FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT

Exhibit 10.1

FIRST AMENDMENT

TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“First Amendment”) is entered into on December 21, 2006, by and between Charlotte Russe Holding, Inc., a Delaware corporation (the “Company”), and Mr. Bernard Zeichner (“Mr. Zeichner”). Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Employment Agreement (as defined below).

WHEREAS, the Company and Mr. Zeichner have entered into an Amended and Restated Employment Agreement (the “Employment Agreement”), dated August 31, 2003, which sets forth the terms and conditions of Mr. Zeichner’s employment by the Company;

WHEREAS, Section 7.01 of the Employment Agreement provides that the Company and Mr. Zeichner may amend the Employment Agreement; and

WHEREAS, the Company and Mr. Zeichner desire to amend the Employment Agreement as set forth in this First Amendment;

NOW, THEREFORE, in consideration of the premises set forth herein and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company and Mr. Zeichner hereby amend the Employment Agreement as follows, effective as of January 1, 2007:

1. Section 4.01 of the Employment Agreement is hereby restated in its entirety as follows:

“Salary. Company shall pay Mr. Zeichner an annualized base salary of $50,000, to be paid in equal installments in accordance with Company’s pay policy.”

2. Section 4.04 of the Employment Agreement is hereby restated in its entirety as follows:

“Auto Allowance. Mr. Zeichner shall be entitled to an allowance of $15,000 per year for the lease, insurance and maintenance of an automobile, to be paid in equal installments in accordance with Company’s pay policy.”

3. This First Amendment shall be and is hereby incorporated in and forms a part of the Employment Agreement.

4. Except as amended as set forth herein, the Employment Agreement shall continue in full force and effect.

IN WITNESS WHEREOF, the parties hereto have duly executed this First Amendment as of the date first set forth above.