Exhibit 99.1
JUNE 17, 2002
FOR IMMEDIATE RELEASE

  ACORN PRODUCTS ANNOUNCES REVISED LETTER OF INTENT FOR FINANCIAL RESTRUCTURING

         COLUMBUS, OHIO - Acorn Products, Inc. (NASDAQ: ACRN) announced today
that it has entered into a revised 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 $18 million of
newly-issued common stock of the Company for the purpose of repaying outstanding
indebtedness. The transaction, which values the Company's common stock at $0.50
per share, is expected to close on or before June 28, 2002. At the next annual
meeting, it is expected that the Company will implement a 1 for 10 reverse stock
split. It is further 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 $9
million of newly-issued common shares of the Company on the same terms and
conditions as the Principal Holders. The Company has signed a Commitment Letter
with CapitalSource Finance, LLC to provide a five-year $45 million credit
facility in connection with such refinancing.

         CapitalSource Finance, LLC is one of the leading commercial finance
firms in the United States. They excel in financing transactions that call for
a high level of creativity, flexibility, insight or speed. CapitalSource
offers asset-based, senior and mezzanine financing for small or mid-sized
borrowers.

         The potential transaction is subject to significant conditions,
including the approval of unaffiliated directors, and 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. It is expected that the initial
investment of the Principal Holders could be completed by June 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 by the end of the year. If the proposed transaction is
not completed by June 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 "This
is a culmination of everyone's efforts to perform a successful turnaround and
create a viable company for the future. It has been critical to have the support
of Oaktree and TCW Funds in the recapitalization, and together with the receipt
of a commitment from CapitalSource Finance LLC for a five-year, $45 million loan
agreement, we believe these transactions will benefit our entire group of
stakeholders."

         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 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.