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| 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) |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|

| Note: | Checking      the box above will not relieve any registrant required to file reports      pursuant to Section 13 or 15(d) of the Exchange Act from their obligations      under those Sections. |
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| PART      III. |   | PAGE                                                                                                     |
|----------------|--------|----------------------------------------------------------------------------------------------------------|
|           |   |                                                                                                     |
| Item 10.       |   | Directors,      Executive Officers and Corproate Governance                                              |   | 3 |
|           |   |                                                                                                     |
| Item 11.       |   | Executive      Compensation                                                                              |   | 5 |
|           |   |                                                                                                     |
| Item 12.       |   | Security      Ownership of Certain Beneficial Owners and Management and Related      Stockholder Matters |   | 19 |
|           |   |                                                                                                     |
| Item 13.       |   | Certain      Relationships and Related Transactions and Director      Independence                       |   | 21 |
|           |   |                                                                                                     |
| Item 14.       |   | Principal      Accounting Fees and Services                                                              |   | 21 |
|           |   |                                                                                                     |
| PART      IV.  |   |                                                                                                     |
|           |   |                                                                                                     |
| Item 15.       |   | Exhibits      and Financial Statement Schedules                                                          |   | 23 |
|           |   | Signatures                                                                                               |   | 29 |

Item 10

|  Name           |  Principal      Occupation, Business Experience and Directorships                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| James      Abel      | Mr.      Abel, age 62, is Interim President of Financial Executives International,      an association of chief financial officers and other financial      executives.   Prior to his retirement on December 31, 2007, Mr.      Abel served as 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.  Until his retirement, Mr. Abel had been an      executive officer of The Lamson & Sessions Co. since December 1990 and      a director since 2002.                                                                                                                                                                             |
| Michael      Koeneke | Mr.      Koeneke, age 61, 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 on the Board of Directors of The Sharper      Image Corporation, a multi-channel specialty retailer, and serves on the      Board of Directors of Ashworth, Inc., a golf apparel company listed on the      Nasdaq Stock Market.  From 1997 through 2002, Mr. Koeneke was      the co-head and then the Chairman of Global Mergers and Acquisitions at      Merrill Lynch & Co., Inc.                                                                                                                                                                                                                                                        |
| David      Meyer     | Mr.      Meyer, age 39, has served as Chairman of the Board since April      2004.  From October 2004 through 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 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, most recently serving as a      director in the Mergers and Acquisitions and Global Industrial and      Services Groups in the firm’s London office.  He is also      Chairman of the Board of Directors of Ashworth, Inc., a golf apparel      company listed on the Nasdaq Stock Market.  |
| Mark      Mitchell   | Mr.      Mitchell, age 46, is a partner of Ramius LLC, a private investment      management firm, a position he has held since February 2007, and is a      member of Ramius’ Managing Board. Prior to February 2007, Mr. Mitchell      served as an Executive Managing Director of Ramius since July 2006 and as      a Managing Director since 1999. He also serves on the Board of      Directors of I-many, Inc., an enterprise contract management software      company listed on the Nasdaq stock market. Mr. Mitchell has over 24 years      of investment management experience and currently heads Ramius’ Merger      Arbitrage business and co-heads Ramius’ Opportunistic Value Investing      Business.                                                                                                                                                                                 |
| Turner      White    | Since      May 2004, Mr. White, age 59, has served as owner of White and Company,      LLC, a consulting and investment firm located 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.                                                                                                                                                                                                             |

| Renato      Cataldo, Jr., Pharm.D. | President      and Chief Executive Officer.  Dr. Cataldo, age 48, 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 57, joined CPI 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 45, 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 as the Company’s      Tax Director since 1993.                                                                                                                                                                                                                                                                                                                                                                                           |
| Keith      Laakko                  | Chief      Marketing Officer.  Mr. Laakko, age 42, joined the Company in      his current position in January 2006.  He served as Category      Marketing Director for 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,      Industry Marketing 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 also      held Marketing positions with the Coca-Cola Company, Hasbro Toys and      Mattel.                           |
| Jane      Nelson                   | General      Counsel and Corporate Secretary.  Ms. Nelson, age 58, 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 47, 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 ws the Director of Special Projects at Insituform,      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 from November 2000 until September      2004.  Prior to that, Ms. O'Brien held finanical 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.  |
| Ervin      Schmitz                 | Chief Information      Officer, Mr. Schmitz, age 66, served as Vice President, Information      Techonology from December 1996 until February 2004, at which time he      retired.  He rejoined the Company in his current position in January      2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Richard      Tarpley               | Executive Vice      President, Manufacturing, Mr. Tarpley, age 62, has served as Executive      Vice President, Manufacturing since 1995.  Since joining the Company      as Cost Control supervisor in 1970, he has held other positions within the      manufacturing department.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

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. |
|--------------------|--------------------------------------------------------------------|

