   |
|                               |   |                |      |   |            |   |      |                   |   |   |                 |   |   |              |    |   |             |   |   |   |   |   |   |   |
| Death                              |   |                |      |   |            |   |      |                   |   |   |                 |   |   |              |    |   |             |   |   |   |   |   |   |   |
| Pension      (2)                   |   | $                   | -         |   |            | $      | 19,540    |                   |   | $      | -                    |   |   | $                 | 12,400  |   |             | $      | - |   |   | $ | 63,237 |   |
| Life      insurance                |   |                | 650,000   |   |            |   | 470,000   |                   |   |   | -                    |   |   |              | 600,000 |   |             |   | 400,000 |   |   |   | 420,000 |   |
| Total                              |   | $                   | 650,000   |   |            | $      | 489,540   |                   |   | $      | -                    |   |   | $                 | 612,400 |   |             | $      | 400,000 |   |   | $ | 483,237 |   |
|                               |   |                |      |   |            |   |      |                   |   |   |                 |   |   |              |    |   |             |   |   |   |   |   |   |   |
| Disability                         |   |                |      |   |            |   |      |                   |   |   |                 |   |   |              |    |   |             |   |   |   |   |   |   |   |
| Disability      benefits (4)       |   | $                   | 1,346,257 |   |            | $      | 1,331,808 |                   |   | $      | -                    |   |   | $                 | 710,824 |   |             | $      | 1,383,707 |   |   | $ | 640,570 |   |
| Pension      (2)                   |   |                | -         |   |            |   | 39,079    |                   |   |   | -                    |   |   |              | 24,799  |   |             |   | - |   |   |   | 126,474 |   |
| Total                              |   | $                   | 1,346,257 |   |            | $      | 1,370,887 |                   |   | $      | -                    |   |   | $                 | 735,623 |   |             | $      | 1,383,707 |   |   | $ | 767,044 |   |
|                               |   |                |      |   |            |   |      |                   |   |   |                 |   |   |              |    |   |             |   |   |   |   |   |   |   |

| (1)   | Mr.      Douglass resigned as Chief Financial Officer as of April 18, 2008, and      therefore, has no future payments. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

| (2)   | Retirement      is the voluntary or involuntary termination of employment except for death      or permanent disability before attaining age 65.  Employees who      reach age 55 and have 15 years of service may elect early retirement      benefits.  Retirement benefits are payable monthly for      life.  Options to cover spouses are available for a reduced      benefit.  If an employee dies prior to retirement age, his or      her spouse is entitled to 50% of his benefits at the employee’s retirement      age.  If an employee terminates prior to retirement age, he or      she can apply for vested pension benefits once they reach retirement      age. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Termination      for cause is triggered by an act in bad faith and to the detriment of the      Company, refusal or failure to act in substantial accordance with any      written material direction or order of the Company, repeated unfitness or      unavailability for service, disregard of the Company’s rules or policies      after reasonable notice and opportunity to cure, conviction of a crime      involving dishonesty, breach of trust or physical or emotional harm to any      person, breach of the employment agreement or other contractual obligation      to the Company.  These benefits are paid in a lump sum at the      time of termination. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Disability      benefits for all NEO’s are under the same plan as all salaried      employees. |
|-----------------|------------------------------------------------------------------------------------------------------|

| Name                    | Fees      Earned or Paid in      Cash      ($) | Stock      Awards ($)      (1) |  Option      Awards ($) |  All      Other Compensation      ($)      (2) | Total      ($) |
|-------------------------|------------------------------------------------|--------------------------------|------------------------------|-----------------------------------------------------|----------------|
| David      Meyer (3)    |                                           | $                              | 24,000                       |                                                | $              | 560,810 |   | $ |        16,439 |   | $ | 11,288 |   | $ | 612,537 |   |
| James      Abel         |                                           | $                              | 55,500                       |                                                | $              | 40,669 |   | $  |        - |   | $ | 1,236 |   | $ | 97,405 |   |
| Peter      Feld (4)     |                                           | $                              | 24,000                       |                                                | $              | 20,628 |   | $  |        - |   | $ | 214 |   | $ | 44,842 |   |
| Michael      Glazer (5) |                                           | $                              | 9,000                        |                                                | $              | - |   | $  |  - |   | $ |  - |   | $ |  9,000 |   |
| Michael      Koeneke    |                                           | $                              | 54,000                       |                                                | $              |  29,040 |   | $  |  - |   | $  |  882 |   | $  |  83,922 |   |
| Turner      White       |                                           | $                              | 55,500                       |                                                | $              |  34,855 |   | $  |  - |   | $  |  1,059 |   | $  |  91,414 |   |
| Mark      Mitchell (4)  |                                           | $                              | 38,228                       |                                                | $              |  - |   | $  |  - |   | $  |  588 |   | $  |  38,816 |   |

