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 November 30, 1997     Commission File No. 0-27682



                         GLOBE BUSINESS RESOURCES, INC.



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



                              1925 Greenwood Avenue
                              Cincinnati, OH 45246
                              Phone: (513) 771-8221



     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 2, 1998,  4,548,399 shares of the Registrant's  common stock,
no par value, were outstanding.



                                     Page 1

<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 -                                      3
            November 30, 1997 and February 28, 1997

            Consolidated Statement of Income -                                4
            Three and nine months ended November 30, 1997 and 1996

            Consolidated Statement of Cash Flows -                            5
            Nine months ended November 30, 1997 and 1996

            Notes to Consolidated Financial Statements                        6

   Item 2.  Management's Discussion and Analysis of
            Financial Condition and Results of Operations                    10



PART II.  OTHER INFORMATION

   Item 1.  Legal Proceedings                                                15

   Item 2.  Changes in Securities                                            15

   Item 3.  Defaults Upon Senior Securities                                  15

   Item 4.  Submission of Matters to a Vote of Security Holders              15

   Item 5.  Other Information                                                15

   Item 6.  Exhibits, Financial Statement Schedules and
               Reports on Form 8-K                                           15


                                     Page 2

<PAGE>





                         PART I - FINANCIAL INFORMATION

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

                                                  November 30,    February 28,
                                                      1997            1997
                                                ----------------  -------------
                                                  (Unaudited)

ASSETS:
Cash                                                 $      876       $     717
Trade accounts receivable, less
  allowance for doubtful
  accounts of $798 and $460,
  respectively                                            8,509           5,345
Other receivables                                           581             342
Prepaid expenses                                          1,890           1,504
Rental furniture, net                                    53,931          48,462
Property and equipment, net                               7,881           4,907
Goodwill and other intangibles, net                      22,998          10,243
Other, net                                                  326             258
                                                 --------------   --------------
  Total assets                                       $   96,992       $  71,778
                                                 ==============   ==============

LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable                                     $    5,856       $   4,012
Customer deposits                                         1,359           1,343
Accrued compensation                                      2,633           1,762
Accrued taxes                                               542             557
Deferred income taxes                                     4,008           2,901
Accrued interest payable                                    522             371
Other accrued expenses                                      975             480
Debt                                                     46,285          30,516
                                                 --------------   --------------
  Total liabilities                                      62,180          41,942
                                                 --------------   --------------

Common stock and other shareholders' equity:
  Common stock, no par, 15,000,000 and
    10,000,000 shares authorized, 4,519,724
    and 4,440,509 shares issued and outstanding          21,040          19,883
  Retained earnings                                      17,856          14,037
  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                                              34,812          29,836
                                                 --------------   --------------

  Total liabilities and shareholders' equity         $   96,992      $   71,778
                                                 ==============   ==============


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


                                     Page 3

<PAGE>

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

<TABLE>
<CAPTION>


                                   For the three months ended,  For the nine months ended,
                                   ---------------------------  --------------------------

                                   November 30,   November 30,   November 30,  November 30,
                                       1997           1996           1997         1996
                                   ------------  -------------  -------------  ------------
                                         (Unaudited)                    (Unaudited)


Revenues:
<S>                               <C>          <C>             <C>             <C>
   Rental sales                   $   11,415   $   10,361      $   35,015      $   30,154
   Corporate housing sales            11,586        3,455          28,050           7,124
   Retail sales                        5,032        3,788          12,246          11,149
                                 -----------  -----------     -----------   -------------
                                      28,033       17,604          75,311          48,427
                                 -----------  -----------     -----------   -------------

Costs and expenses:
   Cost of rental sales                2,442        2,643           8,307           7,834
   Cost of corporate housing
     sales                             8,392        2,458          20,011           4,960
   Cost of retail sales                3,041        2,351           7,594           6,860
   Warehouse and delivery              3,011        2,102           8,354           6,032
   Occupancy                           1,774        1,506           5,171           4,355
   Selling and advertising             2,529        2,273           7,006           6,243
   General and administration          3,916        2,189          10,169           6,322
                                 -----------  -----------     -----------   -------------
                                      25,105       15,522          66,612          42,606
                                 -----------  -----------     -----------   -------------

Operating income                       2,928        2,082           8,699           5,821

