CPI Corp. to Sell Wall Decor Business

Apr 24, 2001, 01:00 ET from CPI Corp.

    ST. LOUIS, April 24 /PRNewswire Interactive News Release/ -- CPI Corp.
 (NYSE:   CPY) announced today that it had entered into an agreement to sell its
 Wall Decor business, operating under the name "Prints Plus", to TRU Retail,
 Inc. a corporation formed by top management of Prints Plus.  The transaction
 is subject to financing and other typical contingencies.  The parties expect
 to complete the transaction in June 2001.
     The Wall Decor segment has been treated as a discontinued operation since
 1999, based on a letter of intent dated April 7, 2000 to sell the segment to
 another party.  That transaction was not consummated, but the Company
 continued its efforts to seek a buyer through fiscal year 2000.  CPI adjusted
 its fiscal year 2000 net earnings to reflect the valuation of the Wall Decor
 segment and its fiscal year 2000 performance.
     CPI Corp. is a consumer services company, offering photography services
 through Sears Portrait Studios in the United States, Puerto Rico and Canada,
 as well as photofinishing services through the searsphotos.com web site and
 custom computer programming through Centrics Technology, Inc.
     For Further information on CPI Corp. via facsimile at no cost,
 simply dial 1-800-PRO-INFO and the company code CPY.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X69265032
 
 

SOURCE CPI Corp.
    ST. LOUIS, April 24 /PRNewswire Interactive News Release/ -- CPI Corp.
 (NYSE:   CPY) announced today that it had entered into an agreement to sell its
 Wall Decor business, operating under the name "Prints Plus", to TRU Retail,
 Inc. a corporation formed by top management of Prints Plus.  The transaction
 is subject to financing and other typical contingencies.  The parties expect
 to complete the transaction in June 2001.
     The Wall Decor segment has been treated as a discontinued operation since
 1999, based on a letter of intent dated April 7, 2000 to sell the segment to
 another party.  That transaction was not consummated, but the Company
 continued its efforts to seek a buyer through fiscal year 2000.  CPI adjusted
 its fiscal year 2000 net earnings to reflect the valuation of the Wall Decor
 segment and its fiscal year 2000 performance.
     CPI Corp. is a consumer services company, offering photography services
 through Sears Portrait Studios in the United States, Puerto Rico and Canada,
 as well as photofinishing services through the searsphotos.com web site and
 custom computer programming through Centrics Technology, Inc.
     For Further information on CPI Corp. via facsimile at no cost,
 simply dial 1-800-PRO-INFO and the company code CPY.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X69265032
 
 SOURCE  CPI Corp.