SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    Form 10-Q



               Quarterly Report Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934



For the quarterly period ended                       Commission File No. 0-27682
November 30, 1999


                         Globe Business Resources, Inc.



Incorporated under the                               IRS Employer Identification
  laws of Ohio                                             No. 31-1256641



                               11260 Chester Road
                                    Suite 400
                              Cincinnati, OH 45246
                              Phone: (513) 771-8287





     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 January 7, 2000,  4,803,198 shares of the Registrant's  common stock,
no par value, were outstanding.


<PAGE>



                         GLOBE BUSINESS RESOURCES, INC.
                            INDEX TO QUARTERLY REPORT
                                  ON FORM 10-Q




                                                                        Page No.
                                                                        --------

Part I.  Financial Information

         Item 1.  Consolidated Financial Statements

                  Consolidated Balance Sheet -

                  November 30, 1999 and February 28, 1999                  3

                  Consolidated Statement of Income -
                  Three and nine months ended November 30, 1999 and 1998   4

                  Consolidated Statement of Cash Flows -
                  Nine months ended November 30, 1999 and 1998             5

                  Notes to Consolidated Financial Statements               6

         Item 2.  Management's Discussion and Analysis of
                  Financial Condition and Results of Operations            9

         Item 3.  Quantitative and Qualitative Disclosures about
                  Market Risk                                             16



Part II. Other Information

         Item 1.  Legal Proceedings                                       17

         Item 2.  Changes in Securities                                   17

         Item 3.  Defaults Upon Senior Securities                         17

         Item 4.  Submission of Matters to a Vote of Security Holders     17

         Item 5.  Other Information                                       17

         Item 6.  Exhibits, Financial Statement Schedules and
                  Reports on Form 8-K                                     18


<PAGE>

                         PART I - FINANCIAL INFORMATION

                         GLOBE BUSINESS RESOURCES, INC.
                           CONSOLIDATED BALANCE SHEET
                             (Dollars in thousands)



                                                    November 30,   February 28,
                                                        1999           1999
                                                  ---------------  ------------
                                                    (Unaudited)

ASSETS:
Cash                                                $   2,390    $   1,123
Trade accounts receivable, less
  allowance for doubtful accounts
  of $1,126 and $977, respectively                     14,209       11,982
Other receivables                                       1,099        1,418
Prepaid expenses                                        4,495        4,229
Rental furniture, net                                  54,695       55,426
Property and equipment, net                             8,720        8,469
Goodwill and other intangibles,
  less accumulated amortization of
  $5,128 and $3,262, respectively                      47,081       47,580
Note receivable from officer                              100          100
Other notes receivable                                  1,054          490
Other, net                                                928          980
                                                    ---------    ---------
  Total assets                                      $ 134,771    $ 131,797
                                                    =========    =========

LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable                                    $   5,149    $   6,250
Customer deposits                                       3,638        2,072
Accrued compensation                                    2,182        2,628
Accrued taxes                                             398          304
Deferred income taxes                                   5,877        5,738
Accrued interest payable                                1,021        1,541
Other accrued expenses                                  1,078        1,250
Debt                                                   69,441       68,900
                                                    ---------    ---------
  Total liabilities                                    88,784       88,683
                                                    ---------    ---------

Common stock and other shareholders' equity:
  Common stock, no par, 15,000,000 shares
    authorized, 4,803,198, and 4,794,489
    shares outstanding                                 24,058       24,018
  Retained earnings                                    26,013       23,180
  Fair market value in excess of historical
    cost of acquired net assets attributable
    to related party transactions                      (4,084)      (4,084)
                                                    ---------    ---------

  Total common stock and other
   shareholders' equity                                45,987       43,114
                                                    ---------    ---------

  Total liabilities and shareholders' equity        $ 134,771    $ 131,797
                                                    =========    =========


                   The accompanying notes are an integral part
                         of these financial statements.

<PAGE>
                         GLOBE BUSINESS RESOURCES, INC.
                        CONSOLIDATED STATEMENT OF INCOME
                      (In thousands except per share data)


<TABLE>
<CAPTION>

                                             For the three months       For the nine months
                                                    ended,                     ended
                                           -------------------------  -------------------------
                                           November 30, November 30,  November 30, November 30,
                                           ------------  -----------  ------------ ------------
                                                   (Unaudited)            (Unaudited)
<S>                                         <C>          <C>          <C>          <C>
Revenues:
     Corporate housing sales                $  25,577    $  23,033    $  80,765    $  64,381
     Rental sales                               9,577       10,741       29,868       33,219
     Retail sales                               4,154        4,434       11,966       13,166
                                            ---------    ---------    ---------    ---------
                                               39,308       38,208      122,599      110,766
                                            ---------    ---------    ---------    ---------
Cost of revenues:
     Cost of corporate housing sales           17,954       16,652       56,014       45,318
     Cost of rental sales                       1,058          841        2,940        2,587
     Cost of retail sales                       2,935        2,681        7,668        8,144
     Furniture depreciation and disposals       2,741        2,070        7,452        6,462
                                            ---------    ---------    ---------    ---------
                                               24,688       22,244       74,074       62,511
                                            ---------    ---------    ---------    ---------

Gross profit                                   14,620       15,964       48,525       48,255