| (1)   | The      Board of Directors maintains a CPI Corp. Non-Employee Directors Restricted      Stock Policy (the "Policy") pursuant to the Omnibus Incentive      Plan.  Prior to the adoption of the Omnibus Incentive Plan, the      Policy was pursuant to the CPI Corp. Restricted Stock Plan, as amended and      restated as of April 14, 2005.  The purpose of the Policy is to      advance the interests of the Company and its stockholders by enabling the      directors who are not employees of the Company to elect each year to      receive shares of restricted common stock of the Company ("Restricted      Shares") in lieu of up to 100%, but not less than 50%, of the annual      retainer they receive as directors of the Company.  Directors      who chair committees of the Board may also elect to receive restricted      shares in lieu of an annual retainer in cash for their service as      committee chairmen. Upon      making a valid and timely election under the Policy, the non-employee      director is awarded that number of restricted shares determined by      dividing (1) one hundred twenty-five percent (125%) of that portion of the      non-employee director's annual retainer for Board service and/or service      as a committee chair for the fiscal year for which the election is being      made by (2) the fair market value of one share of common stock as of the      first day of the fiscal year.  The restricted shares are not      transferable and are subject to other restrictions until the last day of      the applicable fiscal year. Pursuant      to the Policy, each of the directors elected to receive restricted shares      in lieu of 100% of their $30,000 annual cash retainer for service on the      Board in fiscal year 2008.  Mr. Feld and Mr. Glazer elected to      receive restricted shares in lieu of cash compensation for the prorated      portion of the fiscal year they served as directors.  Mr. Abel      also elected to receive restricted shares in lieu of his annual cash      retainers for serving as chairman of the Audit Committee ($6,000) and as      chairman of the Nominating and Governance Committee      ($6,000).  Mr. White elected to receive Restricted Shares in      lieu of his annual cash retainer for serving as Chairman of the      Compensation Committee ($6,000).  In lieu of cash compensation      for their retainers, Messrs. Koeneke and Meyer both received 1,838      restricted shares and Messrs. Abel, White, Glazer and Feld received 2,574,      2,206, 2,403 and 1,336 restricted shares, respectively.  The stock awards to Mr. Meyer reported in this table include his      compensation for service as Chairman of the Board in fiscal year 2007, his      annual retainer for Board service in fiscal year 2008 and his compensation      for service as Chairman of the Board in fiscal year 2008, pursuant to the      Chairman's Agreement describedbelow. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Other      compensation represents dividends earned on restricted stock awards prior      to vesting. |
|-----|-------------------------------------------------------------------------------------------------------|

| (3) | Effective      September 22, 2008, Mr. Meyer entered into a Chairman’s Agreement with the      Company.  This agreement provides compensation to Mr. Meyer for      his services related to his role as Chairman of the Board of      Directors. Under      the Chairman’s Agreement, Mr. Meyer receives an annual retainer of      $200,000, payable in shares of common stock of the Company.  In      fiscal year 2008, $150,000 of common shares was paid upon execution of the      agreement with $100,000 of those shares being vested on that date. The      remaining $50,000 of shares vested on November 7, 2008.  The      final installment of $50,000 for fiscal year 2008 was awarded on the first      trading day of the fourth quarter of fiscal year 2008, and vested on      February 7, 2009.  Future retainer payments will be paid in four      equal installments of $50,000 of restricted shares on first trading day of      each quarter and such shares will vest on the last day of the quarter in      which the relevant award is made. In      addition, Mr. Meyer receives an annual performance bonus for each fiscal      year during the term of the agreement in an amount up to 0.67% of the      Company’s Adjusted EBITDA as reported in the applicable earnings release      of the Company for such fiscal year (the “full award”).  The      award is segregated into five increments equal to 20% of the full award      and each increment is associated with a specific goal.  Upon      achievement of a specific goal, Mr. Meyer will receive that      increment.  Payment of this bonus is to be made within 90 days      of the fiscal year end in the form of shares of the Company’s common stock      which will be fully vested when awarded. Mr.      Meyer was also awarded a one time grant of 60,000 share options under the      Chairman’s Agreement. Of these options, 30,000 vested on February 7, 2009,      and are exercisable when three market conditions are met.  The      first 10,000 increment is exercisable when the common stock trades in      excess of $25.00 for a minimum of 20 consecutive trading days, the second      10,000 increment is exercisable when the common stock trades in excess of      $45.00 for a minimum of 20 consecutive trading days and the third 10,000      increment is exercisable when the common stock trades in excess of $65.00      for a minimum of 20 consecutive trading days.  The remaining      30,000 shares vest on February 6, 2010, and are exercisable in two equal      increments when the $45.00 and $65.00 market conditions noted above are      met.  If the target common stock price is met for a minimum of      20 consecutive trading days prior to the vesting schedule noted above, the      exercise dates would be the vesting schedule dates. These stock options      expire on September 22, 2013.  Additional disclosure of the      these options is included in Note 13 in the Company’s Annual Report to the      Securities and Exchange Commission on Form 10-K for the fiscal year ended      February 7, 2009. The      Compensation Committee will periodically review, adjust and mutually agree      on the specific goals and guidelines for Mr. Meyer’s position as      Chairman. Additionally,      on May 29, 2008, Mr. Meyer was awarded an additional 14,706 shares for his      service during fiscal year 2007.  On September 22, 2008, and      November 12, 2008, Mr. Meyer was awarded 12,285 and 8,636 shares,      respectively, for his service during fiscal year 2008, pursuant to the      Chairman's Agreement.  The value of these shares included in the      table above is$200,000. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Mr.      Mitchell did not stand for reelection at the Annual Meeting of      Stockholders in July 2008, and was replaced by Mr. Feld at that      time. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Mr.      Glazer was elected to the Board of Directors in November      2008.  On February 25, 2009, Mr. Glazer was granted 2,403 shares      of restricted stock related to fiscal year 2008 service, pursuant to the      election he made upon joining the Board.  This expense was      recognized in fiscal year 2009 and therefore is not included in the table      above. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Item 12.

| Name                               | Number      of Shares |      |   | Percent |   |
|------------------------------------|-----------------------|-----------|--------|---------|--------|
| Ramius      Group                  |                  | 1,217,150 |   | (1)     | 17.4   | % |
| Van      Den Berg Management       |                  | 1,086,461 |   | (2)     | 15.5   | % |
| LaFitte      Capital Management LP |                  | 508,265   |   | (3)     | 7.3    | % |