| ·   | Stock      options to purchase shares of common stock, including ISOs and      nonstatutory stock options, which will be granted with an exercise price      not less than 100% of the fair market value of the common stock on the      date of grant.  “Fair market value” means the closing sale price      per share of common stock (or the closing bid, if no sales were reported)      as reported in The Wall Street Journal or, if not reported in The Wall      Street Journal, such other source as the Compensation  Committee      deems reliable.  No stock option shall have a term in excess of      10 years measured from the date the stock option is granted.  In      the case of any ISO granted to a 10% stockholder, the term of such ISO      shall not exceed five years measured from the date the stock option is      granted. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Stock      appreciation rights (“SARs”), which confer the right to receive an amount,      settled in cash, common stock or other awards, equal to the excess of the      fair market value of a share of common stock on the date of exercise over      the exercise price of the SAR. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Restricted      stock, which is common stock subject to restrictions on transferability      and other restrictions, with respect to which a participant has the voting      rights of a stockholder during the period of  restriction. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Restricted      stock units, which are awards of a right to receive shares of our common      stock and are subject to restrictions on transferability and other      restrictions. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Performance      awards, including performance shares or performance units, which are      settled after an applicable performance period has ended to the extent to      which corresponding performance goals have been  achieved. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Other      awards, including awards that are payable in shares of common stock or the      value of which is based on the value of shares of common stock, and awards      to be settled in cash or other property other than common      stock. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name      and Principal Position                                                                  |  Year |  Salary | Bonus      (1) |  Stock      Awards ($) (2) |    | Non-Equity      Incentive Plan Compensation (3) |   | Change      in Pension Value and Nonqualified Deferred Compensation      Earnings |            | All      Other Compensation (4) |   | Total   |   |
|---------------------------------------------------------------------------------------------------|------------|--------------|----------------|---------------------------------|---------|-------------------------------------------------|--------|-----------------------------------------------------------------------------------|-----------------|---------------------------------|--------|---------|--------|
|                                                                                              |       |         |           |                            |    |                                            |   |                                                                              |            |                            |   |    |   |   |   |   |   |   |   |
| Renato      Cataldo                                                                               |       |         |           |                            |    |                                            |   |                                                                              |            |                            |   |    |   |   |   |   |   |   |   |
| Chief      Executive Officer (5)                                                                  |       | 2007         |           | $                               | 385,000 |                                            | $      | -                                                                                 |            |                            | $      | 27,113  | (9     | ) | $ | 35,000 |   | $ | - |   | $ | 4,498 |   | $ | 451,611 |   |
|                                                                                              |       | 2006         |           | $                               | 275,000 |                                            |   |                                                                              |            |                            | $      | 149,667 | (8     | ) | $ | 150,000 |   | $ | - |   | $ | 6,833 |   | $ | 581,500 |   |
| Gary      Douglass                                                                                |       |         |           |                            |    |                                            |   |                                                                              |            |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Chief      Financial Officer                                                                      |       | 2007         |           | $                               | 275,000 |                                            | $      | -                                                                                 |            |                            | $      | 123,960 | (9     | ) | $ | 30,000 |   | $ | 15,717 |   | $ | 5,113 |   | $ | 449,790 |   |
|                                                                                              |       | 2006         |           | $                               | 275,000 |                                            | $      | -                                                                                 |            |                            | $      | 99,778  | (8     | ) | $ | 100,000 |   | $ | 11,289 |   | $ | 3,151 |   | $ | 489,218 |   |
| Thomas      Gallahue                                                                         |       |         |           |                            |    |                                            |   |                                                                              |            |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Executive      Vice President, Operations                                                         | 2007       |         | $              | 220,721                         |    | $                                               | -      |                                                                              |            | $                               | 29,058 | (9      | )      | $ | 30,000 |   | $ | 638 |   | $ | 3,753 |   | $ | 284,170 |   |
|                                       |       | 2006         |           | $                               | 151,779 |                                            | $      | 100,000                                                                           |    (6 | )                          | $      | 117,031 | (7     | ) | $ | 30,000 |   | $ | 477 |   | $ | 3,529 |   | $ | 402,816 |   |
| Jane      Nelson                                                                                  |       |         |           |                            |    |                                            |   |                                                                              |            |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General      Counsel and Secretary                                                                |       | 2007         |           | $                               | 210,000 |                                            | $      | -                                                                                 |            |                            | $      | 40,652  | (9     | ) | $ | 20,000 |   | $ | 63,821 |   | $ | 5,015 |   | $ | 339,488 |   |
|                                       |       | 2006         |           | $                               | 195,000 |                                            | $      | -                                                                                 |            |                            | $      | 24,945  | (8     | ) | $ | 25,000 |   | $ | 22,183 |   | $ | 6,011 |   | $ | 273,139 |   |
| Richard      Tarpley                                                                              |       |         |           |                            |    |                                            |   |                                                                              |            |                            |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Executive      Vice President,                                                                    | 2007       |         | $              | 208,926                         |    | $                                               | -      |                                                                              |            | $                               | 15,484 | (9      | )      | $ | 20,000 |   | $ | 44,202 |   | $ | 5,168 |   | $ | 293,780 |   |
|                    Manufacturing |       | 2006         |           | $                               | 208,926 |                                            | $      | 39,735                                                                            |            |                            | $      | -       |   |   | $ | - |   | $ | 46,029 |   | $ | 4,663 |   | $ | 299,353 |   |

| (1)   | Amount      paid to Mr. Gallahue pertains to a retention      agreement.    The amount paid to Mr. Tarpley      represents guaranteed bonus pursuant to an employment agreement following      the Change of Control. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | See      financial statement footnotes 1 and 12 in the Company’s Annual Report to      the Securities and Exchange Commission on Form 10-K for the fiscal year      ended February 2, 2008 for discussion of valuation methods related to      restricted stock.  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 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. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Value      of cash portion of performance bonus awarded under the CPI Performance      Plan.   The balance of the bonus was awarded in restricted      stock and is reflected in the Stock Awards  column. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Detail      of All Other Compensation follows. |
|-----------------|------------------------------------------------|

|  Name           |   Year |   |  Dividends      Paid on Stock not yet Vested |   | Company      401 (k) Contribution |   | Life      Insurance Premiums |   | Total  |   |
|----------------------|------------------|--------|---------------------------------------------------|--------|-----------------------------------|--------|------------------------------|--------|--------|--------|
|                 |             |   |                                              |   |                              |   |                         |   |   |   |   |
| Renato      Cataldo  |             | 2007   |                                              | $      | 1,331                             |   | $                            | 2,494  |   | $      | 674 |   | $ | 4,498 |   |
|                 |             | 2006   |                                              | $      | 3,682                             |   | $                            | 2,087  |   | $      | 1,064 |   | $ | 6,833 |   |
|                 |             |   |                                              |   |                              |   |                         |   |   |   |   |   |   |   |   |
| Gary      Douglass   |             | 2007   |                                              | $      | 1,239                             |   | $                            | 2,494  |   | $      | 1,380 |   | $ | 5,113 |   |
|                 |             | 2006   |                                              | $      | -                                 |   | $                            | 2,087  |   | $      | 1,064 |   | $ | 3,151 |   |
|                 |             |   |                                              |   |                              |   |                         |   |   |   |   |   |   |   |   |
| Thomas      Gallahue |             | 2007   |                                              | $      | 266                               |   | $                            | 2,494  |   | $      | 994 |   | $ | 3,753 |   |
|                 |             | 2006   |                                              | $      | 649                               |   | $                            | 2,087  |   | $      | 793 |   | $ | 3,529 |   |
|                 |             |   |                                              |   |                              |   |                         |   |   |   |   |   |   |   |   |
| Jane      Nelson     |             | 2007   |                                              | $      | 310                               |   | $                            | 2,494  |   | $      | 2,211 |   | $ | 5,015 |   |
|                 |             | 2006   |                                              | $      | -                                 |   | $                            | 2,087  |   | $      | 3,924 |   | $ | 6,011 |   |
|                 |             |   |                                              |   |                              |   |                         |   |   |   |   |   |   |   |   |
| Richard      Tarpley |             | 2007   |                                              | $      | -                                 |   | $                            | 2,494  |   | $      | 2,674 |   | $ | 5,168 |   |
|                 |             | 2006   |                                              | $      | -                                 |   | $                            | 2,087  |   | $      | 2,576 |   | $ | 4,663 |   |

| (5)   | Dr.      Cataldo was appointed President and Chief Executive Officer on October 10,      2006. |
|-----------------|------------------------------------------------------------------------------------------------|

| (6)   | 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. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7)   | 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 2006.  Additionally, Mr. Gallahue had 15,046      vested options outstanding at the end of fiscal 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 554 shares with      a value of $29,933 as a 2006 performancebonus. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8)   | The      number of restricted shares awarded to Dr. Cataldo, Mr. Douglass and Ms.      Nelson 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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9)   | 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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                 |                  | Estimated      Future Payouts Under Non-Equity Incentive      Plan Awards | Estimated      Future Payouts Under Equity Incentive      Plan Awards |  Grant      Date Fair Value of |
|----------------------|-----------------------|---------------------------------------------------------------------------|-----------------------------------------------------------------------|-------------------------------------|
|  Name           | Grant      Date  |  Threshold      ($)                                                  |  Target      ($) (1)                                             |  Max      ($)                  |  Threshold      (#) |  Target      (#) |  Max      (#) |  Stock      and Options Awards ($) (2) |
|                 |                  |                                                                      |                                                                  |                                |   |   |   |   |   |   |   |   |   |   |   |
| Renato      Cataldo  | 4/10/07               | -                                                                         |                                                                  | 150,000                             |   | - |   | - |   | 2,772 |   | - |   | 149,688 |   |
| Gary      Douglass   | 4/10/07               | -                                                                         |                                                                  | 100,000                             |   | - |   | - |   | 1,848 |   | - |   | 99,792 |   |
| Gary      Douglass   | 8/24/07               | -                                                                         |                                                                  | -                                   |   | - |   | - |   | 2,201 |   | - |   | 100,718 |   |
| Thomas      Gallahue | 4/10/07               | -                                                                         |                                                                  | 30,000                              |   | - |   | - |   | 554 |   | - |   | 29,916 |   |
| Jane      Nelson     | 4/10/07               | -                                                                         |                                                                  | 25,000                              |   | - |   | - |   | 462 |   | - |   | 24,948 |   |
| Jane      Nelson     | 8/24/07               | -                                                                         |                                                                  | -                                   |   | - |   | - |   | 550 |   | - |   | 25,168 |   |
| Richard      Tarpley |                  | -                                                                         |                                                                  | -                                   |   | - |   | - |   | - |   | - |   | - |   |

