UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Amendment No. 1)*

Under the Securities Exchange Act of 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d -1(e), 240.13d -1(f) or 240.13d -1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purposes 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).

SCHEDULE 13D

Pursuant to Rule 13d-2 promulgated under the Securities Exchange Act, as amended (the “Exchange Act”), this Schedule 13D/A (this “Amendment No. 1”) amends and supplements the Schedule 13D filed on November 3, 2011 (the “Schedule 13D”). This Amendment No. 1 is being filed by Morehead Opportunity Fund, LP (the “Reporting Person”) and relates to the common stock, stated value $0.10 per share, of Kid Brands, Inc., a New Jersey corporation (the “Company”). All capitalized terms used herein but not defined herein shall have the meaning set forth in the Schedule 13D.

Except as specifically amended by this Amendment No. 1, items in the Schedule 13D remain unchanged.

Item 3 is hereby amended and supplemented by adding the following at the end thereof:

On May 23, 2012 through June 18, 2012, the Reporting Person acquired an aggregate of 573,945 Shares of the Company in open market purchases as set forth on Schedule III for aggregate consideration (excluding commissions) of approximately $1,131,914. All of the funds used to acquired the Shares of the Company were obtained from the working capital of the Reporting Person, which in turn was obtained from the capital contributions of the partners of the Reporting Person and/or investment proceeds thereof.

Item 5 is hereby amended and restated as follows:

The Reporting Person is the beneficial owner of 1,676,741 Shares of the Company. Based on estimates of shares outstanding of the Company based upon the Form 10-Q filed by the Company on May 11, 2012 that states that the Issuer had an aggregate of 21,826,649 Shares outstanding as of May 4, 2012, the Reporting Persons may be deemed to own approximately 7.68% of the Issuer’s Shares. By virtue of his position with Morehead Capital Advisors, Mr. Maynard has the sole power to vote and dispose of the Shares owned by the Reporting Person.

SIGNATURE

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

SCHEDULE III