| (1) | As      reported in Amendment No. 14 to Schedule 13D, dated May 1, 2009, and Form      4’s filed on May 5, 2009, and May 8, 2009, by Ramius Enterprise Master      Fund Ltd; Starboard Value and Opportunity Fund, LLC; Ramius Merger      Arbitrage Master Fund Ltd; Ramius Multi-Strategy Master Fund Ltd; Ramius      Value and Opportunity Master Fund Ltd; Ramius Leveraged Multi-Strategy      Master Fund Ltd; Ramius Advisors, LLC, who serves as the investment      advisor of Ramius Multi-Strategy Master Fund Ltd, Ramius Merger Arbitrage      Master Fund Ltd, Ramius Leveraged Multi-Strategy Master Fund Ltd and      Ramius Enterprise Master Fund Ltd; RCG Starboard Advisors, LLC, who serves      as the investment manager of Ramius Value and Opportunity Master Fund Ltd      and the managing member of Starboard Value and Opportunity Fund, LLC;      Ramius LLC, who serves as the sole member of RCG Starboard Advisors, LLC      and Ramius Advisors, LLC; C4S & Co., L.L.C., who serves as managing      member of Ramius LLC; Peter A. Cohen, one of the managing members of C4S      & Co., L.L.C.; Morgan B. Stark, one of the managing members of C4S      & Co., L.L.C.; Thomas W. Strauss, one of the managing members of C4S      & Co., L.L.C.; Jeffrey M. Solomon, one of the managing members of C4S      & Co., L.L.C.; Peter A. Feld, a director of the Company and a Managing      Director of Ramius LLC; Joseph C. Izganics; John Serino; and Paul G. White      (collectively, the “Ramius Group”). Under the rules of the Securities and      Exchange Commission, each member of the Ramius Group may be deemed to      beneficially own shares of common stock beneficially owned by each of the      other members of the Ramius Group.  The address of each member of the      Ramius Group is 599 Lexington Avenue, 21st Floor, New York, New York      10022. As required by the Company's Rights      Agreement, as amended, each member of the Ramius Group granted an      irrevocable proxy to the Secretary of the Company to vote the common stock      of the Company beneficially owned by the Ramius Group that reflects the      Ramius Group's pro rata portion of of the 1,864,201 shares held      collectively by the Ramius Group and Knightspoint Partners LLC,      Knightspoint Capital Management I LLC, Knightspoint Partners I, L.P.,      Michael Koeneke and David Meyer, that were in excess of 20% of the      Company’s common shares outstanding (the “Excess Shares”).  The      proxy provides that the Excess Shares will be voted by the Secretary of      the Company in the same proportion as the votes of all stockholders of the      Company.  As of May 9, 2009, the Ramius Group’s pro rata portion      of the Excess Shares was 86.9%.  As a result, the 1,217,150      shares included in the table above exclude 402,347 shares held by the      Ramius Group for which the Ramius Group does not have the right to      vote. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | As      reported in its Amendment 11 to Schedule 13G/A, dated as of December 31,      2008, Van Den Berg Management has beneficial ownership of 1,086,461      shares, shared voting power for 1,084,451 shares and shared dispositive      power for 1,084,451 shares.  The address of this stockholder is      805 Las Cimas Parkway, Suite 43C, Austin, Texas  78746. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | As      reported on Schedule 13G, dated February 15, 2008, as of January 31, 2008,      Lafitte Capital Management LP has shared voting power for 508,265 shares      and shared dispositive power for 508,265 shares.  The address of      this stockholder is 701 Brazos, Suite 375, Austin, Texas      78701. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                          | Amount      of Record | Indirect      Shares | Restricted      Shares      (1) | Profit      Sharing Plan      (2) | Vested      Options      (3) | Total  | Percent      of Shares      Outstanding in      Proxy |
|---------------------------------------------------------------|-----------------------|----------------------|---------------------------------|-----------------------------------|------------------------------|--------|------------------------------------------------------------|
|                                                          |                  |                 |                            |                              |                         |   |                                                       |   |   |   |   |   |   |   |   |
| James      Abel                                               |                  | 11,954               |                            | -                                 |                         | 7,353  |                                                       | - |   | - |   | 19,307 |   | * |   |
| Renato      Cataldo                                           |                  | 18,718               |                            | -                                 |                         | 2,976  |                                                       | 514 |   | - |   | 22,208 |   | * |   |
| Gary      Douglass                                            |                  | 14,081               |                            | -                                 |                         | -      |                                                       | 853 |   | - |   | 14,934 |   | * |   |
| Peter      Feld (4)                                           |                  | 1,336                |                            | -                                 |                         | 5,252  |                                                       | - |   | - |   | 6,588 |   | * |   |
| Thomas      Gallahue                                          |                  | 3,573                |                            | -                                 |                         | 2,451  |                                                       | 1,056 |   | 15,046 |   | 22,126 |   | * |   |
| Michael      Glazer                                           |                  | 6,903                |                            | -                                 |                         | 5,252  |                                                       | - |   | - |   | 12,155 |   | * |   |
| Dale      Heins                                               |                  | 2,309                |                            | -                                 |                         | 2,451  |                                                       | 2,059 |   | - |   | 6,819 |   | * |   |
| Michael      Koeneke (5)                                      |                  | 6,989                |                            | 102,321                           |                         | 5,252  |                                                       | - |   | - |   | 114,562 |   | 1.6 | % |
| David      Meyer (5)                                          |                  | 117,242              |                            | 102,321                           |                         | 12,900 |                                                       | - |   | - |   | 232,463 |   | 3.3 | % |
| Keith      Laakko                                             |                  | 2,556                |                            | -                                 |                         | 3,157  |                                                       | 425 |   | - |   | 6,138 |   | * |   |
| Jane      Nelson                                              |                  | 3,767                |                            | -                                 |                         | 2,101  |                                                       | 2,400 |   | - |   | 8,268 |   | * |   |
| Turner      White                                             |                  | 7,357                |                            | -                                 |                         | 6,303  |                                                       | - |   | - |   | 13,660 |   | * |   |
|                                                          |                  |                 |                            |                              |                         |   |                                                       |   |   |   |   |   |   |   |   |
| Directors      and Executive Officers as a group (15 persons) |                  | 206,808              |                            | 102,321                           |                         | 59,650 |                                                       | 9,519 |   | 15,046 |   | 393,344 |   | 5.6 | % |