| Note: | Totals      include grants made in fiscal 2007 only.  Incentive plan grants      in 2007 relate to 2006 service.  All non-equity and equity      incentive granted in 2007 and 2006 was paid or vested prior to fiscal 2007      or 2006 year-end, respectively.   Amounts related to 2007      service were granted subsequent to the fiscal year-end and are not      included in this table until the year of grant.  They are      included in the Summary Compensation Table above in the year      earned. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1)   | Amounts      are cash bonuses for 2006 performance awards under the CPI Performance      Plan which were paid in fiscal2007. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------|

| (2) | The      portion of a participant’s incentive compensation award for a plan year      (which is the same as the fiscal year) that the Committee determines to      pay in the form of restricted shares is satisfied by the delivery by the      Company of that number of restricted shares calculated by dividing (1)      that portion of the participant’s incentive compensation award payable in      restricted shares for the plan year by (2) the fair market value of one      share of the Company’s common stock measured as of the last day of the      plan year.  The restricted shares are subject to restrictions on      transferability, as well as vesting and forfeiture restrictions, on such      terms as may be established by the Compensation Committee in its sole      discretion.  If a recipient of restricted shares terminates      employment due to early retirement (prior to age 65), death or disability,      the Compensation Committee may, in its sole discretion, waive the      restrictions remaining on any or all such shares.  Termination due to      normal retirement (65 or older) results in automatic waiver of the      uncompleted portion of restriction. Should there be a Change of Control      prior to vesting of restricted stock under the incentive plan, the shares      will automatically vest. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                             |  Option      Awards (outstanding at year end)                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|
|                                Name |  Number      of Securities Underlying Unexercised Options (#) Exercisable | Number      of Securities Underlying Unexercised Options (#)    Unexercisable | Equity      Incentive Plan Awards: Number of Securities Underlying Unexercised      Unearned Options | Option      Exercise Price |        Option Expiration      Date |
| Renato      Cataldo                                                                                                                                              |                                                                           | - |   | - |   | - |   | $ | - |   |   |   |
| Gary      Douglass (1)                                                                                                                                           |                                                                           | 20,000 |   | - |   | - |   | $ | 16.50 |   | 04/08/10 |   |
| Thomas      Gallahue (2)                                                                                                                                         |                                                                           | 10,046 |   | - |   | - |   | $ | 12.96 |   | 10/21/10 |   |
| Thomas      Gallahue (2)                                                                                                                                         |                                                                           | 5,000 |   | - |   | - |   | $ | 17.00 |   | 04/15/10 |   |
| Jane      Nelson                                                                                                                                                 |                                                                           | - |   | - |   | - |   | $ | - |   |   |   |
| Richard      Tarpley                                                                                                                                             |                                                                           | - |   | - |   | - |   | $ | - |   |   |   |

| (1)   | Mr.      Douglass left the Company in April 2008.  In accordance with the      terms of the Stock Option Plan, Mr. Douglass will remain eligible to      exercise the options until July 17, 2008, at which time all unexercised      options will be forfeited. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Mr.      Gallahue’s options were scheduled to expire on February 15, 2007, pursuant      to his Retention Agreement.   In Fiscal 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 (#) |  Value      Realized on Vesting ($) |
| Renato      Cataldo (1) |                                            |   | 4,634 |   |   | $ | 94,534 |   |
| Gary      Douglass (2)  |                                            |   | 4,049 |   |   | $ | 82,600 |   |
| Thomas      Gallahue    |                                            |   | 554 |   |   | $ | 11,302 |   |
| Jane      Nelson (2)    |                                            |   | 1,012 |   |   | $ | 20,645 |   |
| Richard      Tarpley    |                                            |   | - |   |   | $ | - |   |

| (1) | Shares      include 2,772 shares of restricted stock awarded as part of Dr. Cataldo’s      bonus for fiscal year 2006 and 1,862 shares of restricted stock that      vested from an award upon hire on July 25,2005. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Shares      include 1,848 and 462 shares of restricted stock award as part of Mr.      Douglass and Ms. Nelson’s bonuses for fiscal 2006, respectively, and 2,201      and 550 shares of restricted stock, respectively, awarded as a special      bonus for their roles in the completion of the acquisition of assets from      Portrait Corporation of America,Inc. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  Name                   |  Plan      Name       |   Number      of Years of Credited Service (#) |  Present      Value of Accumulated Benefits |  Payment      During Last Fiscal Year ($) |
|------------------------------|----------------------------|----------------------------------------------------------|--------------------------------------------------|------------------------------------------------|
| Renato      Cataldo (1)      |  Retirement      Plan |                                                     | -                                                |                                           |   |   | - |   |   | - |   |
| Gary      Douglass           |  Retirement      Plan |                                                     | 5                                                |                                           |   | $ | 25,827 |   |   | - |   |
| Gary      Douglass (2)       |  SERP                 |                                                     | 10                                               |                                           |   | $ | 829,089 |   |   | - |   |
| Thomas      Gallahue         |  Retirement      Plan |                                                     | 5                                                |                                           |   | $ | 27,491 |   |   | - |   |
| Dale      Heins              |  Retirement      Plan |                                                     | 18                                               |                                           |   | $ | 50,630 |   |   |   |   |
| Jane      Nelson (3)         |  Retirement      Plan |                                                     | 19                                               |                                           |   | $ | 200,969 |   |   | - |   |
| Jane      Nelson (2) (3)     |  SERP                 |                                                     | 10                                               |                                           |   | $ | 658,202 |   |   | - |   |
| Richard      Tarpley (3)     |  Retirement      Plan |                                                     | 37                                               |                                           |   | $ | 523,835 |   |   | - |   |
| Richard      Tarpley (2) (3) |  SERP                 |                                                     | 10                                               |                                           |   | $ | 819,060 |   |   | - |   |

| (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.   |
|-----------------|------------------------------------------------------------------------------------------|

