<PAGE>

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                              FORM 10-Q/A No. 2

     [x]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
          SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD YEAR ENDED
          JUNE 30, 2000 OR

     [_]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
          SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD
          FROM ______________ TO ________________.

                       Commission file number 333-64675

                           GLOBE MANUFACTURING CORP.
            (Exact name of registrant as specified in its charter)

                    Alabama                               63-1101362
       (State or other jurisdiction of                 (I.R.S. Employer
        incorporation or organization)                Identification No.)

456 Bedford Street, Fall River, Massachusetts               02720
   (Address of principal executive offices)               (Zip Code)

        Registrant's telephone number, including area code: 508/674-3585

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes     X           No
    ---------          ---------


     As of June 30, 2000, the Registrant had 1,000 shares of Common Stock
outstanding.

<PAGE>

                               TABLE OF CONTENTS


<TABLE>
<CAPTION>
PART I  FINANCIAL INFORMATION                                                    PAGE
<S>       <C>                                                                    <C>
Item 1.   Financial Statements

          Condensed Consolidated Balance Sheets - June 30, 2000 (Unaudited)
          and December 31, 1999.................................................   1

          Condensed Consolidated Statements of Income (Unaudited)
          Three months ended June 30, 2000 and 1999; Six months ended
          June 30, 2000 and 1999................................................   2

          Condensed Consolidated Statements of Cash Flows (Unaudited) - Six
          Months Ended June 30, 2000 and June 30, 1999..........................   3

          Notes to Condensed Consolidated Financial Statements (Unaudited) -
          June 30, 2000.........................................................   4

Item 2.   Management's Discussion and Analysis of Financial Conditions and
          Results of Operations.................................................   7

Item 3.   Quantitative and Qualitative Disclosure about Market Risk.............   8

PART II   OTHER INFORMATION

Item 1.   Legal Proceedings.....................................................   9

Item 2.   Changes in Securities and Use of Proceeds.............................   9

Item 3.   Defaults Upon Senior Securities.......................................   9

Item 4.   Submission of Matters to a Vote of Security Holders ..................   9

Item 5.   Other Information.....................................................   9

Item 6.   Exhibits and Reports on Form 8-K......................................   9

</TABLE>
<PAGE>


                                    Part 1
                                    ------

                           GLOBE MANUFACTURING CORP.
                     Condensed Consolidated Balance Sheets
                            (Dollars in thousands)

<TABLE>
<CAPTION>
                                                           (Unaudited)           (Note A)
                                                             June 30           December 31
                                                         --------------      --------------
                                                              2000                1999
                                                         --------------      --------------
<S>                                                      <C>                 <C>
ASSETS
------
Current assets:
 Cash and cash equivalents                               $     4,320          $    3,564
 Available-for-sale securities                                 1,990                   -
 Accounts receivable, net                                     28,383              37,136
 Inventories                                                  14,655              17,791
 Prepaid taxes and other assets                                3,081               2,521
                                                         -----------          ----------
         Total current assets                                 52,429              61,012

Property, plant and equipment                                170,689             168,610
 Less accumulated depreciation and amortization              (87,749)            (83,836)
                                                         -----------          ----------
Net property, plant and equipment                             82,940              84,774

Other Assets                                                   8,519               9,849
                                                         -----------          ----------
         Total assets                                    $   143,888          $  155,635
                                                         ===========          ==========

LIABILITIES AND STOCKHOLDERS' DEFICIT
-------------------------------------
Current liabilities:
 Accounts payable                                        $     4,340          $    6,278
 Accrued interest                                              6,322               8,029
 Other current liabilities                                     7,161               6,859
 Note payable                                                 25,900              20,000
 Long-term debt obligations due within one year              112,225             115,000
 Senior Subordinated Notes                                   150,000             150,000
                                                         -----------          ----------
         Total current liabilities                           305,948             306,166

 Other long-term liabilities                                   6,158               6,674