| (1)   | For      directors, this includes restricted shares awarded in lieu of cash      compensation for the 2009 Board retainer and committee chair retainers      made on February 25, 2009, and March 3, 2009, and includes an award of      8,296 shares to Mr. Meyer for his performance as Chairman of the Board in      2008 made on April 27, 2009.  For executive officers, these      restricted shares were awarded in fiscal year 2009 as part of fiscal year      2008 incentive compensation. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Shares      are held under the CPI Corp. Employees’ Profit Sharing Plan and      Trust.  The executives do not have voting power with respect to      these shares. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Includes      shares, which such persons have the right to acquire upon the exercise of      employee stock options within 60 days after May 9,  2009. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | The      shares listed in the table above for Mr. Feld exclude the 1,612,909 shares      held by members of the Ramius Group other than Mr. Feld, of which 400,710      shares are voted by the Secretary of the Company pursuant to an      irrevocable proxy in connection with the Company’s Rights      Agreement.  Peter Feld is a Managing Director of the Ramius      Group; see the “Security Ownership of Certain Beneficial Owners” table set      forth above for information on the Ramius Group.  As such, Mr.      Feld may be deemed to beneficially own shares of common stock beneficially      owned by each of the other members of the Ramius Group.  Mr.      Feld disclaims ownership of all such shares.  Mr. Feld’s amount      of record shares and restricted shares in the table above include 332 and      1,305 shares, respectively, which are voted by the Secretary of the      Company pursuant to an irrevocable proxy in connection with the Company’s      Rights Agreement. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Mr.      Koeneke’s amount of record shares and restricted shares in the table above      include 1,736 and 1,305 shares, respectively, which are voted by the      Secretary of the Company pursuant to an irrevocable proxy in connection      with the Company’s Rights Agreement as discussed in footnote 1 under the      “Security Ownership of Certain Beneficial Owners” table set forth      above.  Mr. Meyer’s amount of record shares and restricted      shares in the table above include 29,128 and 3,205 shares, respectively,      which are voted by the Secretary of the Company pursuant to an irrevocable      proxy in connection with the Company’s Rights      Agreement.  Messrs. Koeneke’s and Meyer’s indirect shares      include 102,321 shares of common stock owned by Knightspoint Partners I,      L.P.  Michael Koeneke and David Meyer are Managing Members of      the sole member      of the general partner of Knightspoint Partners I, L.P. and have shared      voting and dispositive power with respect to the 102,321 shares of common      stock owned by Knightspoint Partners I, L.P.  The 102,321 shares      of common stock owned by Knightspoint Partners I, L.P. include 25,421      shares that are voted by the Secretary of the Company pursuant to an      irrevocable proxy in connection with the Company’s Rights      Agreement.  Messrs. Koeneke and Meyer disclaim beneficial      ownership of the shares held by Knightspoint Partners I, L.P., except to      the extent of their respective pecuniary interest  therein. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Item 13.

Item 14

|                    |   | Fiscal    2008 |    |   | Fiscal    2007 |   |
|-------------------------|--------|----------------|---------|--------|----------------|--------|
|                    |   |           |    |   |           |   |
| Audit      Fees         |   | $              | 929,293 |   |           | $      | 705,655 |   |
| Audit-Related      Fees |   |           | 38,700  |   |           |   | - |   |
| Tax      Fees           |   |           | -       |   |           |   | - |   |
| All      Other Fees     |   |           | -       |   |           |   | - |   |
|                    |   |           |    |   |           |   |   |   |
| Total                   |   | $              | 967,993 |   |           | $      | 705,655 |   |

Item 15.