Other expenses (income):
  Interest expense                       801          470           2,154           1,077
  Other, net                              80         (40)             155            (98)
                                 -----------  -----------     -----------   -------------
                                         881          430           2,309             979

Income before income taxes             2,047        1,652           6,390           4,842

Provision for income taxes               790          606           2,485           1,849
                                 -----------  -----------     -----------   -------------

Net income                        $    1,257   $    1,046      $    3,905      $    2,993
                                 ===========  ===========     ===========   =============


Net income per common share           $ 0.28       $ 0.24          $ 0.88         $ 0.70
                                 ===========  ===========     ===========   =============

Weighted average number of
  common shares outstanding            4,470        4,353           4,451           4,305

</TABLE>

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


                                           Page 4

<PAGE>





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

                                                      For the nine months ended,
                                                      --------------------------
                                                      November 30,  November 30,
                                                         1997          1996
                                                      ------------  ------------
                                                             (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                             $   3,905      $   2,993
Adjustments to reconcile net income to
  net cash provided by operating activities:
    Rental furniture depreciation                          5,399          4,456
    Other depreciation and amortization                    1,752            778
    Provision for losses on accounts receivable              398            167
    Provision for deferred income taxes                    1,107            752
    (Gain)/loss on sale of property and equipment             (4)             7
    Book value of furniture sales and rental
      buyouts                                              9,234          8,911
    Changes in assets and liabilities:
      Accounts receivable                                 (4,188)        (1,236)
      Other assets, net                                       13              1
      Prepaid expenses                                       (38)          (111)
      Accounts payable                                     1,429           (723)
      Customer deposits                                     (143)          (217)
      Accrued compensation                                    85           (536)
      Accrued taxes                                          (40)           404
      Accrued interest payable                               151             68
      Other accrued expenses                                 276           (239)
                                                       ---------       --------
        Net cash provided by operating activities         19,336         15,475
                                                       ---------       --------

CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to rental furniture                            (19,419)       (18,260)
Purchases of property and equipment                       (3,291)        (1,034)
Proceeds from disposition of property and equipment            7              -
Debenture retirement                                           -            (59)
Purchase of businesses, net of cash acquired             (11,814)       (10,249)
                                                       ---------       --------
        Net cash used in investing activities            (34,517)       (29,602)
                                                       ---------       --------

CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on the revolving credit agreement              95,756         70,915
Repayments on the revolving credit agreement            (111,458)       (55,705)
Borrowings on the senior note                             30,000              -
Borrowings/(repayments) of other debt                      1,384           (594)
Principal payments under capital lease obligations          (366)          (245)
Exercise of common stock options                              24             15
                                                       ---------       --------
        Net cash provided by financing activities         15,340         14,386
                                                       ---------       --------

Net increase in cash                                         159            259
Cash at beginning of period                                  717            133
                                                       ---------       --------
Cash at end of period                                  $     876      $     392
                                                       =========      =========

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



                                     Page 5

<PAGE>




                         GLOBE BUSINESS RESOURCES, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


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,
1997,  and the results of its  operations  for the three and nine  months  ended
November 30, 1997 and 1996 and its cash flows for the nine months ended November
30, 1997 and 1996. 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, 1997.


NOTE 2 -- ACQUISITIONS

     On April 28, 1997, Globe acquired substantially all the assets of privately
owned The Hotel Alternative,  Inc. ("THA") for approximately $3,400 in cash, the
assumption of certain liabilities and contingent  consideration consisting of up
to $1,000  payable  in the fourth  quarter of fiscal  year 1998 and up to 50,000
shares of Globe common stock,  currently  held in escrow,  issuable in the first
quarter of fiscal year 1999.  THA, with  operations in Seattle,  Washington  and
Portland,  Oregon,  provides  short-term  housing to transferring or temporarily
assigned  corporate  personnel,   new  hires,  trainees  and  consultants.   THA
maintained an inventory of approximately 500 leased housing units at the time of
acquisition and had annual revenues of  approximately  $6.0 million for the year
ended December 31, 1996.

     On June 5, 1997, Globe and the prior owner of Guest Suites,  Inc. agreed to
final  settlement of contingent  consideration  related to Globe's  December 16,
1996  asset  acquisition.  The  settlement,  recorded  as an  adjustment  to the
original  purchase price during the second quarter of fiscal 1998,  consisted of
$350 and 2,500 shares of Globe common stock.