 Stockholders' deficit

   Common stock, Class A, voting, $.01 par value                   1                   1
   Other stockholders' deficit                              (168,857)           (157,206)
   Accumulated other comprehensive income                        638                   -
                                                         -----------          ----------
          Total stockholders' deficit                       (168,218)           (157,205)
                                                         -----------          ----------
          Total liabilities & stockholders' deficit      $   143,888          $  155,635
                                                         ===========          ==========
</TABLE>

See notes to condensed consolidated financial statements.
<PAGE>


                           GLOBE MANUFACTURING CORP.
                  Condensed Consolidated Statements of Income
                            (Dollars in thousands)

<TABLE>
<CAPTION>
                                                    Three months ended            Six months ended
                                                  Unaudited     Unaudited       Unaudited   Unaudited
                                                   June 30,      June 30,        June 30,    June 30,
                                                    2000          1999            2000         1999
                                                  ---------     ---------       ---------    ---------
<S>                                               <C>           <C>             <C>          <C>
Net Sales                                         $  31,794     $  44,374       $  73,274    $  87,958
Cost of sales                                        23,615        29,996          52,414       59,925
                                                  ---------     ---------       ---------    ---------
Gross Margin                                          8,179        14,378          20,860       28,033

 Selling, general and administrative expenses         8,928         5,565          15,237       11,735
 Research and development expenses                    1,092         1,180           1,801        2,335
 Restructuring costs                                    336             0           2,542            -
                                                  ---------     ---------       ---------    ---------
Operating income (loss)                              (2,177)        7,633           1,280       13,963

 Interest, net                                        7,615         7,038          15,102       13,938
 Gain on available-for-sale securities               (1,353)           --          (1,353)          --
 Miscellaneous                                          368          (167)            182        (217)
                                                  ---------     ---------       ---------    ---------
Income (loss) before income taxes                    (8,807)          762         (12,651)         242

Expense (benefit) for income taxes                    1,000           259          (1,000)          86
                                                  ---------     ---------       ---------    ---------

Net income (loss)                                 $  (9,807)    $     503       $ (11,651)   $     156
                                                  =========     =========       =========    =========
</TABLE>

See notes to condensed consolidated financial statements.
<PAGE>


                           GLOBE MANUFACTURING CORP.
                Condensed Consolidated Statements of Cash Flows
                            (Dollars in thousands)

<TABLE>
<CAPTION>
                                                           Six Months Ending
                                                       ------------------------
                                                       (Unaudited)  (Unaudited)
                                                         June 30,     June 30,
                                                           2000        1999
                                                       -----------  -----------
                                                       <C>          <C>
<S>
Net cash provided (used) by operating activities         $   270      $(4,182)

Investing Activities
 Capital expenditures                                     (2,478)      (4,419)
 Other                                                         -          441
                                                         -------      -------
                                                          (2,478)      (3,978)

Financing Activities
 Net change in note payable                                5,900        8,200
 Principal payments on long-term debt                     (2,775)           -
 Other                                                      (161)        (115)
                                                         -------      -------
                                                           2,964        8,085
                                                         -------      -------

Net increase (decrease) in cash and cash equivalents         756          (75)
Cash and cash equivalents at beginning of year             3,564        1,439
                                                         -------      -------
Cash and cash equivalents at end of period               $ 4,320      $ 1,364
                                                         =======      =======
</TABLE>


See notes to condensed consolidated financial statements.

<PAGE>

                          Globe Manufacturing, Corp.
       Notes to Condensed Consolidated Financial Statements (Unaudited)
                            (Dollars in thousands)
                                 June 30, 2000


Note A. Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements in the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the six month period ended June 30, 2000
are not necessarily indicative of the results that may be expected for the year
ended December 31, 2000.

The balance sheet at December 31, 1999 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.

For further information, refer to the consolidated financial statements and
footnotes thereto included in the Registrant Company and Subsidiaries' annual
report on Form 10-K for the year ended December 31, 1999.