Operating expenses:
     Warehouse and delivery                     2,759        2,544        8,365        7,989
     Occupancy                                  1,685        1,835        5,645        5,567
     Selling and advertising                    2,450        2,740        7,731        8,327
     General and administration                 5,330        4,947       16,521       14,868
     Amortization of intangible assets            623          510        1,866        1,448
                                            ---------    ---------    ---------    ---------
                                               12,847       12,576       40,128       38,199
                                            ---------    ---------    ---------    ---------

Operating income                                1,773        3,388        8,397       10,056

Other expenses:
     Interest expense                           1,215        1,145        3,634        3,254
     Other, net                                   (75)        (118)         (16)         (52)
                                            ---------    ---------    ---------    ---------
                                                1,140        1,027        3,618        3,202

Income before income taxes                        633        2,361        4,779        6,854

Provision for income taxes                        261          921        1,950        2,674
                                            ---------    ---------    ---------    ---------

Net income                                  $     372    $   1,440    $   2,829    $   4,180
                                            =========    =========    =========    =========

Earnings per common share:
     Basic                                     $ 0.08       $ 0.32       $ 0.59       $ 0.92
                                            =========   ===========   =========    =========
     Diluted                                   $ 0.08       $ 0.31       $ 0.58       $ 0.90
                                            =========   ===========   =========    =========

Weighted average number of
common shares outstanding:
     Basic                                      4,798        4,532        4,797        4,546
     Diluted                                    4,838        4,648        4,836        4,670

</TABLE>

              The accompanying notes are an integral part of these
                             financial statements.

<PAGE>

                         GLOBE BUSINESS RESOURCES, INC
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                             (Dollars in thousands)



                                                     For the nine months ended,
                                                     ---------------------------
                                                     November 30,   November 30,
                                                          1999          1998
                                                     ------------   ------------
                                                             (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                             $   2,829    $   4,180
Adjustments to reconcile net income to
  net cash provided by operating activities:
    Rental furniture depreciation                          5,974        5,839
    Other depreciation and amortization                    3,921        2,992
    Provision for losses on accounts receivable              606          511
    Provision for deferred income taxes                      139          669
    Loss (gain) on sale of property and equipment             21           (8)
    Book value of furniture sales and rental buyouts      10,371       10,394
    Changes in assets and liabilities:
      Accounts receivable                                 (2,516)      (4,565)
      Notes receivable                                      (564)          --
      Other assets, net                                       56          195
      Prepaid expenses                                      (264)      (1,618)
      Accounts payable                                    (1,101)       2,404
      Customer deposits                                    1,556         (161)
      Accrued compensation                                  (461)       1,065
      Accrued taxes                                           94           37
      Accrued interest payable                              (520)         (16)
      Other accrued expenses                                (220)        (310)
                                                       ---------    ---------
        Net cash provided by operating activities         19,921       21,608
                                                       ---------    ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to rental furniture                            (15,614)     (17,493)
Purchases of property and equipment                       (2,143)      (1,992)
Purchases of businesses, net of cash acquired             (1,018)     (13,551)
Other investing activities                                  --              8
                                                       ---------    ---------
        Net cash used in investing activities            (18,775)     (33,028)
                                                       ---------    ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on the revolving credit agreement             141,224      126,708
Repayments on the revolving credit agreement            (140,234)    (114,015)
Repayments of other debt                                    (559)        (393)
Principal payments under capital lease obligations          (364)        (264)
Exercise of common stock options                             117            5
Purchase of treasury stock                                   (63)        (653)
                                                       ---------    ---------
        Net cash provided by financing activities            121       11,388
                                                       ---------    ---------
Net increase (decrease) in cash                            1,267          (32)
Cash at beginning of period                                1,123          526
                                                       ---------    ---------
Cash at end of period                                  $   2,390    $     494
                                                       =========    =========


   The accompanying notes are an integral part of these financial statements.

<PAGE>


                         GLOBE BUSINESS RESOURCES, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                  (Dollars in thousands except per share data;
                  shares in whole numbers except where noted)


NOTE 1 -- PRESENTATION OF INTERIM INFORMATION

     In the opinion of the  management of Globe  Business  Resources,  Inc., the
accompanying unaudited consolidated financial statements include all adjustments
considered necessary to present fairly its financial position as of November 30,
1999,  and the results of its  operations  for the three and nine  months  ended
November 30, 1999 and 1998 and its cash flows for the nine months ended November
30, 1999 and 1998. All adjustments  are of a normal  recurring  nature.  Interim
results are not necessarily indicative of results for a full year.

     The consolidated financial statements and notes are presented in accordance
with the  requirements  of Form 10-Q,  and do not  contain  certain  information
included in the Company's audited consolidated financial statements and notes in
its Form 10-K for the fiscal year ended February 28, 1999.

     Certain prior year amounts have been  reclassified  to conform with current
year presentation.

NOTE 2 -- ACQUISITIONS

     During the first nine  months of fiscal  2000,  the Company  completed  the
asset  acquisition of Castleton of Tulsa, a privately  owned  corporate  housing
business,  and  paid  certain  other  consideration  on  fiscal  1998  and  1999
acquisitions. These transactions were completed by payment of approximately $0.5
million in cash, issuance of $0.3 million of notes payable and the assumption of
certain liabilities.

     In accordance with APB No. 16, these  acquisitions were accounted for using
the purchase method.

     The purchase price allocation for the acquired businesses is as follows:

                                                        (Unaudited)
                                                        -----------

        Cash, receivables and prepaids                    $     8
        Property and equipment                                 10
        Other assets                                            4
        Goodwill and other intangibles                      1,367
                                                          -------
                                                            1,389
        Liabilities assumed                                  (363)
                                                          -------
                                                          $ 1,026
                                                          =======

     Certain  pro  forma  Globe  consolidated  income  statement  data  are  not
presented due to the  immaterial  impact of Castleton of Tulsa on the previously
reported operating results.  Current year actual results reflect the acquisition
for the entire reporting period.