     On July 11, 1997, Globe acquired  substantially all the assets of privately
owned Executive  Relocation  Services,  Inc. ("ERS") for approximately $1,600 in
cash,  the  assumption  of  certain  liabilities  and  contingent  consideration
consisting of up to $500 payable in two  installments of up to $250 in the first
quarter of fiscal 1999 and fiscal 2000. ERS operates in Nashville, Tennessee and
provides  short-term  housing to transferring or temporarily  assigned corporate
personnel,  new hires, trainees and consultants.  ERS maintained an inventory of
approximately 200 leased housing units at the time of acquisition and had annual
revenues of approximately $2.6 million for the year ended December 31, 1996.

     On  September  1,  1997,  Globe  acquired  substantially  all the assets of
privately owned Research  Triangle Guest Houses  ("RTGH"),  a division of Turner
Creek  Enterprises,  Inc.,  for  approximately  $225 in cash.  RTGH  operates in
Raleigh/Durham,  North Carolina and provides  short-term housing to transferring
or  temporarily   assigned  corporate   personnel,   new  hires,   trainees  and
consultants.  RTGH maintained an inventory of  approximately  170 leased housing
units at the time of acquisition and had annual revenues of  approximately  $2.7
million for the year ended June 30, 1997.

     On  October  10,  1997,  Globe  acquired  substantially  all the  assets of
privately owned Corporate Lodging, Inc. ("CLI") for approximately $1,100 in cash
and the assumption of certain liabilities. CLI operates in Nashville,  Tennessee
and  provides  short-term  housing  to  transferring  or  temporarily   assigned
corporate  personnel,  new hires,  trainees and  consultants.  CLI maintained an
inventory of  approximately  170 leased housing units at the time of acquisition
and had  annual  revenues  of  approximately  $2.1  million  for the year  ended
December 31, 1996.

     On  November 1, 1997,  Globe  acquired  privately  owned  Oxford  Furnished
Apartments, Inc. ("OFA") pursuant to a stock purchase agreement for $6.0 million
in cash,  91,000  shares of Globe common  stock,  and  contingent  consideration
payable in cash by March 1, 1998,  subject to certain levels of operating income
for the twelve  months  ended  December 31,  1997.  At closing,  Globe paid $6.0
million in cash and  delivered  63,700  shares of common  stock.  The  remaining
27,300 shares of common stock were placed in escrow to be  distributed  November
1,  1998 if  certain  representations  and  warranties  are met.  OFA,  based in
Indianapolis,  Indiana with operations in Illinois,  Indiana, Michigan and Ohio,
provides  short-term  housing to transferring or temporarily  assigned corporate
personnel,  new hires, trainees and consultants.  OFA maintained an inventory of
approximately  1,000 leased  housing  units at the time of  acquisition  and had
annual revenues of  approximately  $13.0 million for the year ended December 31,
1996.

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

                                     Page 6

<PAGE>




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



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

Cash, receivables and prepaids                              $    897
Rental furniture                                                 683
Property and equipment                                           331
Other assets                                                      81
Goodwill and other intangibles                                13,385
                                                          ----------
                                                              15,377
Liabilities assumed                                           (1,536)
                                                          ----------
                                                            $ 13,841
                                                          ==========


     The following table sets forth certain Globe consolidated  income statement
data on a pro forma basis,  as if THA, ERS, RTGH,  CLI, and OFA were acquired at
the beginning of the periods indicated.



                                                          Nine months ended
                                                             November 30,
                                                       -------------------------
                                                           1997           1996
                                                       -------------------------

Revenues                                               $  93,856       $ 75,847
Net income                                                 4,827          3,993
Net income per common share                            $    1.07       $   0.91
Weighted average number of common
  shares outstanding                                       4,499          4,369


SUBSEQUENT EVENT

     On  December  1,  1997,  Globe  acquired  substantially  all the  assets of
privately owned O'Shaughnessy  Enterprises,  Inc., dba Suite Living,  ("SL") for
approximately  $2,600  in cash,  73,395  shares  of Globe  common  stock and the
assumption of certain  liabilities.  The cash component is payable on January 2,
1998 by means of a 6% promissory  note, while 28,395 shares of common stock were
issued at closing.  The remaining 45,000 shares,  currently held in escrow,  are
issuable December 1, 1998 if certain representations and warranties are met. SL,
based in Oceanside,  California,  provides short-term housing to transferring or
temporarily assigned corporate personnel, new hires, trainees and consultants in
Southern  California  and  Phoenix,  Arizona.  SL  maintained  an  inventory  of
approximately 400 leased housing units at the time of acquisition and had annual
revenues of approximately $5.1 million for the year ended December 31, 1996.