Note B. Going Concern and Forbearance Agreement

In response to lower than expected earning in 1999, the Company and its lenders
amended certain covenant requirements under its various credit agreement.
Specifically, as of January 28, 1999, the Senior Credit Facility was amended
such that i) certain leverage ratio tests were waived and certain covenants were
amended, ii) the interest rates on both term loans and revolving loans were
increased and iii) the management fee due to CHS may only be paid if certain
leverage tests are met. Additionally, the Company received a waiver on the
capital expenditures covenant requirements from 1998. On October 20, 1999, the
Senior Credit Facility was again amended such that i) the revolving loan
permitted borrowings were limited by the Company's leverage ratio, ii) the
interest rates on both term loans and the revolving loan were increased and iii)
certain covenant ratio requirements were amended.

At December 31, 1999, the Company was in violation of the capital expenditures
covenant which has not been waived. Accordingly, the Company has been in default
of its credit agreement since December 31, 1999. The Company failed to pay a
principal loan payment due July 15, 2000 under its Senior Credit Facility.
Additionally, the Company is expecting to be in default of various covenant
requirements throughout 2000 based on the Company's current forecast and
existing covenant requirements. Accordingly, the Company's debt has been
classified as short-term.

On April 12, 2000, the Company entered into a forbearance agreement with its
senior lenders in which they agree to not exercise their right to call the debt
until May 31, 2000. As of May 31, 2000, the forbearance agreement was amended to
extend the forbearance period to July 31, 2000. As of July 17, 2000 the
forbearance agreement was extended to September 15, 2000. As a result of this
agreement the Company has no availability under its revolving loan under the
Credit Agreement, has been restricted from making interest payments on the
Senior Subordinated Notes, and must meet certain covenant ratios during the
forbearance period. Because of the payment default on its Senior Credit
Facility, the Company has not made an interest payment due August 1, 2000 on its
Senior Subordinated Notes. The Company is exploring various alternatives to
restructure its indebtedness. As of August 7, 2000, the Company has $4,300 of
cash on hand and has been paying suppliers and employees in the ordinary course.
In addition, management expects the Company to generate sufficient cash to pay
suppliers and employees in the ordinary course in 2000 by reducing accounts
receivable and inventory levels, as well as by enforcing strict cash management
procedures. The Company believes the refinancing of its capital and debt
structure in 2000 and the availability of adequate liquidity throughout the
year will be necessary for the Company to continue as a going concern. However,
it is not possible to predict whether any such arrangements will be obtained or
negotiated or of the terms thereof.

The accompanying condensed consolidated financial statements have been prepared
on a going concern basis, which contemplated the realization of assets and the
satisfaction of liabilities in the normal course of business. The financial
statements do not include any adjustments relating to the recoverability and
classification of assets or the amounts and classification of liabilities that
might be necessary should the Company be unable to continue as a going concern.

Note C. Available-for-sale Securities

On April 5, 2000 the Company received shares from a mutual insurance company
that demutualized. Accordingly, a gain on marketable securities was recorded in
income before taxes for approximately $1,353, which represents the initial
public offering price of the shares received. The marketable securities will be
classified as available-for-sale securities, accordingly, subsequent
fluctuations in market prices, resulting in unrealized gains and losses, will be
recorded in accumulated other comprehensive income in stockholders' equity. At
June 30, 2000 the unrealized gain was approximately $638.

Note D. Inventories

The components of inventory consist of the following:

                                             June 30,      December 31,
                                           ------------   --------------
                                               2000            1999
                                           ------------   --------------

          Raw materials                    $      3,014   $        3,282
          Finished goods                         12,077           14,945
                                           ------------   --------------
                                           $     15,091   $       18,227
          Less LIFO reserve                        (436)            (436)
                                           ------------   --------------
                                           $     14,655   $       17,791

<PAGE>

Note E. Debt

Long-term debt consists of the following:

<TABLE>
<CAPTION>
                                                                   June 30   December 31
                                                                 ----------  -----------
                                                                    2000         1999
                                                                 ----------  -----------
     <S>                                                         <C>         <C>
     Term loan A, principal due in variable semi-annual
     installments through 2005; variable rate interest            $  57,500    $  60,000

     Term loan B, principal due in variable semi-annual
     installments through 2006; variable rate interest               54,725       55,000