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

|  Name               | Executive      Contributions in Last FY ($) |               Registrant            Contributions               in Last FY ($) |           Aggregate Earnings            in      Last FY ($) |   | Aggregate      Withdrawals/Distributions in Last FY ($)  |   | Aggregate      Balance at Last FY ($)  |
|--------------------------|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|--------|--------------------------------------------------|
| Renato      Cataldo      |                                        | -                                                                                                                                                                                       |                                                                                                                                        | -      |                                                          |   | -                                                |   | - |   |   | - |   |
| Gary      Douglass       |                                        | -                                                                                                                                                                                       |                                                                                                                                        | -      |                                                          |   | -                                                |   | - |   |   | - |   |
| Thomas      Gallahue     |                                        | -                                                                                                                                                                                       |                                                                                                                                        | -      |                                                          |   | -                                                |   | - |   |   | - |   |
| Jane      Nelson         |                                        | -                                                                                                                                                                                       |                                                                                                                                        | -      |                                                          |   | -                                                |   | - |   |   | - |   |
| Richard      Tarpley (1) |                                        | -                                                                                                                                                                                       |                                                                                                                                        | -      |                                                          | $      | 2,151                                            |   | - |   | $ | 27,048 |   |

| (1)   | Amounts      included as earnings and the aggregate balances were recorded as      compensation expense by theCompany. |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

|                               |                           | Renato      Cataldo |      |   | Gary      Douglass (5) |   |      | Thomas      Gallahue |   |   | Jane      Nelson |   |   | Richard      Tarpley |      |
|------------------------------------|--------------------------------|---------------------|-----------|--------|------------------------|--------|-----------|----------------------|--------|--------|------------------|--------|--------|----------------------|-----------|
| Termination      with cause        |                           |                |      |   |                   |   |      |                 |   |   |             |   |   |                 |
|                               | Pension      (3)               | $                   | -         |   |                   | $      | 25,827    |                 |   | $      | 27,491           |   |   | $                    | 200,969   |   |   | $ | 523,835 |   |
|                               |                           |                |      |   |                   |   |      |                 |   |   |             |   |   |                 |      |   |   |   |   |   |
| Termination      without cause (1) |                           |                |      |   |                   |   |      |                 |   |   |             |   |   |                 |      |   |   |   |   |
|                               | Salary      (4)                | $                   | 385,000   |   |                   | $      | 550,000   |                 |   | $      | 230,000          |   |   | $                    | 210,000   |   |   | $ | 417,852 |   |
|                               | Pension      (3)               |                | -         |   |                   |   | 25,827    |                 |   |   | 27,491           |   |   |                 | 200,969   |   |   |   | 523,835 |   |
|                               | SERP      (2)                  |                | -         |   |                   |   | 829,089   |                 |   |   | -                |   |   |                 | 658,202   |   |   |   | 819,060 |   |
|                               | Deferred      compensation     |                | -         |   |                   |   | -         |                 |   |   | -                |   |   |                 | -         |   |   |   | 24,326 |   |
|                               | Total                          | $                   | 385,000   |   |                   | $      | 1,404,916 |                 |   | $      | 257,491          |   |   | $                    | 1,069,171 |   |   | $ | 1,785,073 |   |
|                               |                           |                |      |   |                   |   |      |                 |   |   |             |   |   |                 |      |   |   |   |   |   |
| Retirement      or resignation     |                           |                |      |   |                   |   |      |                 |   |   |             |   |   |                 |      |   |   |   |   |
|                               | Pension      (3)               | $                   | -         |   |                   | $      | 25,827    |                 |   | $      | 27,491           |   |   | $                    | 200,969   |   |   | $ | 523,835 |   |
|                               | SERP      (2)                  |                | -         |   |                   |   | 829,089   |                 |   |   | -                |   |   |                 | 658,202   |   |   |   | 819,060 |   |
|                               | Deferred      compensation     |                | -         |   |                   |   | -         |                 |   |   | -                |   |   |                 | -         |   |   |   | 24,326 |   |
|                               | Total                          | $                   | -         |   |                   | $      | 854,916   |                 |   | $      | 27,491           |   |   | $                    | 859,171   |   |   | $ | 1,367,221 |   |
|                               |                           |                |      |   |                   |   |      |                 |   |   |             |   |   |                 |      |   |   |   |   |   |
| Death                              |                           |                |      |   |                   |   |      |                 |   |   |             |   |   |                 |      |   |   |   |   |
|                               | Pension      (3)               | $                   | -         |   |                   | $      | 12,914    |                 |   | $      | 13,746           |   |   | $                    | 100,485   |   |   | $ | 261,918 |   |
|                               | SERP      (4)                  |                | -         |   |                   |   | 1,302,332 |                 |   |   | -                |   |   |                 | 994,508   |   |   |   | 985,036 |   |
|                               | Other      life insurance plan |                | 650,000   |   |                   |   | 550,000   |                 |   |   | 460,000          |   |   |                 | 420,000   |   |   |   | 417,852 |   |
|                               | Deferred      compensation     |                | -         |   |                   |   | -         |                 |   |   | -                |   |   |                 | -         |   |   |   | 24,326 |   |
|                               | Total                          | $                   | 650,000   |   |                   | $      | 1,865,246 |                 |   | $      | 473,746          |   |   | $                    | 1,514,993 |   |   | $ | 1,689,132 |   |
|                               |                           |                |      |   |                   |   |      |                 |   |   |             |   |   |                 |      |   |   |   |   |   |
| Disability                         |                           |                |      |   |                   |   |      |                 |   |   |             |   |   |                 |      |   |   |   |   |
|                               | Disability      benefits (4)   | $                   | 1,443,241 |   |                   | $      | 826,739   |                 |   | $      | 778,734          |   |   | $                    | 742,572   |   |   | $ | 424,335 |   |
|                               | Pension      (3)               |                | -         |   |                   |   | 25,827    |                 |   |   | 27,491           |   |   |                 | 200,969   |   |   |   | 523,835 |   |
|                               | SERP      (2)                  |                | -         |   |                   |   | 829,089   |                 |   |   | -                |   |   |                 | 658,202   |   |   |   | 819,060 |   |
|                               | Deferred      compensation     |                | -         |   |                   |   | -         |                 |   |   | -                |   |   |                 | -         |   |   |   | 24,326 |   |
|                               | Total                          | $                   | 1,443,241 |   |                   | $      | 1,681,655 |                 |   | $      | 806,225          |   |   | $                    | 1,601,743 |   |   | $ | 1,791,556 |   |
|                               |                           |                |      |   |                   |   |      |                 |   |   |             |   |   |                 |      |   |   |   |   |   |

| (1)   | In      the agreements of Mr. Douglass, Ms. Nelson and Mr. Tarpley, termination      for cause is triggered by dishonesty intended to result in substantial      personal enrichment at the expense of the Company, a material violation of      the employment contract which is willful and deliberate and results in      material injury to the Company, or the conviction of the executive of a      felony or a crime of moral turpitude.  In the agreements of Dr.      Cataldo and Mr. Gallahue, 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.  Any      gross-up payments are paid not less than 45 days after termination      payment. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | SERP      payments are paid monthly for 20 years beginning at age  65. |
|-----------------|------------------------------------------------------------------------|

| (3)   | 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. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Death      and disability benefits are incorporated in the employment agreements of      Mr. Douglass, Ms. Nelson and Mr. Tarpley.  The benefits are      payable in monthly installments beginning the month after death or      disability; disability payments continue through the month that the      employee turns age 65 and death benefits continue for 240      months.  These employees are entitled to death and disability      benefits available to all other salaried employees.  Disability      benefits, however are paid at the higher of the amount calculated per the      employee contract or that as determined by the plan available to all      employees.  Death and disability benefits for Dr. Cataldo and      Mr. Gallahue are under the same plan as all salaried      employees. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Mr.      Douglass resigned in April 2008 and will receive benefits described in the      section entitled Retirement or Resignation.  Other scenarios      shown here as of February 2, 2008 no longer  apply. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name                 | Fees      Earned or Paid in Cash      ($) (1) | Stock      Awards ($) (2) | Option      Awards ($) | Non-Equity      Incentive      Plan Compensation ($) | Change      in Pension Value      and Non Qualified      Deferred Compensation Earnings | All      Other Compensation      ($)      (3) | Total  |
|----------------------|-----------------------------------------------|---------------------------|------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------|-----------------------------------------------|--------|
| David      Meyer     |                                          | $                         | 16,500                 |                                                 | $                                                                                       | 1,409,458                                     |   |   |   |   |   | $ | 7,810 |   | $ | 1,433,768 |   |
| James      Abel      |                                          | $                         | 36,000                 |                                                 | $                                                                                       | 52,380                                        |   |   |   |   |   | $ | 466 |   | $ | 88,846 |   |
| Michael      Koeneke |                                          | $                         | 36,000                 |                                                 | $                                                                                       | 37,422                                        |   |   |   |   |   | $ | 333 |   | $ | 73,755 |   |
| Mark      Mitchell   |                                          | $                         | 19,500                 |                                                 | $                                                                                       | 37,422                                        |   |   |   |   |   | $ | 333 |   | $ | 57,255 |   |
| Turner      White    |                                          | $                         | 43,500                 |                                                 | $                                                                                       | 37,422                                        |   |   |   |   |   | $ | 333 |   | $ | 81,255 |   |