NOTE 3 -- EARNINGS PER SHARE

     Earnings  per share for the periods  ended  November 30, 1997 and 1996 were
determined  by dividing  net income  applicable  to common stock by the weighted
average  number of  shares  of  common  stock  outstanding  during  the  period.
Outstanding  stock options are not included as common stock equivalents as their
exercise would not cause a dilutive effect in excess of 3%.

     The Financial Accounting Standards Board issued SFAS No. 128, "Earnings Per
Share",  in February 1997.  This Statement must be adopted in the fourth quarter
of fiscal year 1998.  Early  adoption is not  permitted.  Had earnings per share
been  calculated  under the provisions of SFAS No. 128 for the third quarter and
first nine months of fiscal years 1998 and 1997, reported earnings per share and
related shares outstanding would have been as follows:


                                     Page 7

<PAGE>

<TABLE>
<CAPTION>

                                      For the three months ended,          For the nine months ended,
                                    -------------------------------      -------------------------------
                                      November 30,    November 30,       November 30,    November 30,
                                          1997             1996              1997            1996
                                    --------------   --------------      -------------------------------
                                              (Unaudited)                          (Unaudited)

Earnings per common share:
<S>                                 <C>              <C>                 <C>              <C>
    Basic                           $     0.28       $     0.24          $     0.88       $     0.70
    Diluted                         $     0.27       $     0.24          $     0.86       $     0.69

Weighted average number of common shares outstanding:
    Basic                                4,470            4,353               4,451            4,305
    Diluted                              4,578            4,379               4,535            4,340

</TABLE>


NOTE 4 -- RENTAL FURNITURE



                                          November 30,          February 28,
                                               1997                  1997
                                       -----------------    --------------------
                                          (Unaudited)

Furniture on rental                           $   41,783            $   39,509
Furniture on hand                                 22,058                16,808
                                       -----------------    ------------------
                                                  63,841                56,317
Accumulated depreciation                          (9,910)               (7,855)
                                       -----------------    ------------------
                                              $   53,931            $   48,462
                                       =================    ==================



                                     Page 8

<PAGE>




NOTE 5 -- DEBT

     Outstanding debt consists of:


                                                       November 30, February 28,
                                                           1997         1997
                                                       -----------  ----------
                                                       (Unaudited)

The Fifth Third Bank and PNC Bank unsecured
  revolving note, average interest of 7.35%          $   12,852      $      -

The Fifth Third Bank, PNC Bank, KeyBank and
  Fountain Square Commercial Funding Corp.
  secured revolving note, average interest
  of 7.59%                                                    -         28,554

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

6.0% note payable to seller of acquired
  business, payable in monthly installments,
  due December 31, 2000                                     925          1,150

7.5% note payable to seller of acquired
  business, payable in monthly installments,
  due November 2, 1998                                      204            271

8.5% construction loan payable to The Fifth
  Third Bank, interest payable in monthly
  installments, due December 1, 1997                      1,520              -

Capital lease obligations                                   784            541
                                                   ------------     ----------
                                                     $   46,285     $   30,516
                                                   ============     ==========


     The funds required for the THA, ERS and RTGH acquisitions (see Note 2) were
derived from borrowings under the Company's  secured revolving Credit Agreement.
This  agreement was replaced on September  29, 1997 by the  unsecured  revolving
Credit Agreement.  The funds required for the CLI and OFA acquisitions (see Note
2) were derived from borrowings under the Company's  unsecured  revolving Credit
Agreement. At November 30, 1997, the revolving Credit Agreement provided a total
unused credit facility of approximately $17.1 million.


SUBSEQUENT EVENT

     Effective  December 1, 1997 the construction loan was amended to a mortgage
note due December 1, 2002,  with  principal and interest  payable  monthly.  The
Company can elect to fix the interest rate for a one, three, or five year period
based on the corresponding  Treasury Note rate plus 175 basis points.  Principal
and interest are amortized  over a fifteen year period.  At December 1, 1997 the
interest rate was 7.2%.