     Senior Subordinated Notes, due 2008; interest at 10%           150,000      150,000
                                                                  ---------    ---------
                                                                    262,225      265,000
                                                                  ---------    ---------
     Less current maturities                                        262,225      265,000
                                                                  ---------    ---------
                                                                  $      --    $      --
</TABLE>

Note F.  Comprehensive income (loss)

The components of comprehensive income (loss) are as follows:
<TABLE>
<CAPTION>
<S>                                              <C>           <C>          <C>              <C>
                                        For the Quarter Ended June 30,  For the Six months Ended June 30,
                                               2000           1999             2000              1999
                                           ------------   ------------     ------------      --------------
Net income (loss)                           $    (9,807)   $       503     $   (11,651)      $          156

Other Comprehensive income:

Unrealized gain on available-for-sale
securities                                         638            -                638                  -
                                          ------------   ------------     ------------      --------------
Comprehensive income (loss)                 $   (9,169)    $      503      $   (11,013)      $          156
                                          ============   ============     ============      ==============
</TABLE>


Note G. Commitments and Contingencies

     The Company is a party to an agreement with a utility company, under the
terms of which, the Company is obligated to purchase power generated from a
co-generation power plant through 2006. The Company receives a portion of the
savings generated by the plant and profits on excess supply generated. The
co-generation power plant began operations in January 1991. Currently the
Company is attempting to terminate this agreement. As a result the utility
company has filed suit, however, the suit is in the discovery stages.
Accordingly no determination regarding the outcome of this suit can be made at
this time.

     From time to time, the Company has been and is involved in various legal
and environmental proceedings, all of which management believes are routine in
nature and incidental to the conduct of its business. The ultimate legal and
financial liability of the Company with respect to such proceedings cannot be
estimated with certainty, but the Company believes, based on its examination of
such matters, that none of such proceedings, if determined adversely to the
Company, would have a material adverse effect on the Company's results of
operations of financial condition.

Note H. Restructuring Costs

     In February, 2000 the Company entered into an agreement with North American
Rubber Thread Company to sell its Latex thread operation and on July 25, 2000
the Company completed the transaction. The selling price was $1.5 million and
the Company received $1.1 million in cash, and $0.4 million in a term note.
There is also a $1.0 million contingency payment from North American Rubber
Thread Company based on their future sales volume of Latex thread. The
contingency payment will be recognized when received in future periods and has
not been contemplated in determining the loss or gain on the sale of the Latex
thread operation. The loss from the sale is approximately $800, of which $0.4
million is attributable to a write down of Latex inventory and $0.4 million
associated with an impairment of Latex manufacturing equipment. The write down
of inventory has been recorded in costs of goods sold and the loss from the
impairment of manufacturing equipment has been recorded in miscellaneous
expense. In connection with this sale and other reorganization efforts the
Company has reduced its work force by 248 employees and has offered an early
retirement program to employees. The Early retirement program reduces the number
of employees accumulating benefits under the plan, resulting in a reduction of
the projected benefit obligation of $1,406. The Company has incurred a one time
charge of $2,200, of which includes $2,000 of severance cost and a net
curtailment loss of $200 resulting from the early retirement program. As of June
30, 2000, the Companyhas paid $1,515 of severance cost.

On July 21, 2000 the Company established an employee retention program for key
individuals who have been deemed critical to operations of the Company. The
program calls for payments up to a maximum of $951, with the first disbursement
of $317 taking place on July 21, 2000, and the remainder contingent upon
specific events taking place.


Note I. Income Taxes

The Company's tax provision (benefit) for the period ended June 30, 2000 differs
from the statutory rate, as a result of an increase in the valuation allowance
and disqualified original issue discount and state taxes.