| (a)   | Exhibit      Index |
|-----------------|--------------------|

| EXHIBIT |   |                                                                                                                 |
|---------|--------|----------------------------------------------------------------------------------------------------------------------|
| NUMBER  |   | DESCRIPTION                                                                                                          |
|    |   |                                                                                                                 |
| (3.1)   |   | Articles      of Incorporation of the Company, incorporated by reference to CPI Corp.'s      Annual Report           |
|    |   | for      fiscal year 1989 on Form 10-K, Exhibit 3.1, filed April 30,      1990.                                      |
|    |   |                                                                                                                 |
| (3.2)   |   | Amended      and Restated By-laws of the Company,  effective November 24,      2008, and incorporated      |
|    |   | by      reference to CPI Corp.'s Form 8-K, Exhibit 3.1, filed December 1,      2008.                                 |
|    |   |                                                                                                                 |
| (4.1)   |   | Form      of Rights Agreement, dated as of March 13, 2000, between CPI Corp. and      Harris Trust and               |
|    |   | Savings      Bank, incorporated by reference to CPI Corp.'s Form 8-A, Exhibit 4.5,      dated March 14, 2000.        |
|    |   |                                                                                                                 |
| (4.2)   |   | First      Amendment to Form of Rights Agreement, dated September 5, 2007, by and      between                       |
|    |   | CPI      Corp. and Computershare Trust Company, N.A., incorporated by reference to      CPI Corp.'s                  |
|    |   | Form      8-K, Exhibit 4.1, filed September 6, 2007.                                                                 |
|    |   |                                                                                                                 |
| (4.3)   |   | Second      Amendment to Form of Rights Agreement, dated December 21, 2007, by and      between                      |
|    |   | CPI      Corp. and Computershare Trust Company, N.A., incorporated by reference to      CPI Corp.'s                  |
|    |   | Form      8-K, Exhibit 4.1, filed December 21, 2007.                                                                 |
|    |   |                                                                                                                 |
| (10.1)  |   | License      Agreement Sears, Roebuck De Puerto Rico, Inc. dated January 1, 1999,      incorporated by               |
|    |   | reference      to CPI Corp.'s Annual Report for fiscal year 1998 on Form 10-K, Exhibit      10.30,                   |
|    |   | filed      May 5, 1999.                                                                                              |
|    |   |                                                                                                                 |
| (10.2)  |   | Development      and License Agreement dated January 31, 2001 between Sears, Roebuck &      Co. and              |
|    |   | Consumer      Programs, Incorporated, incorporated by reference to CPI Corp.'s Annual      Report for                |
|    |   | fiscal      year 2000 on Form 10-K, Exhibit 10.15, filed May 30,  2001.                                              |
|    |   |                                                                                                                 |
| (10.3)  |   | Third      Amendment dated June 5, 2002, to Sears License Agreement, incorporated      by  reference to    |
|    |   | CPI      Corp.'s Form 10-Q, Exhibit 10.51, filed June 7, 2002.                                                       |
|    |   |                                                                                                                 |
| (10.4)  |   | Sixth      Amendment dated November 20, 2002, to Sears License Agreement,      incorporated by reference             |
|    |   | to      CPI Corp.'s Form 10-Q, Exhibit 10.54, filed December 11,    2002.                                            |
|    |   |                                                                                                                 |
| (10.5)  |   | Third      Amendment to Sears License Agreement (Off Mall) dated November 20, 2002,      incorporated by             |
|    |   | reference      to CPI Corp.'s Form 10-Q, Exhibit 10.55, filed December 11,      2002.                                |
|    |   |                                                                                                                 |
| (10.6)  |   | Fourth      Amendment to Sears License Agreement (Off Mall) dated November 20, 2002,      incorporated by            |
|    |   | reference      to CPI Corp.'s Form 10-Q, Exhibit 10.56, filed December 11,      2002.                                |
|    |   |                                                                                                                 |
| (10.7)  |   | Fifth      Amendment to Sears License Agreement (Off Mall) dated November 20, 2002,      incorporated by             |
|    |   | reference      to CPI Corp.'s Form 10-Q, Exhibit 10.57, filed December 11,      2002.                                |
|    |   |                                                                                                                 |
| (10.8)  |   | Sears      License Agreement dated January 1, 2003, by and between Sears, Canada,      Inc., Sears Roebuck & Co. |
|    |   | and      CPI Corp. incorporated, by reference to CPI Corp.'s Annual Report for      fiscal year 2002                 |
|    |   | on      Form 10-K, Exhibit 10.64, filed May 16, 2003.                                                                |
|    |   |                                                                                                                 |
| (10.9)  |   | Seventh      Amendment dated August 11, 2003, to Sears License Agreement, incorporated      by reference             |
|    |   | to      CPI Corp.'s Form 10-Q, Exhibit 10.69, filed August 27,    2003.                                              |
|    |   |                                                                                                                 |
| (10.10) |   | Eighth      Amendment dated September 1, 2003, to Sears License Agreement,      incorporated by reference to         |
|    |   | CPI      Corp.'s Form 10-Q, Exhibit 10.70, filed December 18,  2003.                                                 |
|    |   |                                                                                                                 |
| (10.11) |   | Fourth      Amendment dated June 5, 2002, to License Agreement by and between Sears,      Roebuck and Co.            |
|    |   | and      CPI Corp., incorporated by reference to CPI Corp.'s Annual Report for      fiscal year 2003                 |
|    |   | on      Form 10-K, Exhibit 10.74, filed April 22, 2004.                                                              |
|    |   |                                                                                                                 |
| (10.12) |   | Sixth      Amendment dated April 29, 2004, to License Agreement (Off      Mall)  by and between Sears,     |
|    |   | Roebuck      and Co. and CPI Corp., incorporated by reference to CPI Corp.'s Form      10-Q,                         |
|    |   | Exhibit      10.83, filed June 10,2004.                                                                              |