                                     Page 9

<PAGE>




                                     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 the  rent-to-rent  furniture  business  as  well  as in  corporate
housing.   The  rent-to-rent   furniture   business  rents  quality  office  and
residential  furniture to a variety of corporate and individual  customers.  The
corporate housing business provides  short-term  housing through an inventory of
leased housing units to temporarily  assigned  corporate  personnel,  new hires,
trainees and consultants. Additionally, the Company sells residential and office
furniture  that no longer meets its  "showroom  condition"  standards for rental
through its  clearance  centers and offers new  furniture  for sale  through its
showrooms and account executives.

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

     The  discussions  contained  under Results of Operations  and Liquidity and
Capital Resources include forward-looking  information which is subject to risks
and qualifications  including, but not limited to, those set forth in Exhibit 99
to the Company's Form 10-K for the year ended February 28, 1997.

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  rental,  corporate  housing  and retail  sales
revenues.



                        For the three months ended,   For the nine months ended,
                        ---------------------------   --------------------------
                        November 30,  November 30,    November 30,  November 30,
                            1997          1996          1997            1996
                        ------------  ------------   ------------  -------------

Revenues:
  Rental sales             40.7%         58.9%          46.5%        62.3%
  Corporate housing
    sales                  41.3%         19.6%          37.2%        14.7%
  Retail sales             18.0%         21.5%          16.3%        23.0%
                         -------       -------        -------      -------
    Total revenues        100.0%        100.0%         100.0%       100.0%
Gross profit:
  Rental sales             78.6%         74.5%          76.3%        74.0%
  Corporate housing
    sales                  27.6%         28.9%          28.7%        30.4%
  Retail sales             39.6%         37.9%          38.0%        38.5%
                         -------       -------        -------      -------
    Total gross profit     50.5%         57.7%          52.3%        59.4%
Operating expenses         40.1%         45.8%          40.8%        47.4%
                         -------       -------        -------      -------
Operating income           10.4%         11.8%          11.6%        12.0%
Interest/other              3.1%          2.4%           3.1%         2.0%
                         -------       -------        -------      -------
Income before taxes         7.3%          9.4%           8.5%        10.0%
                         =======       =======        =======      =======



                                     Page 10

<PAGE>




IMPACT OF CORPORATE HOUSING ACQUISITIONS

     Globe entered the corporate housing business in fiscal 1997 by making three
asset  acquisitions,  one in June 1996 and two in December 1996.  Globe acquired
five additional  corporate housing businesses in the first nine months of fiscal
1998 with the asset acquisitions of The Hotel  Alternative,  Inc. in April 1997,
Executive Relocation Services, Inc. in July 1997, Research Triangle Guest Houses
in  September  1997 and  Corporate  Lodging,  Inc. in October 1997 and the stock
purchase  of  Oxford  Furnished  Apartments,  Inc.  in  November  1997.  A sixth
corporate  housing  acquisition  was  made  in  December  1997,   subsequent  to
completion of the third quarter.

     The  acquisition  of Oxford  Furnished  Apartments  was the Company's  most
significant to date and marks Globe's entry into the corporate  housing business
in eight midwestern markets.

     The corporate  housing business has a lower gross profit margin, as well as
lower  operating  expenses as a percentage of sales,  than the furniture  rental
business.  As a result, the Company's gross profit margin and operating expenses
as a percentage  of sales are both lower in the first nine months of fiscal 1998
than in the prior year.  Gross profit  margin on rental sales for the first nine
months of 1998 was  76.3%,  versus  28.7%  for the  combined  corporate  housing
businesses.  Comparable  gross profit  margins for the first nine months of 1997
were 74.0% and 30.4%, respectively. Because the Company started to integrate its
furniture rental and corporate housing operations in the first quarter of fiscal
1998, operating expenses and, therefore,  operating margins for furniture rental
and corporate housing cannot be specifically  identified,  however, the combined
operating margin for the businesses has remained stable,  dropping only slightly
to 11.6% for the first  nine  months of 1998 from  12.0% for the same  period of
1997.

