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.
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.
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