| EXHIBIT  |   |                                                                                                                  |
|----------|--------|-----------------------------------------------------------------------------------------------------------------------|
| NUMBER   |   | DESCRIPTION                                                                                                           |
|     |   |                                                                                                                  |
|     |   |                                                                                                                  |
| (10.13)* |   | Employment      Agreement dated February 6, 2000, by and between Jane E. Nelson and CPI      Corp.,                   |
|     |   | incorporated      by reference to CPI Corp.'s Annual Report for fiscal year 1999 on Form      10-K,                   |
|     |   | Exhibit      10.36, filed April 26, 2000.                                                                             |
|     |   |                                                                                                                  |
| (10.14)* |   | Employment      Agreement dated December 31, 2008, by and between Jane E. Nelson      and                             |
|     |   | CPI      Corp., incorporated by reference to CPI Corp.'s Form 8-K, Exhibit A within      Exhibit                      |
|     |   | 10.67,      filed January 7, 2009.                                                                                    |
|     |   |                                                                                                                  |
| (10.15)* |   | CPI      Corp. 1981 Stock Bonus Plan (As Amended and Restated effective February 3,      1991), incorporated by       |
|     |   | reference      to CPI Corp.'s Annual Report for fiscal year 1992 on Form 10-K, Exhibit      10.29, filed May 5, 1993. |
|     |   |                                                                                                                  |
| (10.16)* |   | First      Amendment to CPI Corp. 1981 Stock Bonus Plan (As Amended and Restated      effective                       |
|     |   | February      3, 1991) effective January 1, 1995, incorporated by reference to CPI      Corp.'s Annual                |
|     |   | Report      for fiscal year 2000 on  Form 10-K, Exhibit 10.30, filed May 3,      2001.                      |
|     |   |                                                                                                                  |
| (10.17)* |   | CPI      Corp. Deferred Compensation and Retirement Plan for Non-Management      Directors                            |
|     |   | (Amended      and Restated as of January 28, 2000), incorporated by reference to CPI      Corp.'s Annual              |
|     |   | Report      for fiscal year 2000 on Form  10-K, Exhibit 10.31, filed May 3,      2001.                      |
|     |   |                                                                                                                  |
| (10.18)* |   | Deferred      Compensation and Stock Appreciation Rights Plan (Amended and Restated as      of                        |
|     |   | June      6, 1996),  incorporated by reference to CPI Corp.'s Annual      Report for fiscal year 2000       |
|     |   | on      Form 10-K, Exhibit 10.32, filed May 3, 2001.                                                                  |
|     |   |                                                                                                                  |
| (10.19)* |   | CPI      Corp. Stock Option Plan (Amended and Restated effective as of December 16,      1997),                       |
|     |   | incorporated      by reference to CPI Corp.'s Annual Report for fiscal year  2000      on Form 10-K,        |
|     |   | Exhibit      10.34, filed May 3, 2001.                                                                                |
|     |   |                                                                                                                  |
| (10.20)* |   | CPI      Corp. Key Executive Deferred Compensation Plan (As Amended and Restated      June 6, 1996),                  |
|     |   | incorporated      by reference to CPI Corp.'s Annual Report for fiscal year 2000 on Form      10-K,                   |
|     |   | Exhibit      10.36, filed May 3, 2001.                                                                                |
|     |   |                                                                                                                  |
| (10.21)* |   | Employment      Agreement dated April 8, 2002, by and between Gary W. Douglass and CPI      Corp.,                    |
|     |   | incorporated      by reference to CPI Corp.'s Annual Report for fiscal year 2001 on Form      10-K,                   |
|     |   | Exhibit      10.50, filed May 1, 2002.                                                                                |
|     |   |                                                                                                                  |
| (10.22)* |   | Second      Amendment to Exhibit C dated April 10, 2008, to Employment Agreement dated      April 8, 2002,            |
|     |   | and      amended as of October 1, 2003, and July 3, 2007, by and between Gary W.      Douglass and CPI Corp.,         |
|     |   | incorporated      by reference to CPI Corp.'s Annual Report for fiscal year 2008 on Form      10-K,                   |
|     |   | Exhibit      10.22, filed April 23, 2009.                                                                             |
|     |   |                                                                                                                  |
| (10.23)* |   | First      Amendment to CPI Corp. Deferred Compensation and Retirement Plan for      Non-Management                   |
|     |   | Directors      (As Amended and Restated as of January 28, 2002), incorporated by      reference to                    |
|     |   | CPI      Corp.'s Form 10-Q, Exhibit 10.52, filed June 7, 2002.                                                        |
|     |   |                                                                                                                  |
| (10.24)* |   | Employment      Agreement dated October 21, 2002, by and between Peggy J. Deal and CPI      Corp.,                    |
|     |   | incorporated      by reference to CPI Corp.'s Form 10-Q, Exhibit 10.58, filed December 11,      2002.                 |
|     |   |                                                                                                                  |
| (10.25)  |   | First      Amendment dated September 30, 2002, to CPI Corp. Retirement Plan and      Trust, incorporated by           |
|     |   | reference      to CPI Corp.'s Annual Report for fiscal year 2002 on Form 10-K, Exhibit      10.65,                    |
|     |   | filed      May 16, 2003.                                                                                              |
|     |   |                                                                                                                  |
| (10.26)  |   | Second      Amendment dated November 29, 2002, to CPI Corp. Retirement Plan and Trust,      incorporated by           |
|     |   | reference      to CPI Corp.'s Annual Report for fiscal year 2002 on Form 10-K, Exhibit      10.66,                    |
|     |   | filed      May 16, 2003.                                                                                              |
|     |   |                                                                                                                  |
| (10.27)  |   | Third      Amendment dated February 6, 2004, to CPI Corp. Retirement Plan and Trust,      incorporated by             |
|     |   | reference      to CPI Corp.'s Annual Report  for fiscal year 2003 on Form 10-K,      Exhibit 10.73,         |
|     |   | filed      April 21,2004.                                                                                             |

| EXHIBIT  |   |                                                                                                                      |
|----------|--------|---------------------------------------------------------------------------------------------------------------------------|
| NUMBER   |   | DESCRIPTION                                                                                                               |
|     |   |                                                                                                                      |
| (10.28)* |   | CPI      Corp. Restricted Stock Plan as Amended and Restated effective as of April      14, 2005,                         |
|     |   | incorporated      by reference to CPI Corp.'s Annual Report for fiscal year 2004 on Form      10-K,                       |
|     |   | Exhibit      10.86, filed April 21, 2005.                                                                                 |
|     |   |                                                                                                                      |
| (10.29)* |   | CPI      Corp. Performance Plan adopted effective as of April 14, 2005,      incorporated by reference                    |
|     |   | to      CPI Corp.'s Annual Report for fiscal year 2004  on Form 10-K,      Exhibit 10.90, filed April 21, 2005. |
|     |   |                                                                                                                      |
| (10.30)* |   | CPI      Corp. Non-Employee Directors Restricted Stock Policy Pursuant to the CPI      Corp.                              |
|     |   | Restricted      Stock Plan adopted by the Company April 14, 2005, incorporated by      reference                          |
|     |   | to      CPI Corp.'s Annual Report for fiscal year 2004 on Form 10-K, Exhibit      10.91, filed April 21, 2005.            |
|     |   |                                                                                                                      |
| (10.31)* |   | CPI      Corp. Non-Employee Directors Restricted Stock Policy pursuant to the CPI      Corp. Omnibus                      |
|     |   | Incentive      Plan effective as of August 14, 2008, incorporated      by reference to CPI Corp.'s Annual Report     |
|     |   | for      fiscal year 2008 on Form 10-K, Exhibit 10.31, filed April 23,    2009.                                           |
|     |   |                                                                                                                      |
| (10.32)* |   | CPI      Corp. Non-Employee Directors Restricted Stock Policy (Restricted Stock      Election),                           |
|     |   | adopted      by the Company April 14, 2005, incorporated by reference to CPI Corp.'s      Annual Report                   |
|     |   | for      fiscal year 2004 on Form 10-K, Exhibit 10.92, filed April 21,      2005.                                         |
|     |   |                                                                                                                      |
| (10.33)* |   | CPI      Corp. Non-Employee Directors Restricted Stock Policy (Restricted Stock      Election),                           |
|     |   | effective      August 14, 2008, incorporated      by reference to CPI Corp.'s Annual Report                          |
|     |   | for      fiscal year 2008 on Form 10-K, Exhibit 10.33, filed April 23,    2009.                                           |
|     |   |                                                                                                                      |
| (10.34)* |   | Form      of Option Agreement, incorporated by reference to CPI Corp.'s Form 8-K,      Exhibit 10.1,                      |
|     |   | filed      August 21, 2008.                                                                                               |
|     |   |                                                                                                                      |
| (10.35)* |   | Form      of Restricted Stock Award Agreement, incorporated by reference to CPI      Corp.'s Annual Report                |
|     |   | for      fiscal year 2004 on Form 10-K, Exhibit 10.93, filed April 21,      2005.                                         |
|     |   |                                                                                                                      |
| (10.36)* |   | CPI      Corp. Omnibus Incentive Plan, incorporated by reference to CPI Corp.'s      Form DEF 14A,                        |
|     |   | Annex      A, filed June 23, 2008.                                                                                        |
|     |   |                                                                                                                      |
| (10.37)* |   | Employment      Agreement by and between CPI Corp. and Renato Cataldo, incorporated by      reference                     |
|     |   | to      CPI Corp.'s Form 10-Q, Exhibit 10.10, filed September 1,      2005.  File No.  1-10204        |
|     |   |                                                                                                                      |
| (10.38)* |   | Confidentiality,      Noncompetition and Nonsolicitation Agreement by and between CPI Corp.      and                      |
|     |   | Renato      Cataldo, incorporated by reference to CPI Corp.'s Form 10-Q, Exhibit      10.104, filed September 1, 2005.    |
|     |   |                                                                                                                      |
| (10.39)* |   | Letter      from the Company regarding Supplemental Retirement Benefits, dated June      28, 2006,                        |
|     |   | delivered      to Richard Tarpley, incorporated by reference to CPI Corp.'s Form      8-K,                                |
|     |   | Exhibit      10.61, filed July 5, 2006.                                                                                   |
|     |   |                                                                                                                      |
| (10.40)* |   | Letter      from the Company regarding Supplemental Retirement Benefits, dated June      28, 2006,                        |
|     |   | delivered      to Jane E. Nelson, incorporated by reference to CPI Corp.'s Form      8-K,                                 |
|     |   | Exhibit      10.62, filed July 5, 2006.                                                                                   |
|     |   |                                                                                                                      |
| (10.41)* |   | Employment      Agreement dated September 12, 2007, by and between Thomas Gallahue      and                               |
|     |   | CPI      Corp., incorporated by reference to CPI Corp.'s Form 8-K, Exhibit      10.60,                                    |
|     |   | filed      September 18, 2007.                                                                                            |
|     |   |                                                                                                                      |
| (10.42)  |   | Purchase      and Sale Agreement dated as of May 1, 2007, by and among Portrait      Corporation                          |
|     |   | of      America, PCA LLC, American Studios, Inc., PCA Photo Corporation of      Canada,                                   |
|     |   | PCA      National LLC, PCA Finance Corp., Inc., Photo Corporation of American,      Inc.,                                 |
|     |   | (each,      a "Seller") and CPI Corp., incorporated by reference to CPI Corp.'s form      8-K,                            |
|     |   | Exhibit      2.1, filed May 3,2007.                                                                                       |