The Company's tax provision (benefit) for the period ended June 30, 1999 differs
from the statutory rate, primarily as a result the Company's Foreign Sales
Corporation, the result of which is partially offset by disqualified original
issue discount and state taxes.
<PAGE>

Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations

        The Company's operating results in 1999 were not sufficient to meet
certain financial covenants under its bank credit facility. The credit agreement
was amended in January and October 1999 to reset certain covenants at levels the
Company believed it could achieve. These covenants governed the Consolidated
Leverage Ratio, the Consolidated Interest Coverage Ratio, and Minimum EDITDA. In
addition, revolving loan borrowings were conditioned on meeting a specified
Consolidated Leverage ratio. As part of these amendments, the interest rates
payable on term loan and revolving loan borrowings were increased and the
payment of the management fee due to Code, Hennessy & Simmons was conditioned on
satisfaction of certain leverage tests, which were not met in 1999. As of
December 31, 1999, the Company was not in compliance with the Capital
Expenditures covenant in its bank credit agreement, and the Company has not met
the Consolidated Interest Coverage Ratio, Consolidated Fixed Charge Coverage
Ratio, Maximum Leverage Ratio, and Minimum EBITDA covenant in the bank credit
agreement during the first six months of, and does not expect to meet such
covenants during the remainder of, 2000. The Company failed to pay a principal
loan payment due July 15, 2000 under its bank credit facility. To date, the
lenders under the bank credit agreement have not accelerated the Company's debt
under the credit agreement. The lenders have entered into a forbearance
agreement for the credit facility. The forbearance agreement expires on
September 15, 2000, and precludes the Company from borrowing on its credit
facility, requires interest on term loans and bank fees to be paid monthly,
precludes interest payments on the Senior Subordinated Notes, and requires that
certain covenant ratios be met during the forbearance period. Because of the
payment default on its bank credit facility, the Company has not made an
interest payment due August 1, 2000 on the Senior Subordinated Notes.

     As long as the lenders forbear from accelerating the Company's obligations
under the bank credit facility, the Company expects that it would continue to
operate in default for the near term. Acceleration of obligations under the bank
credit facility would result in a default in the Company's $150 million 10%
Senior Subordinated Notes due 2008. The Company expects that it will be
required to restructure its outstanding debt and financing arrangements, in any
case. There can be no assurances the company will be able to restructure its
debt, or of the terms on which any such restructuring may occur. The Company's
senior subordinated debentures would suffer substantial impairment in a
restructuring.

     In February 2000, the Company entered into an agreement with North American
Rubber Thread Company to sell its Latex thread operation and on July 25, 2000
the Company completed the transaction. The selling price was $1.5 million and
the Company received $1.1 million in cash and $0.4 million in a term note. There
is also a $1.0 million contingency payment from North American Rubber Thread
Company based on their future sales volume of Latex thread. The contingency
payment will be recognized when received in future periods and has not been
contemplated in determining the loss or gain on the sale of the Latex thread
operation. The loss from the sale is approximately $800, of which $0.4 million
is attributable to a write down of Latex inventory and $0.4 million associated
with an impairment of Latex manufacturing equipment. The write down of inventory
has been recorded in cost of goods sold and the loss from the impairment of
manufacturing equipment has been recorded in miscellaneous expenses. In
connection with the sale of the Latex operation and other reorganization efforts
the Company has reduced its work force and has offered an early retirement
program to employees. The Company has incurred a one time charge of $2.2
million, in the first quarter for the work force reduction.

Results of Operations

Three and Six Months Ended June 30, 2000 Compared to Three and Six Months Ended
June 30, 1999

     Net sales of the Company were $31.8 million for the second quarter of 2000
and $73.3 million for the first six months of 2000, compared to $44.4 million
and $88.0 million, respectively, for the corresponding periods in 1999,
representing a decrease of 28.4% and 16.7%. The decrease is primarily due to a
decrease in latex fiber sales, along with a decrease in the net selling price
for fine denier and heavy denier spandex.

     Gross margin for the second quarter was $8.2 million and $20.9 million for
the first six months of 2000, compared to $14.4 million and $28.0 million,
respectively, for the corresponding periods in 1999, representing decreases of
43.1% and 25.6%. The Company's gross margin as a percentage of net sales was
25.7% for the second quarter and 28.5% for the first six months of 2000,
compared to 32.4% and 31.9%, respectively, for the corresponding periods in
1999. The decrease in gross margin was primarily due to a decrease in both heavy
and fine denier spandex net selling price. The overall downward trend in selling
price in the fiber industry is related to several factors. The oversupply of
fabric in the apparel industry, that was originally caused by the Asian economic
crisis in 1998, which continued to exist in 2000 and resulted in price pressure
from apparel manufactures. In addition over the past several years the
elastomeric fiber industry has increased production capacity of spandex and such
increase has out paced demand.

