UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 2)*

                          CHARLOTTE RUSSE HOLDING, INC.
--------------------------------------------------------------------------------
                                (Name of Issuer)


                     Common Stock, Par Value $0.01 Per Share
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    161048103
                                    ---------
                                 (CUSIP Number)

                                February 14, 2007
                                -----------------
                      (Date of Event which Requires Filing
                               of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

              [ ]     Rule 13d-1(b)
              [X]     Rule 13d-1(c)
              [ ]     Rule 13d-1(d)



*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


                                  Page 1 of 11





-------------------                                           ------------------
CUSIP No. 161048103                   13G                     Page 2 of 11 Pages
-------------------                                           ------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           S.A.C. Capital Advisors, LLC
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
---------- --------------------------------------------------------------------
        3  SEC USE ONLY

---------- --------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
--------------------- ----- ---------------------------------------------------
                         5  SOLE VOTING POWER

                            0
NUMBER OF             ----- ---------------------------------------------------
SHARES                   6  SHARED VOTING POWER
BENEFICIALLY
OWNED                       1,336,247* (see Item 4)
BY                    ----- ---------------------------------------------------
EACH                     7  SOLE DISPOSITIVE POWER
REPORTING
PERSON                      0
WITH                  ----- ---------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            1,336,247* (see Item 4)
---------- --------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,336,247* (see Item 4)
---------- --------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- --------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           5.3%* (see Item 4)
---------- --------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           00
---------- --------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT


                                  Page 2 of 11





-------------------                                           ------------------
CUSIP No. 161048103                   13G                     Page 3 of 11 Pages
-------------------                                           ------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           S.A.C. Capital Management, LLC
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
---------- --------------------------------------------------------------------
        3  SEC USE ONLY

---------- --------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
--------------------- ----- ---------------------------------------------------
                         5  SOLE VOTING POWER

                            0
NUMBER OF             ----- ---------------------------------------------------
SHARES                   6  SHARED VOTING POWER
BENEFICIALLY
OWNED                       1,336,247* (see Item 4)
BY                    ----- ---------------------------------------------------
EACH                     7  SOLE DISPOSITIVE POWER
REPORTING
PERSON                      0
WITH                  ----- ---------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            1,336,247* (see Item 4)
---------- --------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,336,247* (see Item 4)
---------- --------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- --------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           5.3%* (see Item 4)
---------- --------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           00
---------- --------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT


                                  Page 3 of 11





-------------------                                           ------------------
CUSIP No. 161048103                   13G                     Page 4 of 11 Pages
-------------------                                           ------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           S.A.C. Capital Associates, LLC
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
---------- --------------------------------------------------------------------
        3  SEC USE ONLY

---------- --------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Anguilla, British West Indies
--------------------- ----- ---------------------------------------------------
                         5  SOLE VOTING POWER

                            0
NUMBER OF             ----- ---------------------------------------------------
SHARES                   6  SHARED VOTING POWER
BENEFICIALLY
OWNED                       1,334,147* (see Item 4)
BY                    ----- ---------------------------------------------------
EACH                     7  SOLE DISPOSITIVE POWER
REPORTING
PERSON                      0
WITH                  ----- ---------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            1,334,147* (see Item 4)
---------- --------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,334,147* (see Item 4)
---------- --------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- --------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           5.3%* (see Item 4)
---------- --------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           00
---------- --------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT


                                  Page 4 of 11





-------------------                                           ------------------
CUSIP No. 161048103                   13G                     Page 5 of 11 Pages
-------------------                                           ------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Sigma Capital Management, LLC
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
---------- --------------------------------------------------------------------
        3  SEC USE ONLY

---------- --------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
--------------------- ----- ---------------------------------------------------
                         5  SOLE VOTING POWER

                            0
NUMBER OF             ----- ---------------------------------------------------
SHARES                   6  SHARED VOTING POWER
BENEFICIALLY
OWNED                       510,000 (see Item 4)
BY                    ----- ---------------------------------------------------
EACH                     7  SOLE DISPOSITIVE POWER
REPORTING
PERSON                      0
WITH                  ----- ---------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            510,000 (see Item 4)
---------- --------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           510,000 (see Item 4)
---------- --------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- --------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           2.0% (see Item 4)
---------- --------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           00
---------- --------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT


                                  Page 5 of 11





-------------------                                           ------------------
CUSIP No. 161048103                   13G                     Page 6 of 11 Pages
-------------------                                           ------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Steven A. Cohen
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
---------- --------------------------------------------------------------------
        3  SEC USE ONLY

---------- --------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           United States
--------------------- ----- ---------------------------------------------------
                         5  SOLE VOTING POWER

                            0
NUMBER OF             ----- ---------------------------------------------------
SHARES                   6  SHARED VOTING POWER
BENEFICIALLY
OWNED                       1,846,247* (see Item 4)
BY                    ----- ---------------------------------------------------
EACH                     7  SOLE DISPOSITIVE POWER
REPORTING
PERSON                      0
WITH                  ----- ---------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            1,846,247* (see Item 4)
---------- --------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,846,247* (see Item 4)
---------- --------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- --------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           7.3%* (see Item 4)
---------- --------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           IN
---------- --------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT


                                  Page 6 of 11





Item 1(a)           Name of Issuer:
                    --------------

                    Charlotte Russe Holding, Inc.

Item 1(b)           Address of Issuer's Principal Executive Offices:
                    -----------------------------------------------

                    4645 Morena Boulevard
                    San Diego, CA 92117

Items 2(a)          Name of Person Filing:
                    ---------------------

                    This statement is filed by: (i) S.A.C. Capital Advisors,
                    LLC, ("SAC Capital Advisors") with respect to Issuer's
                    Common Stock, par value $0.01 (the "Shares"), beneficially
                    owned by S.A.C. Capital Associates, LLC ("SAC Capital
                    Associates") and S.A.C. MultiQuant Fund, LLC ("SAC
                    MultiQuant"); (ii) S.A.C. Capital Management, LLC, ("SAC
                    Capital Management") with respect to Shares beneficially
                    owned by SAC Capital Associates and SAC MultiQuant; (iii)
                    SAC Capital Associates with respect to Shares beneficially
                    owned by it; (iv) Sigma Capital Management, LLC ("Sigma
                    Management") with respect to Shares beneficially owned by
                    Sigma Capital Associates, LLC ("Sigma Capital Associates")
                    and (v) Steven A. Cohen with respect to Shares beneficially
                    owned by SAC Capital Advisors, SAC Capital Management, SAC
                    Capital Associates, SAC MultiQuant, Sigma Management and
                    Sigma Capital Associates.

                    SAC Capital Advisors, SAC Capital Management, SAC Capital
                    Associates, Sigma Management and Steven A. Cohen have
                    entered into a Joint Filing Agreement, a copy of which is
                    filed with this Schedule 13G as Exhibit 99.1, pursuant to
                    which they have agreed to file this Schedule 13G jointly in
                    accordance with the provisions of Rule 13d-1(k) of the
                    Securities Exchange Act of 1934, as amended.

Item 2(b)           Address of Principal Business Office:
                    ------------------------------------

                    The address of the principal business office of (i) SAC
                    Capital Advisors and Mr. Cohen is 72 Cummings Point Road,
                    Stamford, Connecticut 06902; (ii) SAC Capital Associates is
                    P.O. Box 58, Victoria House, The Valley, Anguilla, British
                    West Indies and (iii) SAC Capital Management and Sigma
                    Management is 540 Madison Avenue, New York, New York 10022.

Item 2(c)           Citizenship:
                    -----------

                    SAC Capital Advisors, SAC Capital Management and Sigma
                    Management are Delaware limited liability companies. SAC
                    Capital Associates is an Anguillan limited liability
                    company. Mr. Cohen is a United States citizen.


                                  Page 7 of 11





Item 2(d)           Title of Class of Securities:
                    ----------------------------

                    Common Stock

Item 2(e)           CUSIP Number:
                    ------------

                    161048103

Item 3              Not Applicable

Item 4              Ownership:
                    ---------

                    The percentages used herein are calculated based upon the
                    Shares issued and outstanding as of January 24, 2007 as
                    reported on the Issuer's quarterly report on Form 10-Q filed
                    with the Securities and Exchange Commission for the
                    quarterly period ended December 30, 2006.