| EXHIBIT |   |                                                                                                        |
|---------|--------|-------------------------------------------------------------------------------------------------------------|
| NUMBER  |   | DESCRIPTION                                                                                                 |
|    |   |                                                                                                        |
| (10.43) |   | Amendment      No. 1 to the Purchase and Sale Agreement dated as of May 1, 2007,      by                    |
|    |   | and      among Portrait Corporation of America, PCA LLC, American Studios,      Inc.,                       |
|    |   | PCA      Photo Corporation of Canada, PCA National LLC, PCA Finance Corp.,      Inc.,                       |
|    |   | Photo      Corporation of American, Inc., (each, a "Seller") and CPI Corp.,      such                       |
|    |   | amendment      effective as of May 21, 2007, incorporated by reference to CPI      Corp.'s                  |
|    |   | Form      8-K, Exhibit 2.1, filed May 25, 2007.                                                             |
|    |   |                                                                                                        |
| (10.44) |   | Amendment      No. 2 to the Purchase and Sale Agreement dated as of June 8, 2007,      by                   |
|    |   | and      among Portrait Corporation of America, PCA LLC, American Studios,      Inc.,                       |
|    |   | PCA      Photo Corporation of Canada, PCA National LLC, PCA Finance Corp.,      Inc.,                       |
|    |   | Photo      Corporation of American, Inc., (each, a "Seller") and CPI      Corp.,                            |
|    |   | incorporated      by reference to CPI Corp.'s Form 8-K, Exhibit 2.3, filed June 24,      2007.              |
|    |   |                                                                                                        |
| (10.45) |   | Second      Amended and Restated Credit Agreement dated as of June 8, 2007,      among                      |
|    |   | the      Company, the financial institutions that are or may from time to time      become parties          |
|    |   | thereto      and LaSalle Bank National Association, as administrative agent and      arranger               |
|    |   | for      the lenders, incorporated herein by reference to CPI Corp.'s Form      8-K,                        |
|    |   | Exhibit      10.1, filed June 14, 2007.                                                                     |
|    |   |                                                                                                        |
| (10.46) |   | Second      Amendment to that certain Second Amended and Restated Credit      Agreement,                    |
|    |   | among      the Company, the financial institutions that are or may from time to time      become            |
|    |   | parties      thereto and LaSalle Bank National Association, as administative agent      and                 |
|    |   | arranger      for the lenders, dated December 10, 2008, incorporated by reference to CPI      Corp.'s       |
|    |   | Form      8-K, Exhibit 10.1, filed December 19, 2008.                                                       |
|    |   |                                                                                                        |
| (10.47) |   | Third      Amendment to that certain Second Amended and Restated Credit      Agreement,                     |
|    |   | among      the Company, the financial institutions that are or may from time to time      become            |
|    |   | parties      thereto and Bank of America, N.A., as succecssor to LaSalle Bank National      Association,    |
|    |   | as      administrative agent and arranger for the lenders, effective April 16,      2009, incorporated by   |
|    |   | reference      to CPI Corp.'s Form 8-K, Exhibit 10.47, filed April 21,    2009.                             |
|    |   |                                                                                                        |
| (10.48) |   | Master      Lease Agreement between Wal-Mart Stores  East, L.P., Wal-Mart      Stores, Inc.,      |
|    |   | Wal-Mart      Louisiana, LLC, Wal-Mart Stores Texas, LP and Portrait Corporation      of                    |
|    |   | America,      Inc., effective June 8, 2007, incorporated herein by reference to CPI      Corp.'s            |
|    |   | Form      10-Q, Exhibit 10.59, filed August 30, 2007.  (Confidential      treatment requested for |
|    |   | portions      of this document).                                                                            |
|    |   |                                                                                                        |
| (10.49) |   | First      Amendment to the Master Lease Agreement between Wal-Mart Stores, East,      LP,                  |
|    |   | Wal-Mart      Stores, Inc., Wal-Mart Louisiana, LLC, Wal-Mart Stores Texas, LP      and                     |
|    |   | Portrait      Corporation of America, Inc., effective June 8, 2007, incorporated herein      by             |
|    |   | reference      to CPI Corp.'s Form 10-Q, Exhibit 10.60, filed December 20,      2007.                       |
|    |   |                                                                                                        |
| (10.50) |   | Second      Amendment to the Master Lease Agreement between Wal-Mart Stores, East,      LP,                 |
|    |   | Wal-Mart      Stores, Inc., Wal-Mart Louisiana, LLC, Wal-Mart Stores Texas, LP      and                     |
|    |   | Portrait      Corporation of America, Inc., effective June 8, 2007, incorporated herein      by             |
|    |   | reference      to CPI Corp.'s Form 10-Q, Exhibit 10.61, filed December 20,      2007.                       |