     Selling, general and administrative expenses were $8.9 million for the
second quarter of 2000, and $15.2 million for the six months of 2000, compared
to $5.6 million and $11.7 million, respectively, for the corresponding periods
in 1999, representing increases of 60.4% and 29.8%. As a percentage of net
sales, selling, general and administrative expenses were 28.1% for the second
quarter of 2000, and 20.8% for the first six months of 2000, compared to 12.5%
and 13.3%, respectively, for the corresponding periods in 1999. The increase in
selling, general and administrative expenses is primarily due to increases in
the reserve for doubtful accounts, to reflect managements decision to curtail or
sever relationships with specific foreign distributors. Also, increases in fine
denier spandex to foreign markets has increased returns and product claims,
sales agent commissions and freight expense.

     Research and development expenses were $1.1 million for the second quarter
of 2000, and $1.8 million for the first six months of 2000, compared to $1.2
million and $2.3 million, respectively, for the corresponding periods in 1999.
Research and development expenses as a percentage of net sales were 3.4% for the
second quarter of 2000, and 2.5% for the first six months of 2000, compared to
2.7% and 2.7%, respectively, for the corresponding periods in 1999. The decrease
in research and development expenses is attributed to the Company refocusing and
streamlining its research and development efforts. The Company has concentrated
on projects that have a higher probability of success and will result in new
advances in chemistry and process capability.

     Net interest expense was $7.6 million for the second quarter of 2000, and
$15.1 million for the first six months of 2000, compared to $7.0 million and
$13.9 million, respectively, for the corresponding periods in 1999. The increase
in interest expense was primarily due to an increase in the level of outstanding
debt and interest rates from the comparable prior year period.

     Income tax expense of $1.0 million was recognized during the second quarter
to reflect the Company's revised effective tax rate, resulting from nonrecurring
charges which have impacted the Company's estimates of taxable income for the
year.

Liquidity and Capital Resources

     Cash provided by operating activities was $0.3 million for the six months
ended June 30, 2000 as compared to cash used by operating activities of $4.2
million for the comparable prior year period. The increase in cash provided by
operating activities for the six months ended June 30, 2000 was due to decreases
in inventory balances and accounts receivable. This reduction was partially
offset by decreases in accounts payable and accrued expenses, and increases in
prepaid expenses.

     The average days sales outstanding for accounts receivable was
approximately 104 days for the six months ended June 30, 2000 compared to 74
days for the comparable prior year period. The increase in days outstanding is
due to extending payment terms to customers where competition has increased due
to present market conditions of supply and demand, and export sales increasing
to 36.6% from 33.6% in the comparable prior period.

      Inventory balances decreased $3.1 million from December 31, 1999,
primarily due to a decrease in the latex finished goods and raw material
inventory. The note payable increased $5.9 million from December 31, 1999,
primarily due to an interest payment due on the senior subordinated notes and
working capital needs. Capital expenditures were $2.5 million for the six months
ended June 30, 2000 compared to $4.4 million in the comparable prior year
period. Capital expenditures for the six months ended June 30, 2000 consisted
primarily of operational expenditures.

Impact of the Year 2000 Issue

     The Year 2000 issue is the result of computer programs being written using
two digits rather than four to define the applicable year. Computer equipment
and software and devices with embedded technology that are time-sensitive may
recognize a date using "00" as the year 1900 rather than the year 2000. This
could result in a system failure or miscalculations causing disruptions of
operations, including, among other things, a temporary inability to process
transactions, send invoices, or engage in similar normal business activities.

