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 August 31, 1999       Commission File No. 0-27682

                         Globe Business Resources, Inc.



Incorporated under the                                      IRS Employer
  laws of Ohio                                     Identification 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 October 4, 1999,  4,794,958 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 -
                  August 31, 1999 and February 28, 1999                     3

                  Consolidated Statement of Income -
                  Three and six months ended August 31, 1999 and 1998       4

                  Consolidated Statement of Cash Flows -
                  Six months ended August 31, 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 2
<PAGE>

                         PART I - FINANCIAL INFORMATION

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


                                                      August 31,    February 28,
                                                        1999           1999
                                                     -------------   -----------
                                                     (Unaudited)

ASSETS:
Cash                                                  $   1,299       $   1,123
Trade accounts receivable, less
  allowance for doubtful accounts
  of $930 and $977, respectively                         11,408          11,982
Other receivables                                         1,313           1,418
Prepaid expenses                                          4,683           4,229
Rental furniture, net                                    56,771          55,426
Property and equipment, net                               9,041           8,469
Goodwill and other intangibles,
  less accumulated amortization
  of $4,505 and $3,262, respectively                     47,174          47,580
Note receivable from officer                                100             100
Other notes receivable                                    1,090             490
Other, net                                                  947             980
                                                      ---------       ---------
  Total assets                                        $ 133,826       $ 131,797
                                                      =========       =========

LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable                                      $   5,565       $   6,250
Customer deposits                                         2,310           2,072
Accrued compensation                                      1,722           2,628
Accrued taxes                                               119             304
Deferred income taxes                                     5,949           5,738
Accrued interest payable                                  1,786           1,541
Other accrued expenses                                    1,104           1,250
Debt                                                     69,727          68,900
                                                      ---------       ---------
  Total liabilities                                      88,282          88,683
                                                      ---------       ---------

Common stock and other shareholders'
equity:
  Common stock, no par, 15,000,000
    shares authorized, 4,794,958,
    and 4,794,489 shares outstanding                     23,992          24,018
  Retained earnings                                      25,636          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                             45,544          43,114
                                                      ---------       ---------

  Total liabilities and
  shareholders' equity                                $ 133,826       $ 131,797
                                                      =========       =========



   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)

                                       For the three         For the six
                                       months ended,         months ended,
                                   ----------------------  ---------------------
                                    August 31, August 31,  August 31, August 31,
                                       1999       1998        1999       1998
                                   ----------- ----------  ---------- ----------
                                         (Unaudited)          (Unaudited)

Revenues:
  Corporate housing sales           $28,535      $24,490      $55,188   $41,348
  Rental sales                       10,167       11,123       20,291    22,478
  Retail sales                        4,213        4,063        7,812     8,732
                                    -------      -------      -------   -------
                                     42,915       39,676       83,291    72,558
                                    -------      -------      -------   -------
Cost of revenues:
  Cost of corporate housing sales    19,624       16,684       38,060    28,666
  Cost of rental sales                  893          774        1,882     1,746
  Cost of retail sales                2,706        2,513        4,733     5,463
  Furniture depreciation
    and disposals                     2,343        2,333        4,711     4,392
                                    -------      -------      -------   -------
                                     25,566       22,304       49,386    40,267
                                    -------      -------      -------   -------

Gross profit                         17,349       17,372       33,905    32,291

Operating expenses:
  Warehouse and delivery              2,807        2,869        5,606     5,445
  Occupancy                           2,037        1,878        3,960     3,732
  Selling and advertising             2,646        2,953        5,281     5,587
  General and administration          5,833        5,251       11,191     9,921
  Amortization of intangible
   assets                               622          511        1,243       938
                                    -------      -------      -------   -------
                                     13,945       13,462       27,281    25,623
                                    -------      -------      -------   -------

Operating income                      3,404        3,910        6,624     6,668

Other expenses:
  Interest expense                    1,207        1,145        2,419     2,109
  Other, net                             30           35           59        66
                                    -------      -------      -------   -------
                                      1,237        1,180        2,478     2,175

Income before income taxes            2,167        2,730        4,146     4,493

Provision for income taxes              898        1,065        1,689     1,753
                                    -------      -------      -------   -------

Net income                          $ 1,269      $ 1,665      $ 2,457   $ 2,740
                                    =======      =======      =======   =======

Earnings per common share:
  Basic                             $  0.26      $  0.37      $  0.51   $  0.60
                                    =======      =======      =======   =======
  Diluted                           $  0.26      $  0.36      $  0.51   $  0.59
                                    =======      =======      =======   =======

Weighted average number of
  common shares outstanding:
     Basic                            4,797        4,556        4,797     4,553
     Diluted                          4,838        4,681        4,835     4,680