| (1)   | Includes      payment to Mr. White of $6,000 for his service as chairman of the      Compensation Committee, with the remainder representing meeting fees paid      to the directors. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The      Board of Directors maintains a CPI Corp. Non-Employee Directors Restricted      Stock Policy (the "Policy") pursuant to the CPI Corp. Restricted Stock      Plan, as amended and restated as of April 14, 2005 (the      "Plan").  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. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Other      compensation represents dividends earned on restricted stock awards prior      to vesting. |
|-----------------|-------------------------------------------------------------------------------------------------------|

Item 12.

| Name                                 |   | Number      of Shares                                                                                                                                               |   | Percent |
|--------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|
| Knightspoint      Group              |   |                        1,915,559                 | (1)    | 29.7%   |
| Van      Den Berg Management         |   |                           713,886 | (2)    | 11.1%   |
| LaFitte      Capital Management L.P. |   |                           508,265 | (3)    | 7.9%    |
| Sheffield      Partners, L.P.        |   |                           504,637 | (4)    | 7.8%    |
| Fine      Capital Partners, L.P.     |   |                           323,400 | (5)    | 5.0%    |

| (1)   | As      reported in Amendment No. 8 to its Schedule 13D, dated October 11, 2007      and Form 4’s filed on October 19, 2007 and October 24, 2007 by Ramius LLC      (f/k/a Ramius Capital Group, LLC) and shares owned by David Meyer, Michael      Koeneke and Mark Mitchell.  Under the rules of the Securities      and Exchange Commission, (i) Knightspoint Partners, I, L.P., Knightspoint      Capital Management I LLC, Knightspoint Partners LLC, David Meyer, a      director and chairman of the board of the Company, and Michael Koeneke, a      director of the Company, and (ii) Mark Mitchell, a director of the Company      and Partner of Ramius LLC, RCG Enterprise, Ltd (by way of transfer from      its affiliate, Ramius Securities LLC), Ramius LLC, C4S & Co., LLC, RCG      Ambrose Master Fund, Ltd., Ramius Master Fund, Ltd., Peter A. Cohen,      Morgan B. Stark, Thomas W. Strauss, Jeffrey M. Solomon, Ramius Advisors,      LLC, Starboard Value & Opportunity Fund, LLC and RCG Starboard      Advisors, LLC (f/k/a Admiral Advisors, LLC) (collectively, the “Ramius      Parties”) may be deemed to be members of a group (the “Knightspoint      Group”) and, as a result, each of the members may be deemed to      beneficially own shares of common stock beneficially owned by each of the      other members.  Each of the Ramius Parties disclaims beneficial      ownership of the shares of common stock owned by the other members of the      Knightspoint Group, except to the extent of its pecuniary interest      therein. See also footnote (1) of the table set forth below under the      caption “Security Ownership of Management” for additional information      regarding the ownership of these shares.  The address of the      stockholder is 787 Seventh Avenue, 9th Floor, New York, New York      10019. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | As      reported in its Amendment 9 to Schedule 13G, dated as of December 31,      2007, Van Den Berg Management has beneficial ownership and shared voting      power for 713,886 shares, and shared dispositive power for 713,886 shares.      The address of this stockholder is 805 Las Cimas Parkway, 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, Austin Texas  78701. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | As      reported in its Amendment 1 to Schedule 13G, dated February 13, 2008, as      of December 31, 2007, Sheffield Asset Management L.L.C. has beneficial      ownership and shared voting power for 504,637 shares, and shared      dispositive power for 504,637 shares. The address of this stockholder is      900 North Michigan Avenue, Chicago Illinois  60611. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | As      reported on Schedule 13D, dated February 8, 2008, as of January 31, 2008,      Fine Capital Partners L.P. has sole voting power for 323,400 shares      and  sole dispositive power for 323,400 shares. The address of      this stockholder is 590 Madison Avenue, New York, New York      10022. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2007      Data                                                | Amount      of Record | Indirect      Shares      (1) | Restricted      Shares      (2) | Profit      Sharing Plan      (3) | Vested      Options      (4) | Total  | Percent      of Shares      Outstanding in      Proxy |
|---------------------------------------------------------------|-----------------------|-------------------------------|---------------------------------|-----------------------------------|------------------------------|--------|------------------------------------------------------------|
|                                                          |                  |                          |                            |                              |                         |   |                                                       |   |   |   |   |   |   |   |   |
| James      Abel                                               |                  | 7,451                         |                            | -                                 |                         | 2,574  |                                                       | - |   | - |   | 10,025 |   | * |   |
| Renato      Cataldo                                           |                  | 7,002                         |                            | -                                 |                         | 1,716  |                                                       | 394 |   | - |   | 9,112 |   | * |   |
| Gary      Douglass                                            |                  | 7,081                         |                            | -                                 |                         | -      |                                                       | 755 |   | 20,000 |   | 27,836 |   | * |   |
| Thomas      Gallahue                                          |                  | 335                           |                            | -                                 |                         | 1,471  |                                                       | 709 |   | 15,046 |   | 17,561 |   | * |   |
| Mickael      Koeneke                                          |                  | 5,151                         |                            | 1,826,969                         |                         | 1,838  |                                                       | - |   | - |   | 1,833,958 |   | 28.39 | % |
| David      Meyer                                              |                  | 72,774                        |                            | 1,826,969                         |                         | 1,838  |                                                       | - |   | - |   | 1,901,581 |   | 29.44 | % |
| Mark      Mitchell                                            |                  | 5,151                         |                            | 1,826,969                         |                         | 1,838  |                                                       | - |   | - |   | 1,833,958 |   | 28.39 | % |
| Jane      Nelson                                              |                  | 2,787                         |                            | -                                 |                         | 980    |                                                       | 1,657 |   | - |   | 5,424 |   | * |   |
| Rich      Tarpley                                             |                  | 1,555                         |                            | -                                 |                         | 980    |                                                       | 1,261 |   | - |   | 3,796 |   |   |   |
| Turner      White                                             |                  | 5,151                         |                            | -                                 |                         | 2,206  |                                                       | - |   | - |   | 7,357 |   | * |   |
|                                                          |                  |                          |                            |                              |                         |   |                                                       |   |   |   |   |   |   |   |   |
| Directors      and Executive Officers as a group (14 persons) |                  | 120,846                       |                            | 1,826,969                         |                         | 20,334 |                                                       | 7,901 |   | 35,046 |   | 2,011,096 |   | 31.13 | % |

