Exhibit 99.1





FEBRUARY 1, 2002 - 1:00 P.M.
FOR IMMEDIATE RELEASE

      ACORN PRODUCTS ANNOUNCES LETTER OF INTENT FOR FINANCIAL RESTRUCTURING

         COLUMBUS, OHIO - Acorn Products, Inc. (NASDAQ: ACRN) announced today
that it has entered into a Letter of Intent with entities representing a
majority of the Company's shareholders that would lead to a financial
restructuring and a strengthening of its balance sheet. Investment funds managed
by TCW Special Credits and Oaktree Capital Management, LLC, which together own
approximately 71% of the outstanding shares of the Company (the "Principal
Holders"), have agreed under certain conditions to purchase $15 million of
newly-issued common stock of the Company for the purpose of repaying outstanding
indebtedness. It is expected that subsequent to completion of these
transactions, the Company will make a rights offering to unaffiliated
shareholders wherein such holders will be entitled to purchase approximately $6
million of newly-issued common shares of the Company on the same terms and
conditions as the Principal Holders. The Principal Holders have agreed to act as
Standby Purchaser to ensure that not less than $3 million of additional equity
is raised pursuant to such an offering.

         The potential transaction is subject to significant conditions,
including the approval of unaffiliated directors, obtaining a satisfactory
financing commitment, as well as negotiation and execution of definitive
documentation.

         While the Company expects that the combined ownership stake of its
existing shareholders would be substantially diluted as a result of the initial
investment of the Principal Holders, the Rights Offering, if fully subscribed,
would afford shareholders other than the Principal Holders an opportunity to
maintain their existing ownership stake in the Company. The precise terms under
which the initial investment of the Principal Holders will be made, together
with the terms of the Rights Offering, are subject to further review and
negotiation by the Board of Directors. The Company believes the signing and
execution of this Letter of Intent has and will fully satisfy all covenants
under its Amended and Restated Credit Agreement. It is expected that the initial
investment of the Principal Holders could be completed by April 30, 2002, which
is the expiration date of the Company's existing bank credit facility. The
Rights Offering would commence sometime thereafter subject to receipt of
approvals from the Securities and Exchange Commission and other entities and
would likely be completed during the quarter ending September 29, 2002. If the
proposed transaction is not completed by April 30, 2002, there is no agreement
with the lenders that are party to the existing bank credit facility as to the
terms on which they would extend the expiry of such facility.

         A. Corydon Meyer, President and CEO of Acorn Products, commented "We
have had strong, unwavering support from both our Board of Directors and
majority owners during a very difficult last two and one half years. We are
pleased by their ongoing support and participation in the Company as we finish
our turnaround and will now have the resources to strengthen and grow the
business."

         Acorn Products, Inc., through its operating subsidiary UnionTools,
Inc., is a leading manufacturer and marketer of non-powered lawn and garden
tools in the United States. Acorn's principal products include long handle tools
(such as forks, hoes, rakes and shovels), snow tools, posthole diggers,
wheelbarrows, striking tools, cutting tools and watering products. Acorn sells
its products under a variety of well-known brand names, including
Razor-Back(TM), Union(TM), Yard 'n Garden(TM), Perfect Cut(TM) and, pursuant to
a license agreement, Scotts(TM). In addition, Acorn manufactures private label
products



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for a variety of retailers. Acorn's customers include mass merchants, home
centers, buying groups and farm and industrial suppliers.

         Razor-Back(TM), Union(TM), Yard 'n Garden(TM) and Perfect Cut(TM) are
registered trademarks of Acorn. Scotts(TM) is a registered trademark of The
Scotts Company.

Contact: John G. Jacob, Vice President and Chief Financial Officer of Acorn
Products, Inc. (614) 222-4400.



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