     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 fiscal 1998 and 1997 corporate housing  acquisitions  approximated  $23.9
million and is being  amortized  as a cost of  corporate  housing  revenues on a
straight-line  basis  primarily  over twenty  years.  Goodwill  and  intangibles
amortization  reduced gross profit by $0.6 million, or 2.2 percentage points, in
the first  nine  months of fiscal  1998 and a $0.1  million,  or 1.3  percentage
points in the first nine  months of fiscal  1997.  These  amortization  expenses
reduced the Company's  operating  margin by 0.8  percentage  points in the first
nine months of fiscal 1998  versus 0.2  percentage  points in the same period of
fiscal 1997.  Excluding  amortization  expenses,  operating  margins improved to
12.4% in the  first  nine  months of fiscal  1998 from  12.2% in the first  nine
months of fiscal 1997.

     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 fiscal 1998 and 1997  acquisitions,  Globe has expanded  its  presence  into
seventeen  markets and is the market  leader in several of these  markets,  with
annualized  corporate  housing  revenues  in  excess  of $60  million.  Globe is
currently in the number two position in the industry.

     As Globe  increases  its presence in the corporate  housing  business it is
possible that competing  corporate housing companies that are customers of Globe
may transfer their  furniture  rental  business to other vendors.  At the end of
December,  1997,  the Company's  annualized  revenues from  competing  corporate
housing companies approximated $6.7 million.

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


                                     Page 11

<PAGE>


COMPARISON OF THIRD QUARTER FISCAL 1998 TO THIRD QUARTER FISCAL 1997

     Total revenues of $28.0 million  increased $10.4 million,  or 59.2%, in the
third quarter of fiscal 1998,  from $17.6 million in the third quarter of fiscal
1997,  primarily  due to  acquisitions  which  occurred  subsequent to the third
quarter of fiscal  1997.  Excluding  the  corporate  housing  operations,  total
revenues  increased $2.3 million,  or 16.2%, in the third quarter of fiscal 1998
compared to the third quarter of fiscal 1997.

     Rental  revenues  of $11.4  million  in the third  quarter  of fiscal  1998
increased  10.2% from $10.4  million in the third  quarter of fiscal 1997.  This
growth resulted from  significant  volume increases in the California and Denver
markets as well as several midwestern markets, and is partially  attributable to
a furniture rental acquisition which occurred during the third quarter of fiscal
1997.

     Corporate  housing revenues of $11.6 million in the third quarter of fiscal
1998  increased  235.3% from $3.4  million in the third  quarter of fiscal 1997.
This increase was primarily caused by acquisitions which occurred  subsequent to
the third quarter of fiscal 1997.

     Sales  revenues of $5.0 million  increased $1.2 million,  or 32.8%,  in the
third  quarter of fiscal 1998 from $3.8  million in the third  quarter of fiscal
1997, driven by a large new office furniture sale.

     Gross profit of $14.2 million in the third quarter of fiscal 1998 increased
$4.0 million,  or 39.5%,  from $10.2 million in the third quarter of fiscal 1997
and  declined  as a  percentage  of  revenues  to 50.5% from 57.7% over the same
period due to the higher mix of corporate housing revenues and the lower margins
associated  with these  revenues.  Gross  profit on both rental and retail sales
improved versus the comparable prior year period.

     Operating  expenses  of $11.2  million in the third  quarter of fiscal 1998
increased  39.2% from $8.1 million in the third quarter of fiscal 1997 primarily
as a result of acquisitions,  but, as a percentage of total revenues declined to
40.1% from 45.8% over the same period as a result of corporate  housing's  lower
operating expenses as a percent of sales.

     As a result of the changes in revenues, gross profit and operating expenses
discussed above,  operating income increased 40.6% to $2.9 million,  or 10.4% of
revenues in the third  quarter of fiscal 1998,  from $2.1  million,  or 11.8% of
revenues in the third quarter of fiscal 1997.

     Interest/other  expense increased $0.5 million to $0.9 million in the third
quarter of fiscal 1998 from $0.4 million in the third quarter of fiscal 1997 and
as a  percentage  of total  revenues  increased  to 3.1% from 2.4% over the same
period.  The increased  expense for fiscal 1998 was due primarily to higher debt
balances than in the comparable period of fiscal 1997. The debt increase was the
result of funding required for acquisitions.

     Income  before  income taxes of $2.0 million in the third quarter of fiscal
1998 increased $0.4 million,  or 23.9%,  compared to the third quarter of fiscal
1997 and as a percentage  of revenues  decreased to 7.3% from 9.4% over the same
period.

     The Company's  effective tax rate, which includes federal,  state and local
taxes,  increased  slightly  to 38.6% in the third  quarter  of  fiscal  1998 as
compared to 36.7% in the third quarter of fiscal 1997.