<PAGE>


NOTE 3 -- RENTAL FURNITURE

     Rental furniture consists of the following:

                                       November 30,     February 28,
                                          1999              1999
                                      -------------     ------------
                                      (Unaudited)

        Furniture on rental             $ 26,709         $ 43,648
        Furniture on hand                 40,955           24,120
                                        --------         --------
                                          67,664           67,768
        Accumulated depreciation         (12,969)         (12,342)
                                        --------         --------
                                        $ 54,695         $ 55,426
                                        ========         ========

NOTE 4 -- EARNINGS PER SHARE

     For all periods  presented,  basic  earnings  per share was  calculated  by
dividing net income applicable to common stock by the weighted average number of
shares outstanding during the period.

     For all periods  presented,  diluted  earnings per share was  calculated by
dividing net income applicable to common stock by the weighted average number of
shares and  dilutive  potential  common  shares  outstanding  during the period.
Potential  common  shares  include  outstanding  stock  options  for all periods
presented and contingently issuable shares in fiscal 1999.

     The following table presents the calculation of basic and diluted  earnings
per share for the periods indicated. (Shares in thousands)


                                              For the three       For the nine
                                               months ended       months ended
                                              --------------    ----------------
                                               November 30,       November 30,
                                              --------------    ----------------
                                               1999    1998      1999     1998
                                              ------  ------    ------   -------
                                                (Unaudited)        (Unaudited)

Net income used to calculate
  basic and diluted
  earnings per share                          $  372   $1,440   $2,829    $4,180
                                              ======   ======   ======    ======
Weighted average common shares
  used to calculate
  basic earnings per share                     4,798    4,532    4,797     4,546
                                              ======   ======   ======    ======
Basic earnings per common share               $ 0.08   $ 0.32   $ 0.59    $ 0.92
                                              ======   ======   ======    ======


Shares used in the calculation
  of diluted earnings per share:
    Weighted average common shares             4,798    4,532    4,797     4,546
  Dilutive effect of assumed
  exercise of options
    for the purchase of common shares             40       44       39        52
  Dilutive effect of assumed issuance of
    contingently issuable shares                --         72     --          72
                                              ------   ------   ------    ------
Weighted average common shares used to
    calculate diluted earnings per share       4,838    4,648    4,836     4,670
                                              ======   ======   ======    ======
Diluted earnings per common share             $ 0.08   $ 0.31   $ 0.58    $ 0.90
                                              ======   ======   ======    ======
<PAGE>



NOTE 5 -- DEBT

     Outstanding debt consists of:

                                                      November 30,  February 28,
                                                          1999           1999
                                                      ------------  ------------
                                                      (Unaudited)

The Fifth Third Bank, PNC Bank and
  Norwest Bank unsecured revolving note,
  average interest of 6.89% and 6.62%                   $35,407         $34,416

7.54% Senior Notes, unsecured, interest
  payable semi-annually on March 1 and
  September 1, due September 1, 2007                     30,000          30,000

6.25% mortgage note payable to The Fifth
  Third Bank, interest payable in monthly
  installments, due December 1, 2002                      1,400           1,445

6.0% note payable to seller of acquired
  business, payable in monthly installments,
  due December 31, 2000                                     325             550

6.0% note payable to seller of acquired
  business, payable in quarterly
  installments, due December 31, 2002                     1,129           1,463

5.0% note payable to seller of acquired
  business, payable in quarterly
  installments, due December 31, 2002                       450             500

5.0% note payable to seller of acquired
  business, payable in monthly
  installments, due February 29, 2000                       229            --

Capital lease obligations                                   501             526
                                                        -------         --------
                                                        $69,441         $68,900
                                                        =======         =======

     The funds required for the acquisition  related  payments were derived from
borrowings under the Company's  unsecured revolving Credit Agreement and through
the issuance of a note payable.

     The Company's unsecured revolving line of credit provides credit facilities
of up to $45 million.  At November  30, 1999,  the  revolving  Credit  Agreement
provided a total unused credit facility of approximately $9.6 million.


<PAGE>


NOTE 6 -- SUBSEQUENT EVENT

     The  Company  announced  on January  14,  2000 that it has  entered  into a
definitive  agreement with Equity  Residential  Properties Trust for the sale of
Globe  for  $13.00  per  share,  payable  in  cash  upon  closing,  and up to an
additional $.50 per share post closing,  upon final  determination  of costs, if
any,  relating  to  any  potential  breaches  on  certain   representations  and
covenants.  The agreement must be approved by Globe  shareholders and is subject
to customary closing conditions.


                                     ITEM 2

                     Management's Discussion and Analysis of
                  Financial Condition and Results of Operations


     The following  discussion and analysis  should be read in conjunction  with
the Company's Consolidated Financial Statements beginning on page 3.

GENERAL

     Globe  is  a  major  participant  in  the  temporary  relocation  industry,
operating in both the corporate  housing and furniture  rental  businesses.  The
corporate housing business provides  short-term  housing through an inventory of
leased  housing  units  to  transferring  or  temporarily   assigned   corporate
personnel,  new hires,  trainees,  consultants  and  individual  customers.  The
furniture  rental business rents quality office and  residential  furniture to a
variety of corporate and individual customers.  Additionally,  the Company sells
residential  and office  furniture  that no longer meets its showroom  condition
standards  for rental  through its  clearance  centers  and sells new  furniture
through its showrooms and account executives.

