ST. LOUIS, Sept. 10 /PRNewswire-FirstCall/ -- CPI
Corp. (NYSE: CPY) today announced that the Company entered into
an amendment to its Master Lease with Walmart which extends the
agreement through at least January 31,
2016.
Commenting on the extension, Renato
Cataldo, CEO and President of CPI, said, "We are very
pleased to announce a significant extension of our agreement with
Walmart. Our partnership is very strong, and we expect to
generate substantial growth as we roll out new photography products
and services that expand and deepen our relationships with
Walmart's customer base."
The company currently operates 1,536 PictureMe Portrait Studios
in Walmart Stores and Supercenters in the
United States under the Master Lease agreement.
About CPI Corp.
For more than 60 years, CPI Corp. (NYSE: CPY) has been dedicated
to helping customers conveniently create cherished portrait
keepsakes that commemorate key events, holidays and milestones.
Headquartered in St. Louis,
Missouri, CPI Corp. provides portrait photography services
at approximately 3,000 locations in North
America, principally in Sears, Walmart and Babies "R" Us
stores. CPI's portrait studios offer an extensive range of
professional posing options, special effects and product choices,
all for an affordable price.
Forward-Looking Statements
The statements contained in this press release that are not
historical facts are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, and
involve risks and uncertainties. The Company identifies
forward-looking statements by using words such as "preliminary,"
"plan," "expect," "looking ahead," "anticipate," "estimate,"
"believe," "should," "intend" and other similar expressions.
Management wishes to caution the reader that these
forward-looking statements, such as the Company's outlook for
portrait studios, net income, future cash requirements, cost
savings, compliance with debt covenants, valuation allowances,
reserves for charges and impairments and capital expenditures, are
only predictions or expectations; actual events or results may
differ materially as a result of risks facing the Company.
Such risks include, but are not limited to: the Company's
dependence on Sears, Walmart and Toys "R" Us, the approval of the
Company's business practices and operations by Sears, Walmart and
Toys "R" Us, the termination, breach, limitation or increase of the
Company's expenses by Sears and Toys "R" Us under the license
agreements, or Walmart under the lease and license agreements,
customer demand for the Company's products and services, the
economic recession and resulting decrease in consumer spending,
manufacturing interruptions, dependence on certain suppliers,
competition, dependence on key personnel, fluctuations in operating
results, a significant increase in piracy of the Company's
photographs, widespread equipment failure, compliance with debt
covenants, high level of indebtedness, implementation of marketing
and operating strategies, outcome of litigation and other claims,
impact of declines in global equity markets to pension plan and
impact of foreign currency translation. The risks described
above do not include events that the Company does not currently
anticipate or that it currently deems immaterial, which may also
affect its results of operations and financial condition. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE CPI Corp.
Copyright . 10 PR Newswire