                                     Page 12

<PAGE>


COMPARISON OF NINE MONTHS ENDED  NOVEMBER 30, 1997 TO NINE MONTHS ENDED NOVEMBER
30, 1996

     Total revenues of $75.3 million  increased $26.9 million,  or 55.5%, in the
first nine months of fiscal 1998, from $48.4 million in the first nine months of
fiscal 1997,  primarily due to  acquisitions.  Excluding  the corporate  housing
operations,  total revenues increased $6.0 million,  or 14.4%, in the first nine
months of fiscal 1998 compared to the first nine months of fiscal 1997.

     Rental  revenues  of $35.0  million in the first nine months of fiscal 1998
increased  16.1% from $30.2  million  in the first nine  months of fiscal  1997,
driven by strong volume growth in the California and Denver markets plus several
midwestern  markets.  The growth is partially  attributable to furniture  rental
acquisitions made during the second and third quarters of fiscal 1997.

     Corporate  housing  revenues  of $28.1  million in the first nine months of
fiscal 1998  increased from $7.1 million in the first nine months of fiscal 1997
due to acquisitions.

     Sales  revenues of $12.2 million  increased  $1.1 million,  or 9.8%, in the
first nine months of fiscal 1998 from $11.1  million in the first nine months of
fiscal  1997.  This  increase  is  largely  attributable  to a large new  office
furniture sale which occurred during the third quarter.

     Gross  profit of $39.4  million  in the first  nine  months of fiscal  1998
increased $10.6 million,  or 36.9%,  from $28.8 million in the first nine months
of fiscal 1997 and declined as a percentage of revenues to 52.3% from 59.4% over
the same  period due to the higher mix of  corporate  housing  revenues  and the
lower margins associated with these revenues.

     Operating expenses of $30.7 million in the first nine months of fiscal 1998
increased  33.8% from $23.0  million  in the first  nine  months of fiscal  1997
primarily as a result of  acquisitions,  but, as a percentage of total  revenues
declined to 40.8% from 47.4% over the same period due to the impact of corporate
housing's lower operating expenses as a percentage of sales.

     As a result of the changes in revenues, gross profit and operating expenses
discussed above,  operating income increased 49.4% to $8.7 million,  or 11.6% of
revenues in the first nine months of fiscal 1998, from $5.8 million, or 12.0% of
revenues in the first nine months of fiscal 1997.

     Interest/other  expense increased $1.3 million to $2.3 million in the first
nine months of fiscal 1998 from $1.0  million in the first nine months of fiscal
1997 and as a percentage of total revenues  increased to 3.1% from 2.0% over the
same period.  The increased  expense for fiscal 1998 was due primarily to higher
debt balances than in the comparable period of fiscal 1997. The increase in debt
was driven by funding required for acquisitions.

     Income before taxes of $6.4 million in the first nine months of fiscal 1998
increased  $1.6 million,  or 32.0%,  compared to the first nine months of fiscal
1997 and as a percentage of revenues  decreased to 8.5% from 10.0% over the same
period.

     The Company's  effective tax rate, which includes federal,  state and local
taxes,  increased slightly to 38.9% in the first nine months of fiscal 1998 from
38.2% in the same period of fiscal 1997.


                                     Page 13

<PAGE>



LIQUIDITY AND CAPITAL RESOURCES

     On September 29, 1997,  the Company  established a $30.0 million  unsecured
line of credit which replaced an existing $45.0 million  secured line of credit.
Interest  rates  for this  revolving  line of  credit  are  based on a  leverage
formula,  which is currently  the lesser of the prime rate minus 25 basis points
or LIBOR plus 150 basis points.  At January 2, 1998, the line of credit provided
up to $30.0  million of financing  for the Company  which will be available  for
acquisitions  and general  corporate  purposes.  The unused line of credit as of
January 2, 1998 was $16.9 million.

     The term of the 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.

     On September 29, 1997, the Company  completed a private  placement of $30.0
million of unsecured  7.54% Senior Notes due  September 1, 2007,  with  interest
payable  semi-annually  on March 1 and  September  1. These  Senior Notes may be
redeemed at a premium after one year.