     The Company's fiscal year ends on February 28/29.

     The   discussions   contained  in  this  Item  2  include   forward-looking
information  which is subject  to risks and  qualifications  including,  but not
limited to, those set forth in Exhibit 99.

<PAGE>


RESULTS OF OPERATIONS

     The following  table sets forth for the periods  indicated  certain  income
statement  data as a percentage of total  revenues and certain gross profit data
as a  percentage  of  respective  corporate  housing,  rental and  retail  sales
revenues.

                                            For the three       For the nine
                                             months ended        months ended
                                           --------------     ------------------
                                             November 30,        November 30,
                                           ---------------    -------   --------
                                            1999     1998      1999       1998
                                           ------   ------    -------   --------
Revenues:
  Corporate housing sales                   65.1%     60.3%     65.9%     58.1%
  Rental sales                              24.4%     28.1%     24.4%     30.0%
  Retail sales                              10.6%     11.6%      9.8%     11.9%
                                           -----     -----     -----     -----
    Total revenues                         100.0%    100.0%    100.0%    100.0%
Gross profit:
  Corporate housing sales                   29.8%     27.7%     30.6%     29.6%
  Rental sales                              89.0%     92.2%     90.2%     92.2%
  Retail sales                              29.3%     39.5%     35.9%     38.1%
                                           -----     -----     -----     -----
  Gross profit before depreciation
    and disposals                           44.2%     47.2%     45.7%     49.4%
  Furniture depreciation and disposals      (7.0%)    (5.4%)    (6.1%)    (5.8%)
                                           -----     -----     -----     -----
    Combined gross profit                   37.2%     41.8%     39.6%     43.6%

Operating expenses                          31.1%     31.6%     31.2%     33.2%
Amortization of intangible assets            1.6%      1.3%      1.5%      1.3%
                                           -----     -----     -----     -----
Operating income                             4.5%      8.9%      6.8%      9.1%
Interest/other                               2.9%      2.7%      3.0%      2.9%
                                           -----     -----     -----     -----
Income before taxes                          1.6%      6.2%      3.9%      6.2%
                                           =====     =====     =====     =====

     Fiscal 2000 third  quarter and first nine months  results were  impacted by
certain nonrecurring items related primarily to the consolidation of real estate
and clearance center  inventories in Globe Furniture Rentals western markets and
the accelerated  implementation  of a comprehensive  corporate  housing business
information  system. The following table presents selected income statement data
after adjustment to exclude these nonrecurring items.

Summary Financial Data, excluding nonrecurring items

                                        For the three           For the nine
                                        months ended            months ended
                                     -------------------    --------------------
                                        November 30,           November 30,
                                     -------------------    --------------------
                                       1999       1998        1999        1998
                                     -------    --------    --------    --------
Revenues                            $ 39,308    $ 38,208    $122,599    $110,766
Gross profit                          14,860      15,964      48,765      48,255
Operating expenses                    11,762      12,066      37,110      36,751
Operating income                       2,475       3,388       9,789      10,056
Income before taxes                    1,335       2,361       6,171       6,854
Net income                               778       1,440       3,653       4,180
Diluted earning per common share    $   0.16    $   0.31    $   0.76    $   0.90

Impact of Corporate Housing Acquisitions

     Globe implemented an aggressive  corporate housing acquisition  strategy in
fiscal  1997.  Since that time,  the Company  has  completed  fifteen  corporate

<PAGE>


housing  acquisitions,  including  the March 1999  acquisition  of  Castleton of
Tulsa.  All  acquisitions  to date have been  accounted  for using the  purchase
method of accounting.

     Corporate   housing   companies'   assets  consist  primarily  of  accounts
receivable, customer deposits and some minor furniture and fixed asset balances.
Consequently,  the purchase price for these  businesses is allocated  largely to
goodwill and other intangibles.  Cost of goodwill and other intangibles  related
to the corporate housing  acquisitions  approximates  $50.9 million and is being
amortized on a straight-line  basis over periods ranging from three to 35 years,
with a weighted average life of approximately 24 years. Goodwill and intangibles
amortization,  which is a separate  component  of  operating  expenses,  reduced
operating profit by $1.9 million, or 1.5% of revenues,  in the first nine months
of fiscal 2000 and $1.4 million,  or 1.3% of revenues,  in the first nine months
of fiscal 1999.

     Generally,  the corporate  housing  business has a slightly lower operating
margin than the furniture  rental  business,  consisting of a lower gross profit
margin offset somewhat by lower operating  expenses as a percentage of revenues.
As a result,  the  Company's  gross profit  margin and  operating  expenses as a
percentage  of  revenues  have been  declining  since the  Company  entered  the
corporate housing business.  Gross profit margin decreased to 39.6% in the first
nine months of fiscal  2000 from 43.6% in the first nine months of fiscal  1999.
Gross profit  margin on rental sales in the first nine months of fiscal 2000 was
90.2%,  versus 30.6% for corporate housing.  Comparable gross profit margins for
the first nine months of fiscal 1999 were 92.2% and 29.6%, respectively. Because
the  Company  is  integrating  its  furniture   rental  and  corporate   housing
operations,  these gross profit percentages  exclude furniture  depreciation and
disposals  which can no longer be related to  specific  revenue  categories.  An
additional result of this integration is that operating expenses and, therefore,
operating   margins  for  furniture  rental  and  corporate  housing  cannot  be
specifically  identified.  Operating  expenses,  excluding  amortization and the
impact of  nonrecurring  expenses,  decreased  to 30.3% of revenues in the first
nine  months of fiscal  2000 from 33.2% of  revenues in the first nine months of
fiscal 1999, while the operating margin,  excluding  amortization and the impact
of nonrecurring items, decreased to 9.5% of revenues in the first nine months of
fiscal 2000 from 10.4% of revenues in the first nine months of fiscal 1999.  The
reduction in operating  margin is primarily the result of the  increasing mix of
corporate  housing  revenues  over  the  comparable  periods  and a  soft  sales
environment.  Including  amortization expenses and excluding nonrecurring items,
the  operating  margin  declined to 8.0% in the first nine months of fiscal 2000
from 9.1% in the first nine months of fiscal 1999.

