Exhibit 99.1
FOR IMMEDIATE RELEASE

CONTACT:       ALAN MINKER
               Sr. Vice President/Chief Financial Officer
               (248) 712-7007

FRANKS NURSERY ANNOUNCES ADDITIONAL FINANCING AND ENGAGEMENT OF ABACUS
ADVISORS LLC

TROY, Mich.--(BUSINESS WIRE)--Jan. 21, 2004--Frank's Nursery & Crafts, Inc.
(OTC:FNCN - News) announced today that its existing credit facility with Kimco
Capital Corp. (in which the Third Avenue Real Estate Value Fund participates)
has been amended to provide Franks Nursery with up to an additional $25 million
in revolving credit availability through May 2005, the last $3 million of which
is available only under certain circumstances. This financing replaces the $7
million in additional revolving credit availability which had been provided
previously through April 1, 2004. As amended, the facility allows Franks Nursery
to borrow up to $45 million in revolving credit loans. The additional financing
is contingent upon the satisfaction of certain customary conditions.

Franks Nursery also announced today that it has engaged Abacus Advisors LLC to
provide strategic and operational advisory and consulting services to the
Company. Franks Nursery also announced that the Company's Chief Executive
Officer Bruce Dale has stepped down from his duties with respect to the
Company's day-to-day operations and has resigned from the Board of Directors,
but Mr. Dale will remain available to assist the Company and Abacus for a
transition period.

Alan Cohen, Chairman and CEO of Abacus Advisors indicated that he was very
pleased that the Franks Nursery Board of Directors has selected Abacus for this
assignment. Mr. Cohen stated, "Abacus is well positioned to provide interim
management at Franks, which we expect will lead to a strengthening of Franks'
core nursery business as well as other year-round complementary product lines.
We believe Franks Nursery has a strong brand name in most of its operating
markets and will further improve its brand name upon execution of its 2004
operating plans."

Franks Nursery is the nation's largest lawn and garden specialty retailer and
operates 170 stores in 14 states. Franks Nursery is also a leading retailer of
indoor garden products and accessories, including silk floral arrangements, as
well as Christmas decor merchandise.

This press release contains forward-looking statements, which reflect
management's current views of future events and financial performance. These
forward-looking statements are based on many assumptions and factors detailed in
the Company's filings with the Securities and Exchange Commission, including the
effects of currency fluctuations, customer demand, fashion trends, competitive
market forces, uncertainties related to the effect of competitive products and
pricing, customer acceptance of the Company's merchandise mix and retail
locations, unseasonable weather, risks associated with foreign global sourcing,
including political instability and changes in import regulations, economic
conditions worldwide, and the ability of the Company to execute its business
plans effectively. Any changes in such assumptions or factors could produce
significantly different results. The Company undertakes no obligations to update
forward-looking statements, whether as a result of new information, future
events, or otherwise.





                                      ###