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


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 1)*

                         A.C. MOORE ARTS & CRAFTS, INC.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                           Common Stock, No Par Value
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    00086T103
                                    ---------
                                 (CUSIP Number)

                                December 31, 2006
                                -----------------
                      (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. 00086T103                        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
                      ----- ----------------------------------------------------
                        6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          1,630,111 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH             7  SOLE DISPOSITIVE POWER

                            0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            1,630,111 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,630,111 (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)

           8.1% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

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

                                  Page 2 of 11





----------------------------------                      ------------------------
CUSIP No. 00086T103                        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
                      ----- ----------------------------------------------------
                        6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          1,630,111 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH             7  SOLE DISPOSITIVE POWER

                            0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            1,630,111 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,630,111 (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)

           8.1% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

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

                                  Page 3 of 11




----------------------------------                      ------------------------
CUSIP No. 00086T103                        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
                      ----- ----------------------------------------------------
                        6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          1,630,111 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH             7  SOLE DISPOSITIVE POWER

                            0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            1,630,111 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,630,111 (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)

           8.1% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

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

                                  Page 4 of 11




----------------------------------                      ------------------------
CUSIP No. 00086T103                        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
                      ----- ----------------------------------------------------
                        6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED         50,000 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH             7  SOLE DISPOSITIVE POWER

                            0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            50,000 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           50,000 (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)

           0.2% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

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

                                  Page 5 of 11



----------------------------------                      ------------------------
CUSIP No. 00086T103                        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
                      ----- ----------------------------------------------------
                        6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED         1,680,111 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH             7  SOLE DISPOSITIVE POWER

                            0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            1,680,111 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,680,111 (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)

           8.4% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

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

                                  Page 6 of 11


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

                    A.C. Moore Arts & Crafts, Inc.

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

                    130 A.C. Moore Drive
                    Berlin, NJ 08009

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 shares of
                    common stock, no par value ("Shares"), of the Issuer
                    beneficially owned by S.A.C. Capital Associates, LLC ("SAC
                    Capital Associates"); (ii) S.A.C. Capital Management, LLC,
                    ("SAC Capital Management") with respect to Shares
                    beneficially owned by SAC Capital Associates; (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, 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 Management and
                    Sigma Management is 540 Madison Avenue, New York, New York
                    10022 and (iii) SAC Capital Associates is P.O. Box 58,
                    Victoria House, The Valley, Anguilla, British West Indies.

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.

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

                    Common Stock, no par value

                                  Page 7 of 11


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

                    00086T103

Item 3              Not Applicable

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

                    The percentages used herein are calculated based upon the
                    Shares issued and outstanding as of November 7, 2006 as
                    reported on the Issuer's quarterly report on Form 10-Q filed
                    with the Securities and Exchange Commission by the Issuer
                    for the quarterly period ended September 30, 2006.

                    As of the close of business on December 31, 2006:

                    1. S.A.C. Capital Advisors, LLC
                    (a)    Amount beneficially owned: 1,630,111
                    (b)    Percent of class: 8.1%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii)   Shared power to vote or direct the vote: 1,630,111
                    (iii)  Sole power to dispose or direct the disposition: -0-
                    (iv)   Shared power to dispose or direct the disposition:
                           1,630,111

                    2. S.A.C. Capital Management, LLC
                    (a)    Amount beneficially owned: 1,630,111
                    (b)    Percent of class: 8.1%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii)   Shared power to vote or direct the vote: 1,630,111
                    (iii)  Sole power to dispose or direct the disposition: -0-
                    (iv)   Shared power to dispose or direct the disposition:
                           1,630,111

                    3. S.A.C. Capital Associates, LLC
                    (a)    Amount beneficially owned: 1,630,111
                    (b)    Percent of class: 8.1%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii)   Shared power to vote or direct the vote: 1,630,111
                    (iii)  Sole power to dispose or direct the disposition: -0-
                    (iv)   Shared power to dispose or direct the disposition:
                           1,630,111

                    4. Sigma Capital Management, LLC
                    (a)    Amount beneficially owned: 50,000
                    (b)    Percent of class: 0.2%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii)   Shared power to vote or direct the vote: 50,000
                    (iii)  Sole power to dispose or direct the disposition: -0-
                    (iv)   Shared power to dispose or direct the disposition:
                           50,000

                                  Page 8 of 11



                    5. Steven A. Cohen
                    (a)    Amount beneficially owned: 1,680,111
                    (b)    Percent of class: 8.4%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii)   Shared power to vote or direct the vote: 1,680,111
                    (iii)  Sole power to dispose or direct the disposition: -0-
                    (iv)   Shared power to dispose or direct the disposition:
                           1,680,111

                    SAC Capital Advisors, SAC Capital Management, Sigma
                    Management and Mr. Cohen own directly no 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. Pursuant to an investment management agreement,
                    Sigma Management maintains investment and voting power with
                    respect to the securities held by Sigma Capital Associates.
                    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
                    1,630,111 Shares (constituting approximately 8.1% of the
                    Shares outstanding) and (ii) Sigma Management and Mr. Cohen
                    may be deemed to own beneficially 50,000 Shares
                    (constituting approximately 0.2% 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

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


                                  Page 9 of 11



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 14, 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