     Globe plans to continue  its  consolidation  of corporate  housing  through
additional acquisitions, thereby capitalizing on the desire of many corporations
to have a corporate housing company that can meet their needs  nationally.  With
the acquisitions to date, Globe has expanded its presence into 29 markets and is
the market leader in ten of these markets,  with  annualized  corporate  housing
revenues  exceeding  $100 million.  Globe is in the number three position in the
industry based on revenues.

     A major  risk of  Globe's  increasing  presence  in the  corporate  housing
business is the  potential  loss of furniture  rental  revenues  from  competing
corporate  housing  companies that are also customers.  To date, the majority of
this business with unaffiliated customers has been retained,  largely due to the
Company's superior level of service. Additionally, the significance of this risk
has lessened since Globe entered the corporate  housing  business.  In the first
nine months of fiscal 2000,  unaffiliated  corporate housing customers accounted
for $5.3 million,  or 4.3%, of Globe's revenues versus $6.4 million, or 5.8%, of
Globe's  revenues in the first nine  months of fiscal  1999.  During  these same
periods,  furniture rental revenues from affiliated corporate housing providers,
which are not included in reported revenues, were $5.4 million and $4.0 million,
respectively.

     The Company is  implementing a  comprehensive  corporate  housing  business
information  system  which  provides  the  tools  for  supporting   Company-wide


<PAGE>



standardization,  as well as enhancing  apartment unit inventory  management and
allowing  operational  efficiencies.  Additionally,  the system  facilitates the
national  sales  effort and  provides a common  platform as the  Company  begins
implementation of its business-to-business  e-commerce efforts during the second
half  of  fiscal  2000.   Implementation   of  the  corporate  housing  business
information system has been successfully  completed in several markets and Globe
has  retained  the  services  of an  outside  consulting  firm to  expedite  the
Company-wide  rollout.  Nonrecurring  expenses  consisting of consulting fees of
approximately  $0.6  million  are  expected  to  be  incurred  and  recorded  in
administrative  expenses during fiscal year 2000.  Approximately $0.3 million of
these costs were incurred in the first nine months of the fiscal year.

     Due to the significant impact of the corporate housing  acquisitions on the
Company's  operations and financial  results,  certain  aspects of the Company's
historical  results of operations and  period-to-period  comparisons will not be
indicative of future results.

Comparison of Third Quarter Fiscal 2000 to Third Quarter Fiscal 1999

     Total  revenues of $39.3 million  increased  $1.1 million,  or 2.9%, in the
third quarter of fiscal 2000,  from $38.2 million in the third quarter of fiscal
1999, primarily due to acquisitions.

     Corporate  housing  sales of $25.6  million in the third  quarter of fiscal
2000  increased  11.0% from $23.0  million in the third  quarter of fiscal 1999.
This increase was primarily caused by acquisitions.

     Rental sales of $9.6 million in the third quarter of fiscal 2000  decreased
10.8% from $10.7  million in the third  quarter of fiscal  1999  partially  as a
result  of  the  elimination  of  intercompany  revenues  (furniture  rented  to
Company-owned  corporate  housing  operations).  Excluding  the  impact of these
eliminations,  rental  revenues  decreased $1.1 million,  or 8.9%, when compared
with the prior year quarter,  reflecting a general  softness in the  residential
market and a loss of business from some competing  corporate housing  customers.
Management believes this softness represents a cyclical slowdown attributable to
the fact that  corporate  housing  has taken over a  substantial  portion of the
furnished  apartment  distribution  channel. As corporate housing has taken over
more of the furnished apartment  distribution  channel,  furniture rental volume
growth from corporate housing customers has slowed. To date, the other customers
in the furnished apartment  distribution  channel (property management companies
and showroom customers) have not offset this slowdown.

     Retail sales of $4.2 million decreased $0.2 million,  or 6.3%, in the third
quarter of fiscal 2000 from $4.4  million in the third  quarter of fiscal  1999,
with an  increase of 30.4% in new office  furniture  sales more than offset by a
16.8% decline in used furniture sales. The used furniture  decrease is primarily
attributable to the Company's  decision to consolidate  clearance centers in its
western markets and the closure of a store in Michigan.

