Exhibit 99.1
July 2, 2002
For Immediate Release

   ACORN PRODUCTS ANNOUNCES COMPLETION OF FINANCIAL RESTRUCTURING TRANSACTION
                    AND RELOCATION OF DISTRIBUTION FACILITY

         Acorn Products, Inc. (NASDAQ: ACRN) announced today that it completed a
transaction last Friday where entities representing a majority of the Company's
shareholders invested $18 million for the purpose of repaying outstanding
indebtedness. 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"), will receive 36 million
newly-issued common shares, under certain conditions. As previously described,
this investment is part of a broader transaction that will involve a 1 for 10
reverse stock split and 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. In conjunction with this equity investment, the Company
also executed a five-year $45 million credit facility, consisting of a $12.5
million term and a $32.5 million revolving credit component.

         The Company believes that the resulting capital structure from the
equity infusion and new credit facility will provide sufficient resources for
the Company to operate and continue the pursuit of value enhancement and cost
reductions during the five year time horizon. The more conservative capital
structure, with debt ultimately being reduced almost 40%, will allow the Company
to pay less interest and utilize net operating loss carryforwards to shield cash
flow and further pay down debt.

         The Company also announced today plans to relocate its sole
distribution facility from Columbus, Ohio into a newly built customized facility
in Louisville, Kentucky. The transition will occur over the next several months,
with Louisville becoming fully operational in September. The Company expects to
take advantage of a more productive physical environment and lower wages, as
well as, incentives provided at a state and local level.

         A. Corydon Meyer, President and CEO of Acorn Products, commented:

         "This recapitalization and new bank agreement is a turning point for
the Company. We feel that we have rewarded the trust put in us by our customers,
vendors and associates, and now have the resources and capital platform to
pursue opportunities and operational projects that were unavailable to us in the
past three years.

         The moving of our Distribution Center to Kentucky is painful to many
associates in Columbus, but necessary to achieve the increasing demands of our
customers and enhance the profitability of the Company."

         The statements contained herein that are not purely historical are
forward looking statements within the meaning of the Securities Exchange Act of
1934, including statements regarding the Company's expectations, beliefs, hopes,
intentions or strategies regarding the future. All forward looking statements
contained herein are based upon information available to the Company as of the
date hereof, and the Company assumes no obligation to update any such forward
looking statements. Actual results could differ materially from the Company's
current expectations. Factors that could cause or contribute to such differences
include, but are not limited to, the factors and risks discussed in the
Company's Annual Report on Form 10-K for the fiscal year ended December 31,
2001, the Company's Current Report on Form 8-K dated September 18, 1997, as
amended on October 29, 1998 and November 12, 1999, and as may be amended from
time to time, and the other reports filed from time to time by the Company with
the Securities and Exchange Commission.

         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.