| (1)   | Mark      Mitchell is a portfolio manager of RCG Ambrose Master Fund, Ltd.      (“Ambrose”). As such, Mr. Mitchell makes day-to- day investment      decisions with respect to the securities held in Ambrose.  In      addition, Mr. Mitchell trades on behalf of affiliates of Ambrose,      including Starboard Value & Opportunity Fund, LLC, RCG      Enterprise, Ltd and Ramius Master Fund, Ltd. Currently, Ambrose, RCG      Enterprise, Ltd (by way of transfer from its affiliate, Ramius Securities      LLC), Ramius Master Fund, Ltd., Starboard Value & Opportunity      Fund, LLC, Starboard Value & Opportunity Master Fund Ltd. and RCG      Halifax Fund, Ltd (the “Ramius related entities”) hold      1,724,648 shares of common stock in the aggregate.  The      investment advisor to Ambrose and RCG Enterprise, Ltd is Ramius      LLC.  The investment advisor to Ramius Master Fund, Ltd. is      Ramius Advisors, LLC, another affiliate and wholly owned subsidiary of      Ramius LLC.  The managing member of Ramius LLC is C4S &      Co., LLC.. Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss and Jeffrey      M. Solomon are the sole managing members of C4S & Co.,      LLC.  The managing member of Starboard Value &      Opportunity Fund, LLC is RCG Starboard Advisors, LLC, whose sole member is      Ramius LLC.  Mr. Mitchell does not have investment or      voting control over shares held by any of the Ramius related      entities.  Mr. Koeneke and Mr. Meyer have no voting or      dispositive power over and disclaim beneficial ownership of the 1,724,648      shares owned by Ramius related entities. Under the rules of the Securities      and Exchange Commission, each of Mr. Koeneke and Mr. Meyer may be deemed      to be a member of the Knightspoint Group and, as a result, each may be      deemed to beneficially own shares of common stock beneficially owned by      each of the other members of the Knightspoint  Group. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Amount      also includes 102,321 shares of common stock owned by Knightspoint      Partners I, L.P.  Mr. Koeneke and Mr. 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. Mr. Mitchell has no voting or dispositive power      over and disclaims beneficial ownership of the 102,321 shares owned by      Knightspoint Partners I, L.P.  Under the rules of the      Securities and Exchange Commission, the Ramius related entities may be      deemed to be members of the Knightspoint Group and, as a result, each of      the members may be deemed to beneficially own shares of common stock      beneficially owned by each of the other members of the Knightspoint      Group. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | For      directors, this includes restricted shares awarded in lieu of cash      compensation for the 2008 Board retainer and committee chair retainers      made on March 5, 2008, but excludes an award of 14,706 shares to Mr. Meyer      for his performance as Chairman of the Board in 2007 made on May 29,      2008.  For executive officers, these restricted shares were      awarded as part of 2007 incentivecompensation. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | 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. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Includes      shares which such persons have the right to acquire within 60 days after      April 29, 2008, upon the exercise of employee stock options.        The      following table provides information as of February 2, 2008 regarding the      number of shares of common stock that were issuable under the Company’s      equity compensation plans: |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Plan      Category                                                  |   | Number      of securities to be issued upon exercise of outstanding options, warrants,      and rights (a) |   | Weighted-average      exercise price of outstanding options, warrants, and      rights (b) |   | Number      of securities remaining available for future issuance under equity      compensation plans (excluding securities reflected in column (a))      (c) |   |   |
|---------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                |   |                                                                                                            |   |                                                                                            |   |                                                                                                                                                           |   |   |
| Equity      compensation plans                                      |   |                                                                                                            |   |                                                                                            |   |                                                                                                                                                           |   |   |
|      approved      by security holders     |   |                                                                                                            | 35,046 |                                                                                            | $      | 15.56                                                                                                                                                          |   |   | 1,218,015 | (1 | ) |
|                                                                |   |                                                                                                            |   |                                                                                            |   |                                                                                                                                                           |   |   |   |   |   |
| Equity      compensation plans not                                  |   |                                                                                                            |   |                                                                                            |   |                                                                                                                                                           |   |   |   |   |   |
|          approved by security holders  (2) |   |                                                                                                            | -      |                                                                                            | $      | -                                                                                                                                                              |   |   | 80,232 | (3 | ) |
|                                                                |   |                                                                                                            |   |                                                                                            |   |                                                                                                                                                           |   |   |   |   |   |
| Total                                                               |   |                                                                                                            | 35,046 |                                                                                            | $      | 15.56                                                                                                                                                          |   |   | 1,298,247 |   |   |

| (1)   | Includes      1,020,639 shares reserved for issuance under the Company’s stock option      plan; 187,937 shares reserved for issuance under the Company’s restricted      stock plan and 9,439 shares reserved for issuance under the Company’s      employee’s profit sharing plan. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The      only plan not approved by security holders is the Company’s stock bonus      plan.  This plan was enacted in fiscal 1982 and is no longer      active.  The remaining awards granted under this plan vested in      fiscal 2003. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Represents      80,232 shares reserved for issuance under the Company’s inactive stock      bonus plan. |
|-----------------|---------------------------------------------------------------------------------------------------------------|

Item 13.

Item 14

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 4/30/90.                                                                                                  |
|    |   |                                                                                                                                            |
| (3.2)   |   | Amended      and Restated By-laws of the Company, incorporated by reference to CPI      Corp.'s Form 8-K, Exhibit 3.2, filed      June 5, 2007. |
|    |   |                                                                                                                                            |
| (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.                                                              |
|    |   |                                                                                                                                            |
| (10.1)  |   | License      Agreement Sears, Roebuck & Co. dated 1/1/99, incorporated by reference      to CPI Corp.'s Annual Report for fiscal            |
|    |   | year      1998 on Form 10-K, Exhibit 10.28,  filed  5/5/99.                                                                           |
|    |   |                                                                                                                                            |
| (10.2)  |   | Second      Amendment dated 11/10/99 to License Agreement Sears, Roebuck & Co.,      incorporated by reference to CPI Corp.'s               |
|    |   | Form      10-Q, Exhibit 5.1, filed 12/23/99.                                                                                                    |
|    |   |                                                                                                                                            |
| (10.3)  |   | License      Agreement Sears, Roebuck & Co. (Off Mall) dated 1/1/99, incorporated      by reference to CPI Corp.'s Annual Report for        |
|    |   | fiscal      year 1998 on Form 10-K, Exhibit 10.29, filed 5/5/99.                                                                                |
|    |   |                                                                                                                                            |
| (10.4)  |   | Second      Amendment dated 11/10/99 to License Agreement Sears, Roebuck & Co.      (Off Mall), incorporated by reference to CPI            |
|    |   | Corp.'s      Form 10-Q, Exhibit 5.2, filed 12/23/99.                                                                                            |
|    |   |                                                                                                                                            |
| (10.5)  |   | License      Agreement Sears, Roebuck De Puerto Rico, Inc. dated 1/1/99, incorporated      by reference CPI Corp.'s Annual Report               |
|    |   | for      fiscal year 1998 on Form 10-K, Exhibit 10.30, filed  5/5/99.                                                                           |
|    |   |                                                                                                                                            |
| (10.6)  |   | Development      and License Agreement dated 1/31/01 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 5/3/01.                |
|    |   |                                                                                                                                            |
| (10.7)  |   | Third      Amendment dated 6/5/02 to Sears License Agreement, incorporated by      reference to CPI Corp.'s Form 10-Q,                          |
|    |   | Exhibit      10.51, filed 6/7/02.                                                                                                               |
|    |   |                                                                                                                                            |
| (10.8)  |   | Sixth      Amendment dated 11/20/02 to Sears License Agreement, incorporated by      reference to CPI Corp.'s Form 10-Q,                        |
|    |   | Exhibit      10.54, filed 12/11/02.                                                                                                             |
|    |   |                                                                                                                                            |
| (10.9)  |   | Third      Amendment to Sears License Agreement (Off Mall) dated 11/20/02,      incorporated by reference to CPI Corp.'s Form 10-Q,             |
|    |   | Exhibit      10.55, filed 12/11/02.                                                                                                             |
|    |   |                                                                                                                                            |
| (10.10) |   | Fourth      Amendment to Sears License Agreement (Off Mall) dated 11/20/02,      incorporated by reference to CPI Corp.'s Form 10-Q,            |
|    |   | Exhibit      10.56, filed  12/11/02.                                                                                                  |
|    |   |                                                                                                                                            |
| (10.11) |   | Fifth      Amendment to Sears License Agreement (Off Mall) dated 11/20/02,      incorporated by reference to CPI Corp.'s Form 10-Q,             |
|    |   | Exhibit      10.57, filed  12/11/02.                                                                                                  |
|    |   |                                                                                                                                            |
| (10.12) |   | Sears      License Agreement dated 1/1/03 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, filed5/16/03.                |