     Gross profit of $14.6 million in the third quarter of fiscal 2000 decreased
$1.4  million,  or 8.4%,  from $16.0 million in the third quarter of fiscal 1999
and  declined  as a  percentage  of  revenues  to 37.2% from 41.8% over the same
period  partially  due to the higher mix of corporate  housing  revenues and the
lower  margins  associated  with these  revenues.  Gross  profit  percentage  on
corporate  housing  sales  improved to 29.8% from 27.7% over the  period.  Gross
profit  percentage on rental sales decreased to 89.0% from 92.2% over the period
primarily  due to an increase in  housewares  and other rental  expenses.  Gross
profit  percentage on retail sales decreased to 29.3% from 39.5% over the period
resulting  from lower margins on clearance  center  revenues and the impact of a


<PAGE>


nonrecurring liquidation sale associated with the inventory consolidation in the
western  markets.  Excluding  this sale,  retail  gross  profit  was  35.1%.  In
addition,  the Company recorded a physical inventory adjustment of approximately
$0.3 million during the third quarter of fiscal 2000.

     Operating expenses of $12.2 million  (excluding  amortization) in the third
quarter of fiscal 2000 increased 1.3% from $12.1 million in the third quarter of
fiscal  1999 as a result of  acquisitions  and  approximately  $0.5  million  of
nonrecurring  expenses  associated  with the  consolidation  of real  estate and
clearance  center  inventories  in  the  western  markets  and  the  accelerated
implementation  of the  corporate  housing  system.  As a  percentage  of  total
revenues,  operating expenses declined to 31.1% from 31.6% over the same period.
Excluding the nonrecurring  expenses,  operating  expenses decreased to 29.9% of
revenues  from 31.6% of  revenues  during the  period.  Additional  nonrecurring
expenses,  estimated at approximately $0.4 million,  are expected to be incurred
during the fourth quarter of fiscal year 2000  primarily due to the  accelerated
rollout of the Company's corporate housing system.

     As a result of the Company's continuing  acquisition program,  amortization
of intangible  assets  increased $0.1 million,  or 22.2%, to $0.6 million in the
third  quarter of fiscal 2000,  from $0.5 million in the third quarter of fiscal
1999. As a percentage of revenues,  amortization  expense increased to 1.6% from
1.3% over the same period.

     As a result of the changes in revenues,  gross profit,  operating  expenses
and  amortization  discussed  above,  operating  income  decreased 47.7% to $1.8
million,  or 4.5% of revenues  in the third  quarter of fiscal  2000,  from $3.4
million,  or 8.9% of revenues  in the third  quarter of fiscal  1999.  Excluding
nonrecurring  items,  operating  income  decreased to $2.5  million,  or 6.3% of
revenues during the quarter from $3.4 million,  or 8.9% of revenues in the prior
year quarter.

     Interest/other  expense  increased to $1.1 million in the third  quarter of
fiscal  2000 from $1.0  million  in the third  quarter  of fiscal  1999 and as a
percentage of total  revenues  increased to 2.9% from 2.7% over the same period.
Interest  expense  increased  from the prior  year  period  due to  higher  debt
balances in the current year period. The debt increase was the result of funding
required for acquisitions made in the fourth quarter of fiscal 1999.

     Income  before  income taxes of $0.6 million in the third quarter of fiscal
2000 decreased $1.7 million,  or 73.2%,  compared to the third quarter of fiscal
1999 and as a percentage  of revenues  decreased to 1.6% from 6.2% over the same
period.  Excluding  nonrecurring  items,  income before taxes  decreased to $1.3
million,  or 3.4% of revenues from $2.3 million,  or 6.2% of revenues during the
comparable quarters of fiscal 2000 and fiscal 1999.

     The Company's  effective tax rate, which includes federal,  state and local
taxes,  increased to 41.2% in the third quarter of fiscal 2000 from 39.0% in the
third quarter of fiscal 1999. This increase in tax rate is largely  attributable
to Globe's  expansion  into states with higher tax rates than those  included in
the prior year quarter.

Comparison of Nine Months Ended November 30, 1999
to Nine Months Ended November 30, 1998

     Total revenues of $122.6 million increased $11.8 million,  or 10.7%, in the
first nine months of fiscal 2000,  from $110.8  million in the first nine months
of fiscal 1999, primarily due to acquisitions.

     Corporate housing sales of $80.8 million in the first nine months of fiscal
2000 increased 25.4% from $64.4 million in the first nine months of fiscal 1999.
This increase was primarily caused by acquisitions.

     Rental  sales of $29.9  million  in the first  nine  months of fiscal  2000
decreased  10.1% from $33.2  million  in the first  nine  months of fiscal  1999


<PAGE>


primarily due to the elimination of intercompany revenues.  Excluding the impact
of these  eliminations,  rental revenues  decreased  5.2%,  reflecting a general
softness in the  residential  market and a loss of business from some  competing
corporate housing customers.

     Retail sales of $12.0 million decreased $1.2 million,  or 9.1% in the first
nine months of fiscal 2000 from $13.2 million in the first nine months of fiscal
1999,  resulting from a decrease of $1.2 million,  or 21.0%, in clearance center
revenues  over the period.  The decrease is primarily the result of closure of a
store in Michigan and a decrease in revenues in the  Company's  western  markets
resulting from the decision to consolidate clearance centers.

     Gross  profit of $48.5  million  in the first  nine  months of fiscal  2000
increased $0.2 million,  or 0.6%, from $48.3 million in the first nine months of
fiscal 1999 and  declined as a  percentage  of revenues to 39.6% from 43.6% over
the same period  partially due to the higher mix of corporate  housing  revenues
and the lower margins associated with these revenues. Gross profit percentage on
corporate  housing sales  improved to 30.6% from 29.6% in the  comparable  prior
year period,  while gross profit percentage on rental and retail sales decreased
to 90.2% and 35.9% from 92.2% and 38.1%,  respectively.  The  decrease in rental
gross profit percentage was largely  attributable to higher housewares expenses,
while the  decrease in retail  gross profit was  primarily  attributable  to the
impact  of  a  nonrecurring  liquidation  sale  associated  with  the  inventory
consolidation  in the western  markets.  In  addition,  the  Company  recorded a
physical  inventory  adjustment of  approximately  $0.3 million during the third
quarter of fiscal 2000.