                    As of the close of business on February 14, 2007:

                    1. S.A.C. Capital Advisors, LLC
                    (a) Amount beneficially owned: 1,336,247*
                    (b) Percent of class: 5.3%*
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 1,336,247*
                    (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                    1,336,247*

                    2. S.A.C. Capital Management, LLC
                    (a) Amount beneficially owned: 1,336,247*
                    (b) Percent of class: 5.3%*
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 1,336,247*
                    (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                    1,336,247*

                    3. S.A.C. Capital Associates, LLC
                    (a) Amount beneficially owned: 1,334,147*
                    (b) Percent of class: 5.3%*
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 1,334,147*
                    (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                    1,334,147*

                    4. Sigma Capital Management, LLC
                    (a) Amount beneficially owned: 510,000
                    (b) Percent of class: 2.0%
                    (c)(i) Sole power to vote or direct the vote: -0-


                                  Page 8 of 11





                    (ii) Shared power to vote or direct the vote: 510,000
                    (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                    510,000

                    5. Steven A. Cohen
                    (a) Amount beneficially owned: 1,846,247*
                    (b) Percent of class: 7.3%*
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 1,846,247*
                    (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                    1,846,247*

                    * Includes 50,000 shares subject to call options held by SAC
                    Capital Associates.

                    SAC Capital Advisors, SAC Capital Management, Sigma
                    Management and Mr. Cohen do not directly own any Shares.
                    Pursuant to investment agreements, each of SAC Capital
                    Advisors and SAC Capital Management share all investment and
                    voting power with respect to the securities held by SAC
                    Capital Associates and SAC MultiQuant. Mr. Cohen controls
                    each of SAC Capital Advisors, SAC Capital Management and
                    Sigma Management. By reason of the provisions of Rule 13d-3
                    of the Securities Exchange Act of 1934, as amended, each of
                    (i) SAC Capital Advisors, SAC Capital Management and Mr.
                    Cohen may be deemed to own beneficially 1,336,247* Shares
                    (representing approximately 5.3%* of the Shares outstanding
                    and (ii) Sigma Management and Mr. Cohen may be deemed to own
                    beneficially 510,000 Shares (constituting approximately 2.0%
                    of the Shares outstanding). Each of SAC Capital Advisors,
                    SAC Capital Management, Sigma Management and Mr. Cohen
                    disclaim beneficial ownership of any of the securities
                    covered by this statement.

Item 5              Ownership of Five Percent or Less of a Class:
                    --------------------------------------------

                    If this statement is being filed to report the fact that as
                    of the date hereof the reporting person has ceased to be the
                    beneficial owner of more than five percent of the class of
                    securities, check the following. [ ]

Item 6              Ownership of More than Five Percent on Behalf of Another
                    --------------------------------------------------------
                    Person:
                    ------

                    Not Applicable


                                  Page 9 of 11





Item 7              Identification and Classification of the
                    ----------------------------------------
                    Subsidiary Which Acquired the Security Being
                    --------------------------------------------
                    Reported on By the Parent Holding Company:
                    -----------------------------------------

                    Not Applicable

Item 8              Identification and Classification of Members
                    --------------------------------------------
                    of the Group:
                    ------------

                    Not Applicable


Item 9              Notice of Dissolution of Group:
                    ------------------------------

                    Not Applicable

Item 10             Certification:
                    -------------

     By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.


                                 Page 10 of 11





                                    SIGNATURE
                                    ---------

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated:  February 15, 2007

S.A.C. CAPITAL ADVISORS, LLC


By: /s/ Peter Nussbaum
   -----------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


S.A.C. CAPITAL MANAGEMENT, LLC


By: /s/ Peter Nussbaum
   -----------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


S.A.C. CAPITAL ASSOCIATES, LLC


By: /s/ Peter Nussbaum
   -----------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


SIGMA CAPITAL MANAGEMENT, LLC


By: /s/ Peter Nussbaum
   -----------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


STEVEN A. COHEN


By: /s/ Peter Nussbaum
   -----------------------------
Name:   Peter Nussbaum
Title:  Authorized Person


                                 Page 11 of 11