|EXHIBIT 10.73


THIRD AMENDMENT TO CPI
CORP.  RETIREMENT PLAN AND
TRUST


(As Amended and
Restated Effective January 1, 1997)


Pursuant
to the provisions of Section 16.1 of Article XVI of the CPI Corp. Retirement Plan and
Trust (the Plan), and pursuant to resolutions of the Retirement Plan
Committee, the Plan is hereby amended in the following respects. This Third Amendment is
intended to freeze benefit accruals for most Participants in the Plan effective April 1,
2004, as provided in this Amendment.


1. Section 3.1, Commencement of Participation, is
amended by adding the following new sentence at the end thereof:


Notwithstanding
the foregoing provisions, no Employee who is not already a Participant shall become an
Active Participant in the Plan after January 1, 2004.


2. Section 5.1, Normal Retirement Pension, is
amended by adding the following new paragraphs at the end thereof:


Notwithstanding
the foregoing provisions of this Section 5.1, the Accrued Benefit of each Participant who
is not a Grandfathered Participant (as defined herein) shall be frozen as of April 1,
2004. The Normal Retirement Pension of each such Participant shall be determined based on
the Participants Monthly Plan Compensation and Years of Service earned through April
1, 2004.


A
Participant who is an Active Participant in the Plan on April 1, 2004 shall be a
Grandfathered Participant if the Participant has both attained age 50 and completed 10
Years of Service as of April 1, 2004, provided, however, that any Participant who is a
Regional Vice-President in the Companys Portrait Studio Division or who is party to
an employment agreement with the Company that provides the Participant with supplemental
retirement benefits outside this Plan shall not qualify as a Grandfathered Participant.
Each Grandfathered Participant shall continue to accrue benefits under the Plan after
April 1, 2004 in accordance with the terms of the Plan.


IN
WITNESS WHEREOF, the Retirement Plan Committee has caused this instrument to be adopted
on behalf of CPI Corp. this 6th day of February, 2004.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | CPI CORP.

By:     /s/ J. David Pierson
           
           J. David PiersonTitle:  Chairman, CEO
           
           For the retirement Plan Committee
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|