| EXHIBIT  |   |                                                                                                                                            |
|----------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| NUMBER   |   | DESCRIPTION                                                                                                                                     |
|     |   |                                                                                                                                            |
| (10.13)  |   | Seventh      Amendment dated 8/11/03 to Sears License Agreement, incorporated by      reference to CPI Corp.'s Form 10-Q,                       |
|     |   | Exhibit      10.69, filed 8/27/03.                                                                                                              |
|     |   |                                                                                                                                            |
| (10.14)  |   | Eighth      Amendment dated 9/1/03 to Sears License Agreement, incorporated by      reference to CPI Corp.'s Form 10-Q,                         |
|     |   | Exhibit      10.70, filed 12/18/03.                                                                                                             |
|     |   |                                                                                                                                            |
| (10.15)  |   | Fourth      Amendment dated 6/5/02 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 4/22/04.                            |
|     |   |                                                                                                                                            |
| (10.16)  |   | Sixth      Amendment dated 4/29/04 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      6/10/04.                                                     |
|     |   |                                                                                                                                            |
| (10.17)  |   | Extension      dated January 18, 2006 of Sears License Agreement between CPI Corp. and      Sears Canada, Inc., incorporated by                 |
|     |   | reference      to CPI Corp.'s Annual Report for fiscal year 2005 on Form 10-K, Exhibit      10.58, filed 4/19/06.                               |
|     |   |                                                                                                                                            |
| (10.18)  |   | Amendment      dated August 18, 2006 to Sears License Agreement between CPI Corp. and      Sears Canada, Inc., incorporated by                  |
|     |   | reference      to CPI Corp.'s Form 10-Q, Exhibit 10.63, filed 8/25/06.                                                                          |
|     |   |                                                                                                                                            |
| (10.19)* |   | Employment      Contract Jane E. Nelson dated 2/6/00, incorporated by reference to CPI      Corp.'s Annual Report for fiscal year 1992          |
|     |   | on      Form 10-K, Exhibit 10.36, filed 4/26/00.                                                                                                |
|     |   |                                                                                                                                            |
| (10.20)* |   | CPI      Corp. 1981 Stock Bonus Plan (As Amended and Restated Effective 2/3/91),      incorporated by reference to CPI Corp.'s                  |
|     |   | Annual      Report for fiscal year 1992 on Form 10-K, Exhibit 10.29, filed      5/5/93.                                                         |
|     |   |                                                                                                                                            |
| (10.21)* |   | 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      5/3/01.                                                                                                                              |
|     |   |                                                                                                                                            |
| (10.22)* |   | 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, Exhibit10.31, |
|     |   | filed      5/3/01.                                                                                                                              |
|     |   |                                                                                                                                            |
| (10.23)* |   | 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 5/3/01.                                |
|     |   |                                                                                                                                            |
| (10.24)* |   | 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 5/3/01.                                          |

| EXHIBIT  |   |                                                                                                                                  |
|----------|--------|---------------------------------------------------------------------------------------------------------------------------------------|
| NUMBER   |   | DESCRIPTION                                                                                                                           |
|     |   |                                                                                                                                  |
| (10.25)* |   | 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 5/3/01.                                |
|     |   |                                                                                                                                  |
| (10.26)* |   | Employment      Agreement dated 4/8/02 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 5/1/02.                                |
|     |   |                                                                                                                                  |
| (10.27)* |   | 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 6/7/02.      |
|     |   |                                                                                                                                  |
| (10.28)* |   | Employment      Agreement dated 10/21/02 by and between Peggy J. Deal and CPI Corp.,      incorporated by reference                   |
|     |   | to      CPI Corp.'s Form 10-Q, Exhibit 10.58, filed 12/11/02.                                                                         |
|     |   |                                                                                                                                  |
| (10.29)* |   | Employment      Agreement dated 11/15/02 by and between Thomas Gallahue and CPI Corp.,      incorporated by reference                 |
|     |   | to      CPI Corp.'s  Form 10-Q, Exhibit 10.59, filed      12/11/02.                                                         |
|     |   |                                                                                                                                  |
| (10.30)  |   | First      Amendment dated 9/30/02 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      5/16/03.                                              |
|     |   |                                                                                                                                  |
| (10.31)  |   | Second      Amendment dated 11/29/02 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      5/16/03.                                              |
|     |   |                                                                                                                                  |
| (10.32)  |   | Third      Amendment dated 2/6/04 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      4/21/04.                                   |
|     |   |                                                                                                                                  |
| (10.33)* |   | 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 4/21/05.                                  |
|     |   |                                                                                                                                  |
| (10.34)* |   | 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      4/21/05.                                          |
|     |   |                                                                                                                                  |
| (10.35)* |   | CPI      Corp. Non-Employee Directors Restricted Stock Policy Pursuant to the CPI      Corp.  Restricted Stock 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 10.91, filed4/21/05.                                                                                       |