| EXHIBIT            |   |                                                                                                                   |
|--------------------|--------|------------------------------------------------------------------------------------------------------------------------|
| NUMBER             |   | DESCRIPTION                                                                                                            |
|               |   |                                                                                                                   |
| (10.51)            |   | License      Agreement dated December 22, 2008, by and between CPI Corp., Consumer      Programs Incorporated,         |
|               |   | a      subsidiary of the Company, and Sears, Roebuck and Co. (confidential      treatment requested for portions       |
|               |   | of      this document), incorporated by reference to CPI Corp.'s Form 8-K, Exhibit      10.1, filed December 24, 2008. |
|               |   |                                                                                                                   |
| (10.52)            |   | Letter      Agreement dated December 22, 2008, by and between CPI Corp., Consumer      Programs Incorporated, a        |
|               |   | subsidiary      of the Company, and Sears, Roebuck and Co., incorporated by reference to      CPI Corp.'s              |
|               |   | Form      8-K, Exhibit 10.2, filed December 24, 2008.                                                                  |
|               |   |                                                                                                                   |
| (10.53)*           |   | Employment      Agreement by and between CPI Corp. and Dale Heins, dated April 23,      2008,                          |
|               |   | incorporated      herein by reference to CPI Corp.'s Form 8-K, Exhibit 10.62, filed April      24, 2008.               |
|               |   |                                                                                                                   |
| (10.54)*           |   | Employment      Agreement by and between CPI Corp. and Jim Mills, dated September 2,      2008,                        |
|               |   | incorporated      herein by reference to CPI Corp.'s Form 10-Q, Exhibit 10.65,      filed                              |
|               |   | December      20, 2007.                                                                                                |
|               |   |                                                                                                                   |
| (10.55)*           |   | Chairman's      Agreement by and between CPI Corp. and David Meyer, dated September 22,      2008,                     |
|               |   | incorporated      herein by reference to CPI Corp.'s Form 10-Q, Exhibit    10.65,                                      |
|               |   | filed      December 20, 2007.                                                                                          |
|               |   |                                                                                                                   |
| (10.56)*           |   | Settlement      and Release Agreement by and between Consumer Programs Incorporated      and                           |
|               |   | Jane      E. Nelson entered into as of December 31, 2008, incorporated herein by      reference                        |
|               |   | to      CPI Corp.'s Form 8-K, Exhibit 10.67, filed January 7,  2009.                                                   |
|               |   |                                                                                                                   |
| (10.57)*           |   | Release      and Settlement Agreement by and between Consumer Programs Incorporated      and                           |
|               |   | Gary      W. Douglass entered into as of December 31, 2008, incorporated herein by      reference to                   |
|               |   | CPI      Corp.'s Form 8-K, Exhibit 10.68, filed January 7, 2009.                                                       |
|               |   |                                                                                                                   |
| (11.1)      ˆ |   | Computation      of (Loss) Income Per Share - Diluted                                                                  |
|               |   |                                                                                                                   |
| (11.2)      ˆ |   | Computation      of (Loss) Income Per Share - Basic                                                                    |
|               |   |                                                                                                                   |
| (21.0)      ˆ |   | Subsidiaries      of the Registrant                                                                                    |
|               |   |                                                                                                                   |
| (23.0)      ˆ |   | Independent      Registered Public Accounting Firm's Consent                                                           |
|               |   |                                                                                                                   |
| (31.1)             |   | Certification      Pursuant to Rule 13a-14(a) Under the Securities and Exchange Act of      1934                       |
|               |   | by      the President and Chief Executive Officer                                                                      |
|               |   |                                                                                                                   |
| (31.2)             |   | Certification      Pursuant to Rule 13a-14(a) Under the Securities and Exchange Act of      1934                       |
|               |   | by      the Executive Vice President, Finance and Chief Financial      Officer                                         |
|               |   |                                                                                                                   |
| (32.0)             |   | Certification      Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of      the                  |
|               |   | Sarbanes-Oxley      Act of 2002 by the President and Chief Executive Officer and      the                              |
|               |   | Executive      Vice President, Finance and Chief Financial  Officer                                                    |

| * | Management contract      or compensatory plan available to employees, officers or    directors. |
|---|-------------------------------------------------------------------------------------------------|

| ˆ | Previously      filed. |
|--------|------------------------|

SIGNATURES

|   | CPI CORP. |                                       |
|--------|-----------|--------------------------------------------|
|   |      |                                       |   |
|   | By:       | /s/Dale      Heins                         |   |
|   |      | Dale      Heins                            |   |
|   |      | Senior      Vice President, Finance,       |   |
|   |      | Chief      Financial Officer and Treasurer |   |