     Operating expenses of $38.3 million  (excluding  amortization) in the first
nine months of fiscal 2000  increased  4.1% from $36.8 million in the first nine
months of fiscal 1999 as a result of acquisitions and approximately $1.2 million
of nonrecurring  expenses  associated with the  consolidation of real estate and
clearance  center  inventories  in  the  western  markets  and  the  accelerated
implementation  of the  corporate  housing  system.  As a  percentage  of  total
revenues,  these  expenses  declined  to 31.2% from 33.2% over the same  period.
Excluding the nonrecurring  charges,  operating  expenses  decreased to 30.3% of
revenues  during the first nine  months of fiscal 2000 from 33.2% of revenues in
the  first  nine  months  of  fiscal  1999.  Additional  nonrecurring  expenses,
estimated at approximately $0.4 million,  are expected to be incurred during the
fourth quarter of fiscal year 2000 primarily due to the  accelerated  rollout of
the corporate housing system.

     As a result of Globe's  continuing  acquisition  program,  amortization  of
intangible assets increased $0.5 million, or 28.9%, to $1.9 million in the first
nine months of fiscal 2000, from $1.4 million in the first nine months of fiscal
1999. As a percentage of revenues,  amortization expenses increased to 1.5% from
1.3% over the same period.

     As a result of the changes in revenues,  gross profit,  operating  expenses
and  amortization  discussed  above,  operating  income  decreased 16.5% to $8.4
million, or 6.8% of revenues in the first nine months of fiscal 2000, from $10.1
million, or 9.1% of revenues in the first nine months of fiscal 1999.  Excluding
nonrecurring  items,  operating  income  decreased to $9.8  million,  or 8.0% of
revenues from $10.1 million, or 9.1% over the period.

     Interest/other  expense increased $0.4 million to $3.6 million in the first
nine months of fiscal 2000 from $3.2  million in the first nine months of fiscal
1999  and  increased  slightly  to  3.0%  of  total  revenues  from  2.9% in the
comparable  prior year  period.  The  increased  expense for fiscal 2000 was due
primarily to higher debt balances than in the comparable  period of fiscal 1999.
The  debt  increase  was  the  result  of  funding   required  for  fiscal  1999
acquisitions.

     Income  before  income  taxes of $4.8  million in the first nine  months of
fiscal 2000 decreased $2.1 million, or 30.3%,  compared to the first nine months
of fiscal 1999 and as a percentage of revenues  decreased to 3.9% from 6.2% over
the same period.  Excluding nonrecurring items, income before taxes decreased to

<PAGE>


$6.2 million,  or 5.5% of revenues from $6.9 million, or 6.2% of revenues during
the period.

     The Company's  effective tax rate, which includes federal,  state and local
taxes,  increased to 40.8% in the first nine months of fiscal 2000 from 39.0% in
the first  nine  months of fiscal  1999.  This  increase  in tax rate is largely
attributable  to Globe's  expansion into states with higher tax rates than those
included in the prior nine month period.

LIQUIDITY AND CAPITAL RESOURCES

     The Company maintains a $45.0 million unsecured line of credit which may be
used for acquisitions and general  corporate  purposes.  At January 7, 2000, the
unused  line of credit was $9.6  million.  The term of this line of credit  will
expire on September  30, 2000,  requiring  full payment of the then  outstanding
balance. The Company expects to have other financing arrangements in place prior
to this date.

     Principal payments of $4.3 million are due annually beginning  September 1,
2001 on the $30.0 million  unsecured  Senior Notes due September 1, 2007.  These
notes may be redeemed at a premium.

     The Company  maintains a $1.4 million  mortgage  note which  requires  full
payment of the then outstanding balance at the end of the initial term (December
1, 2002). Globe expects to renew the note for an additional  five-year period at
that date.

     From March 1, 1999 through  January 7, 2000 Globe used  approximately  $0.5
million  from its line of credit,  issued  approximately  $0.3  million of notes
payable  and  assumed  approximately  $0.1  million  of certain  liabilities  in
completing one acquisition and paying certain other consideration on fiscal 1998
and 1999 acquisitions.  (See Note 2 to the consolidated financial statements for
further discussion of these acquisitions.)

     Other  than  acquisitions,  the  Company's  principal  use of  cash  is for
furniture purchases.  The Company purchases furniture to replace furniture which
has been  sold and to  maintain  adequate  levels of  rental  furniture  to meet
existing and new customer needs.  Furniture  purchases were $15.6 million in the
first nine months of fiscal  2000 and $17.5  million in the first nine months of
fiscal  1999.  The lower level of  purchases  in the first nine months of fiscal
2000  versus the prior year  period  reflects  the lower  level of rental  sales
revenues.  As  the  Company's  growth  strategies  are  implemented,   furniture
purchases may increase.