     During the last several years, the Company has spent approximately $0.3
million to address issues related to the Y2K problem. All of these costs were
expensed as incurred and were funded by cash flow from operations. In 1999, the
Company installed a new computerized information system which was Y2K compliant
and did not require any significant additional costs attributable to the Y2K
issue. As of December 31, 1999, the Company had completed all aspects of its Y2K
readiness program and, through June 30, 2000, the Company has not experienced
any significant problems related to the Y2K issue.

Forward-Looking Information

     This Quarterly Report on Form 10-Q contains certain forward-looking
statements, including, without limitation, statements concerning the Company's
future financial position, business strategy, budgets, projected costs and plans
and objectives of management for future operations. These forward-looking
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 (which do not apply to initial public
offerings). Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may," "will," "expect," "intend,"
"estimate," "anticipate," "believe," "should," "plans," or "continue" or the
negative thereof or variations thereon or similar terminology. Although the
Company believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations will
prove to have been correct. These forward-looking statements are subject to a
number of risks and uncertainties, including, without limitation, those related
to the Company's substantial leverage and debt service requirements, the
Company's dependence on significant customers and on certain suppliers, the
effects of competition on the Company, the risks related to environmental,
health and safety laws and regulations, the Company's exposure to foreign sales
risk and the cyclicality of the textile industry, risks related to the year 2000
issue, and the other factors discussed in the Company's filings with the
Securities and Exchange Commission. Actual results could differ materially from
these forward-looking statements.

Item 3. Quantitative and Qualitative Disclosure about Market Risk

     The Company's market risk disclosure set forth in the Company's Annual
Report on Form 10K have not changed significantly through the six months ended
June 30, 2000.

Part II  Other Information

Item 1. Legal Proceedings

     In April 1997 two domestic purchasers of extruded latex thread filed a
complaint against a number of foreign manufacturers and distributors of such
thread, including an Indonesian limited liability company in which Globe
Holdings then owned a 40% interest (the "Joint Venture"). The complaint alleged
an international conspiracy to restrain trade in, and fix prices of, the thread
in the U.S. The Company was not named as a defendant in the case. The Joint
Venture alleged in its motion to dismiss that not all parties to the conspiracy
had been joined. There can be no assurance that the Company will not be named in
the future. The Company is entitled to indemnification from, among other items,
any liabilities arising out of any criminal or civil antitrust claims or
investigations resulting from the above-described proceedings to the extent
related to the Company's activities prior to the July 31, 1998 merger. This
indemnity expires on December 31, 2001.

     The U.S. Department of Commerce has imposed anti-dumping duties on
Indonesian extruded latex producers. Additional duties have been levied on
extruded latex thread imported from Indonesia as of March 1999. During 1999, the
Company purchased approximately $1.7 million of latex thread from the Joint
Venture for resale in the North American market.

Item 2. Changes in Securities

     None.

Item 3.  Defaults Upon Senior Securities

     See Note B to the Financial Statements included herein for a discussion of
     defaults under the Company's bank credit facility and senior subordinated
     notes and of the forbearance agreement related to the bank credit facility.

Item 4.  Submission of Matters to a Vote of Security Holders

     None.

Item 5.  Other Information

     In July 2000, the employment of Horst Hesshaus, Vice President, Operations,
     terminated.

Item 6.  Exhibits and Reports on Form 8-K

     (a)  Exhibits
     10.1  Forbearance Agreement dated as of July 17, 2000.
     27.1  Financial Data Schedule

     (b)  Reports on Form 8-K

     On June 7, 2000 the Company filed a Form 8-K disclosing the extension of
     the Forbearance Agreement.

     On June 9, 2000 the Company filed a Form 8-K/A in order to file as an
     exhibit the Fourth Amendment and Forbearance Agreement dated as of May 31,
     2000.
<PAGE>

                                  SIGNATURES

     In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                              GLOBE MANUFACTURING CORP.


Date: November 13, 2000           By: /s/ KEVIN T. CARDULLO
                                  ----------------------------------------------
                                      Kevin T. Cardullo
                                      Vice President, Finance and
                                      Information Technology
                                      and duly authorized signatory on
                                      behalf of the Registrant