| EXHIBIT  |   |                                                                                                                                    |
|----------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
| NUMBER   |   | DESCRIPTION                                                                                                                             |
|     |   |                                                                                                                                    |
| (10.36)* |   | 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 4/21/05. |
|     |   |                                                                                                                                    |
| (10.37)* |   | 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 4/21/05.                                                                                                      |
|     |   |                                                                                                                                    |
| (10.38)* |   | First      Amendment to Employment Agreement by and between Consumer Programs      Incorprated and Thomas Gallahue,                     |
|     |   | incorporated      by reference to CPI Corp.'s Annual Report for fiscal year 2004 on Form      10-K, Exhibit 10.95, filed 4/21/05.       |
|     |   |                                                                                                                                    |
| (10.39)* |   | Employment      Agreement by and between CPI Corp. and Renato Cataldo, incorporated by      reference to CPI Corp.'s Form 10-Q,         |
|     |   | Exhibit      10.102, filed 9/1/05. File No.  1-10204                                                                          |
|     |   |                                                                                                                                    |
| (10.40)* |   | Stock      Award and Restriction Agreement by and between CPI Corp. and Renato      Cataldo, incorporated by reference                  |
|     |   | to      CPI Corp.'s Form 10-Q, Exhibit 10.103, filed 9/1/05.                                                                            |
|     |   |                                                                                                                                    |
| (10.41)* |   | 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      9/1/05.                                                          |
|     |   |                                                                                                                                    |
| (10.42)* |   | Stock      Award and Restriction Agreement by and between CPI Corp. and Paul      Rasmussen, incorporated by reference to               |
|     |   | CPI      Corp.'s Form 10-Q, Exhibit 10.105, filed 9/1/05.                                                                               |
|     |   |                                                                                                                                    |
| (10.43)* |   | Confidentiality,      Noncompetition and Nonsolicitation Agreement by and between CPI Corp. and      Paul Rasmussen,                    |
|     |   | incorporated      by reference to CPI Corp.'s Form 10-Q, Exhibit 10.106, filed      9/1/05.                                             |
|     |   |                                                                                                                                    |
| (10.44)  |   | Credit      Agreement (As Amended and Restated Effective November 30, 2005) among the      Company, the financial institutions          |
|     |   | that      are or may from time to time become parties thereto and LaSalle National      Bank Association, incorporated by reference     |
|     |   | to      CPI Corp.'s Current Report on Form 8-K, Exhibit 10.84, filed      12/8/05.                                                      |
|     |   |                                                                                                                                    |
| (10.45)  |   | Guaranty      and Collateral Agreement among CPI Corp. and the other parties thereto, as      guarantors, and LaSalle Bank National     |
|     |   | Association,      an administrative agent, incorporated by reference to CPI Corp.'s Current      Report on Form 8-K,                    |
|     |   | Exhibit      10.85, filed 12/8/05.                                                                                                      |
|     |   |                                                                                                                                    |
| (10.46)* |   | Retention      agreement, dated as of January 12, 2006, by and between CPI Corp. and      Thomas Gallahue, incorporated by reference    |
|     |   | to      CPI Corp.'s Current Report on Form 8-K, Exhibit 10.107, filed      1/19/06.                                                     |
|     |   |                                                                                                                                    |
| (10.47)  |   | First      Amendment to Amended and Restated Credit Agreement dated as of January 25,      2006 (the "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 administrative agent and arranger for the lenders,      incorporated by reference to                      |
|     |   | CPI      Corp.'s Current Report on Form 8-K, Exhibit 10.108, filed      1/26/06.                                                        |

| EXHIBIT |   |                                                                                                                                    |
|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
| NUMBER  |   | DESCRIPTION                                                                                                                             |
|    |   |                                                                                                                                    |
| (10.48) |   | Stock      Award and Restriction Agreement, dated April 6, 2006, by and between CPI      Corp. and David Meyer, incorporated            |
|    |   | by      reference to CPI Corp.'s Current Report on Form 8-K, Exhibit 10.57, filed      4/12/06.                                         |
|    |   |                                                                                                                                    |
| (10.49) |   | First      Amendment to Employment Agreement, dated as of April 25, 2006, by and      between Consumer Programs                         |
|    |   | Incorporated      and Gary W. Douglass, incorporated by reference to CPI Corp.'s Form 8-K,      Exhibit 10.60, filed May 1, 2006.       |
|    |   |                                                                                                                                    |
| (10.50) |   | 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.                                         |
|    |   |                                                                                                                                    |
| (10.51) |   | 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.                                         |
|    |   |                                                                                                                                    |
| (10.52) |   | First      Amendment to Retention Agreement, dated as of August 23, 2006, by and      between Consumer Programs                         |
|    |   | Incorporated      and Thomas Gallahue, incorporated by reference to CPI Corp.'s Form 8-K,      Exhibit 10.64, filed August 29, 2006.    |
|    |   |                                                                                                                                    |
| (10.53) |   | Second      Amendment to Retention Agreement, dated as of October 26, 2006, by and      between Consumer Programs                       |
|    |   | Incorporated      and Thomas Gallahue, incorporated by reference to CPI Corp.'s Form 8-K,      Exhibit 10.65, filed November 1, 2006.   |
|    |   |                                                                                                                                    |
| (10.54) |   | Resignation      Agreement dated as of October 30, 2006, by and between CPI Corp. and Paul      Rasmussen, incorporated                 |
|    |   | by      reference to CPI Corp.'s Form 8-K, Exhibit 10.66, filed November 1,      2006.                                                  |
|    |   |                                                                                                                                    |
| (10.55) |   | 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 America, Inc., (each, a "Seller") and CPI Corp.,      incorporated by reference to CPI Corp.'s Form 8-K,      |
|    |   | Exhibit      2.1, filed May 3, 2007.                                                                                                    |
|    |   |                                                                                                                                    |
| (10.56) |   | 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                   |
|    |   | Photo      Corporation of America, Inc.,  (each,      a "Seller") and CPI Corp., such amendment effective as of May 21, 2007, |
|    |   | Corp.,      Inc., incorporated by reference to CPI Corp.'s Form 8-K, Exhibit 2.1,      filed May 25, 2007.                              |
|    |   |                                                                                                                                    |
| (10.57) |   | 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 America, Inc., (each, a      "Seller") and CPI Corp., incorporated by                |
|    |   | reference      to CPI Corp.'s Form 8-K, Exhibit 2.3, filed June 24,  2007.                                                              |

| EXHIBIT  |   |                                                                                                                                      |
|----------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
| NUMBER   |   | DESCRIPTION                                                                                                                               |
|     |   |                                                                                                                                      |
| (10.58)  |   | Second      Amendment 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.      |
|     |   |                                                                                                                                      |
| (10.59)* |   | 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 10.59, filed August 30,      2007.                                              |
|     |   |                                                                                                                                      |
| (10.60)  |   | 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.          |
|     |   |                                                                                                                                      |
| (10.61)  |   | 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.                |
|     |   |                                                                                                                                      |
| (10.62)  |   | Employment      Agreement dated April 23, 2008, by and between CPI Corp. and Dale Heins,      incorporated by reference to                |
|     |   | CPI      Corp.'s Form 8-K, Exhibit 10.62, filed April 24, 2008. File      No.  1-10204.                                         |
|     |   |                                                                                                                                      |
| (10.63)  |   | Third      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 April 15, 2008,         |
|     |   | incorporated      by reference to CPI’s Annual Report for fiscal year 2007 on Form 10-K,      Exhibit 10.63, filed May 13, 2008.    |
|     |   |                                                                                                                                      |
| (11.1)   |   | Computation      of Earnings Per Share - Diluted, incorporated by reference to CPI Corp’s      Annual Report for fiscal year 2007,  |
|     |   | Exhibit      11.1, filed May 13, 2008.                                                                                                    |
|     |   |                                                                                                                                      |
| (11.2)   |   | Computation      of Earnings Per Share - Basic, incorporated by reference to CPI Corp’s      Annual Report for fiscal year 2007,    |
|     |   | Exhibit      11.2, filed May 13, 2008.                                                                                                    |
|     |   |                                                                                                                                      |
| (21.0)   |   | Subsidiaries      of the Registrant, incorporated by reference to CPI Corp’s Annual Report      for fiscal year 2007, Exhibit 21.0, |
|     |   | filed      May 13, 2008.                                                                                                                  |
|     |   |                                                                                                                                      |
| (23.0)   |   | Independent      Auditor's Consent, incorporated by reference to CPI Corp’s Annual Report      for fiscal year 2007, Exhibit 11.1,  |
|     |   | filed      May 13, 2008.                                                                                                                  |
|     |   |                                                                                                                                      |
| (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 Senior 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 Senior Vice      President, Finance and Chief FinancialOfficer        |

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