     From March 1, 1997 through January 2, 1998 Globe used  approximately  $15.3
million  from its  lines of credit,  issued  94,595  shares of common  stock and
assumed certain  liabilities in completing six acquisitions and reaching a final
settlement on contingent consideration for a fiscal 1997 acquisition.  (See note
2 to the  consolidated  financial  statements  for further  discussion  of these
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 $19.4 million in the first nine months of fiscal 1998
and $18.3  million in the first nine  months of fiscal  1997.  As the  Company's
growth strategies are implemented, furniture purchases are expected to increase.

     Capital  expenditures  were $3.3 million and $1.0 million in the first nine
months of fiscal 1998 and 1997, respectively. The significant increase in fiscal
1998 is largely  attributable to continued  development of computer  systems and
construction  of a new  building  in  Indianapolis,  Indiana.  Costs to  further
develop the computer  systems will be incurred in the next 12-15  months.  These
expenses are  anticipated  to be  approximately  $1.6 million.  Acquisitions  of
property and equipment  financed through capital leases and not reflected in the
preceding  capital  expenditure data were $0.5 million and $0.1 million over the
same periods.

     On March 13,  1997,  Globe  obtained a $1.5 million  mortgage  note to fund
construction of the building in  Indianapolis.  The Company can elect to fix the
interest rate for a one, three,  or five year period based on the  corresponding
Treasury Note rate plus 175 basis points.  The initial term of the note requires
full payment of the then  outstanding  balance on December 1, 2002,  however the
Company  expects to renew the note for an  additional  five-year  period at this
date.

     In the first nine  months of fiscal  1998 and 1997,  net cash  provided  by
operations was $19.3 million and $15.5 million,  respectively,  generating  $3.4
and $3.9 million,  respectively,  less cash than was necessary to fund investing
activities (excluding acquisitions),  thus requiring use of the Company's credit
facilities.   Furniture  purchases,  which  have  historically  been  seasonally
weighted to the first half of the year,  are the  primary  reason for use of the
credit  facilities.  In order to support the large  retail  sale which  occurred
during the third  quarter and to begin  replacing  rental  furniture  with owned
furniture at selected corporate housing locations,  third quarter 1998 purchases
continued at levels consistent with the first two quarters.  These purchases are
expected to decrease during the fourth quarter.  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.


                                    Page 14

<PAGE>


                                     PART II


                                     ITEM 1
                                LEGAL PROCEEDINGS

                                      None



                                     ITEM 2
                              CHANGES IN SECURITIES

     On October 31, 1997 the Company  issued  91,000  shares of common  stock to
Mary  Beth  Gadus as part of the  consideration  for the  acquisition  of Oxford
Furnished  Apartments,  Inc.  63,700 of these shares were  delivered at closing.
27,300 of these shares are held in escrow to be distributed  November 1, 1998 if
certain conditions are met.

     These issuances were exempt from  registration  under the Securities Act of
1933 pursuant to the exemptions  from  registration  provided by Section 4(2) of
the Act.


                                     ITEM 3
                         DEFAULTS UPON SENIOR SECURITIES

                                      None


                                     ITEM 4
               SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

                                      None


                                     ITEM 5
                                OTHER INFORMATION

                                      None


                                     ITEM 6
         EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a)     Exhibits:

     3(i)      Amendment to Articles of Incorporation

     10.8      1997 Stock Option and Incentive Plan*

     10.9      1997 Directors Stock Option Plan*

     10.10     Credit  Agreement among the  Registrant, The Fifth Third Bank and
               PNC Bank dated as of September 29, 1997

     10.11     7.54%  Senior Notes due  September 1, 2007 among the  Registrant,
               Security Life of Denver Insurance Company, Life Insurance Company
               of Georgia, Peerless Insurance Company, Indiana Insurance Company
               and Southland Life Insurance Company dated as of September 1,1997

                                    Page 15

<PAGE>


     10.12     Severance Agreement for Jeffery D. Pederson, filed herewith

        27     Financial Data Schedule

*  Incorporated  by reference to the  definitive  proxy  statement  for the 1997
   annual shareholders meeting.

   Certain instruments  evidencing debt of the registrant,  none of which exceed
   10% of total assets, are not being filed herewith. A copy will be provided to
   the SEC at its request.

(b)  Reports on Form 8-K filed during the third quarter of 1998:

     Form 8-K filed November 10, 1997 for the Oxford Furnished Apartments,  Inc.
     acquisition.


                                     Page 16

<PAGE>




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

Signed:  January 6, 1998

                                    Page 17