     Capital  expenditures  were $2.1 million and $2.0 million in the first nine
months of fiscal 2000 and 1999,  respectively.  These expenditures were financed
through cash provided by operations and  utilization  of the credit  facilities.
Expenditures  for the first nine months of both fiscal 2000 and fiscal 1999 were
largely  attributable  to continued  development of computer  systems.  Costs to
further develop the computer systems and support user equipment needs, which are
anticipated to be approximately $1.5 million,  will be incurred in the next 3-15
months and are  expected to be financed  through cash  generated by  operations.
Remaining capital expenditures are expected to be approximately $1.0 million and
are also expected to be funded by cash  generated by  operations.  Any temporary
cash deficiencies resulting from timing of these expenditures will be funded via
the line of credit.

     In the first nine  months of fiscal  2000 and 1999,  net cash  provided  by
operations was $19.9 million and $21.6 million,  respectively,  generating  $2.2
million more cash than was  necessary to fund  investing  activities  (excluding
acquisitions) in the first nine months of fiscal 2000 and $2.1 million more cash
than was necessary to fund investing activities (excluding  acquisitions) in the
first nine months of fiscal 1999.


<PAGE>


     Aside from acquisitions,  furniture purchases, which have historically been
seasonally weighted to the first half of the fiscal year, are the primary reason
for use of the credit facilities. Any temporary cash deficiencies resulting from
these purchases will be funded via the line of credit.  The Company expects cash
flow from  operations  plus the credit  facilities  to be sufficient to fund the
Company's needs for the foreseeable future.

YEAR 2000

     The Company  successfully  completed its Year 2000 Remediation Plan and has
not experienced  material adverse  consequences on its operations resulting from
non-compliance   of  either  its  information   technology  or   non-information
technology systems.

     To date, Globe has not experienced material adverse consequences related to
the operations of customers or vendors and it does not have a relationship  with
any third-party  vendor which is material to its operations,  nor is it aware of
exposures related to these customer vendors.  However, there can be no assurance
that future system failures of other companies on which the Company relies would
not have an adverse impact on Globe's operations. Costs associated with any such
failure cannot be reasonable estimated.

                                     ITEM 3
           Quantitative and Qualitative Disclosures About Market Risk

INTEREST RATE RISK

     The Company is exposed to interest  rate  volatility  with regard to future
issuances  of fixed rate debt and  existing  issuances  of  variable  rate debt.
Primary  exposures include movements in the prime rate, U.S. Treasury Note rates
and LIBOR.

     The table below provides  information on Globe's significant debt issuances
by expected maturity date. (See Note 5 to the Consolidated  Financial Statements
for further information.)


<TABLE>
<CAPTION>

                                                                 Twelve Months Ended November 30,
                                        ---------------------------------------------------------------------------------
(Dollars in thousands)                  2000        2001         2002        2003        2004       Thereafter     Total
                                        ----        ----         ----        ----        ----       ----------     ------
<S>                                      <C>       <C>          <C>         <C>         <C>          <C>          <C>
Debt Characteristics:

Unsecured revolving note                           $35,407                                                        $35,407
Average interest rate                                6.89%                                                          6.89%

Unsecured senior note                              $ 4,285      $4,286      $4,286      $4,286       $12,857      $30,000
Fixed interest rate                                  7.54%       7.54%       7.54%       7.54%         7.54%        7.54%


Mortgage note                            $ 71         $ 76        $ 81        $ 86        $ 92         $ 994      $ 1,400
Fixed interest rate                     6.25%        6.25%       6.25%       6.25%       6.25%         6.25%        6.25%

Other debt issues                        $924        $ 506        $510        $193                                $ 2,133
Average fixed interest rate             5.61%        5.78%       5.77%       5.53%                                  5.68%

</TABLE>

<PAGE>


                                     PART II

                                     ITEM 1
                                Legal Proceedings

                                      None


                                     ITEM 2
                              Changes in Securities

                                      None


                                     ITEM 3
                         Defaults Upon Senior Securities

                                      None


                                     ITEM 4
               Submission of Matters to a Vote of Security Holders

                                      None


                                     ITEM 5
                                Other Information

     The  Company  announced  on January  14,  2000 that it has  entered  into a
definitive  agreement with Equity  Residential  Properties Trust for the sale of
Globe  for  $13.00  per  share,  payable  in  cash  upon  closing,  and up to an
additional $.50 per share post closing,  upon final  determination  of costs, if
any,  relating  to  any  potential  breaches  on  certain   representations  and
covenants.  The agreement must be approved by Globe  shareholders and is subject
to customary closing  conditions.  A copy of the press release is filed herewith
as Exhibit 10.

<PAGE>


                                     ITEM 6
         Exhibits, Financial Statement Schedules and Reports on Form 8-K

     (a) Exhibits:

        10       Press Release dated January 14, 2000
        10.1     Severance Agreement for Sharon G. Kebe
        10.2     Severance Agreement for Christopher S. Gruenke
        10.3     Severance Agreement for Lyle J. Tomlinson
        10.4     Severance Agreement for Louis W. Holliday, Jr.
        10.5     Severance Agreement for Cory M. Nye
        10.6     Severance Agreement for John H. Roby
        10.7     Severance Agreement for George S. Quay IV

        27       Financial Data Schedule

        99       Safe Harbor Statement

     (b) Reports on Form 8-K filed during the third quarter of 2000: None.


                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

                                           Globe Business Resources, Inc.



                                           By:   /s/Sharon G. Kebe
                                               ---------------------------------
                                               Sharon G. Kebe
                                               Senior Vice President-Finance and
                                               Treasurer
                                               (Principal Financial Officer)

Signed:  January 14, 2000