   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 six months ended,
                                                     ---------------------------
                                                      August 31,     August 31,
                                                         1999          1998
                                                     -----------    ------------
                                                             (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                            $2,457           $2,740
Adjustments to reconcile net income to
  net cash provided by operating activities:
    Rental furniture depreciation                      4,092            3,924
    Other depreciation and amortization                2,621            1,963
    Provision for losses on
       accounts receivable                               384              324
    Provision for deferred income taxes                  211              (61)
    Loss (gain) on sale of
       property and equipment                              8               (6)
    Book value of furniture sales
       and rental buyouts                              6,019            6,874
    Changes in assets and liabilities:
      Accounts receivable                                293           (3,049)
      Notes receivable                                  (600)               -
      Other assets, net                                   37              (32)
      Prepaid expenses                                  (452)          (1,754)
      Accounts payable                                  (685)           3,012
      Customer deposits                                  228              345
      Accrued compensation                              (916)             333
      Accrued taxes                                     (185)             564
      Accrued interest payable                           245              454
      Other accrued expenses                            (194)             (55)
                                                     --------        ---------
    Net cash provided by operating activities         13,563           15,576
                                                     --------        ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to rental furniture                        (11,456)         (12,897)
Purchases of property and equipment                   (1,774)          (1,354)
Purchases of businesses, net of cash acquired           (488)         (13,492)
Other investing activities                                 -                6
                                                     --------        ---------
    Net cash used in investing activities            (13,718)         (27,737)
                                                     --------        ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on the revolving credit agreement         102,428           87,160
Repayments on the revolving credit agreement        (101,504)         (74,543)
Repayments of other debt                                (314)            (150)
Principal payments under capital
  lease obligations                                     (255)            (222)
Exercise of common stock options                          39                5
Purchase of treasury stock                               (63)               -
                                                     --------        ---------
    Net cash provided by financing activities            331           12,250
                                                     --------        ---------

Net increase in cash                                     176               89
Cash at beginning of period                            1,123              526
                                                     --------        ---------
Cash at end of period                                 $1,299            $ 615
                                                     ========        =========



    The accompanying notes are an integral part of these financial statements


                                     Page 5

<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 August 31,
1999,  and the  results of its  operations  for the three and six  months  ended
August 31, 1999 and 1998 and its cash flows for the six months  ended August 31,
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 six 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                    837
                                                          -----
                                                            859
          Liabilities assumed                              (363)
                                                          -----
                                                          $ 496
                                                          =====

     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 6
<PAGE>


NOTE 3 -- RENTAL FURNITURE

     Rental furniture consists of the following:


                                             August 31,     February 28,
                                               1999             1999
                                             ----------     ------------
                                             (Unaudited)

          Furniture on rental                $ 44,479          $ 43,648
          Furniture on hand                    25,427            24,120
                                             --------          --------
                                               69,906            67,768
          Accumulated depreciation            (13,135)          (12,342)
                                             --------          --------
                                             $ 56,771          $ 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 six
                                            months ended,      months ended,
                                          ------------------  ------------------
                                           August    August    August   August
                                          31, 1999  31, 1998  31, 1999  31, 1998
                                          --------  --------  --------  --------
                                               (Unaudited)      (Unaudited)

Net income used to calculate
  basic and diluted
  earnings per share                       $1,269    $1,665    $2,457    $2,740
                                           ======    ======    ======    ======

Weighted average common shares
  used to calculate
  basic earnings per share                  4,797     4,556     4,797     4,553
                                           ======    ======    ======    ======

Basic earnings per common share            $ 0.26    $ 0.37    $ 0.51    $ 0.60
                                           ======    ======    ======    ======


Shares used in the calculation
    of diluted earnings per share:
  Weighted average common shares            4,797     4,556     4,797     4,553
  Dilutive effect of assumed exercise
    of options for the purchase of
    common shares                              41        53        38        55
  Dilutive effect of assumed issuance
    of contingently issuable shares          --          72      --          72
                                           ------    ------    ------    ------
Weighted average common shares used to
    calculate diluted earnings per share    4,838     4,681     4,835     4,680
                                           ======    ======    ======    ======

Diluted earnings per common share          $ 0.26    $ 0.36    $ 0.51    $ 0.59
                                           ======    ======    ======    ======




                                     Page 7

<PAGE>



NOTE 5 -- DEBT

     Outstanding debt consists of:

                                                     August 31,     February 28,
                                                       1999            1999
                                                    ------------    ------------
                                                    (Unaudited)

The Fifth Third Bank, PNC Bank and
  Norwest Bank unsecured revolving note,
  average interest of 6.66%                           $  35,340        $ 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                      1,417           1,445

6.0% note payable to seller of acquired
  business, payable in monthly installments,
  due December 31, 2000                                     400             550

6.0% note payable to seller of acquired
  business, payable in quarterly
  installments, due December 31, 2002                     1,298           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                       253               -

Capital lease obligations                                   569             526
                                                    ------------      ----------
                                                      $  69,727        $ 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 August  31,  1999,  the  revolving  Credit  Agreement
provided a total unused credit facility of approximately $9.7 million.



                                     Page 8
<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 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.

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 six
                                      months ended,            months ended,
                                    ------------------       ------------------
                                     August    August         August    August
                                    31, 1999  31, 1998       31, 1999  31, 1998
                                    --------  --------       --------  --------
Revenues:
  Corporate housing sales              66.5%     61.7%          66.3%     57.0%
  Rental sales                         23.7%     28.0%          24.4%     31.0%
  Retail sales                          9.8%     10.2%           9.4%     12.0%
                                    --------  --------       --------  --------
    Total revenues                    100.0%    100.0%         100.0%    100.0%
Gross profit:
  Corporate housing sales              31.2%     31.9%          31.0%     30.7%
  Rental sales                         91.2%     93.0%          90.7%     92.2%
  Retail sales                         35.8%     38.1%          39.4%     37.4%
                                    --------  --------       --------  --------
  Gross profit before
    depreciation and disposals         45.9%     49.7%          46.4%     50.6%
  Furniture depreciation and
    disposals                          (5.5%)    (5.9%)         (5.7%)    (6.1%)
                                    --------  --------       --------  --------
    Combined gross profit              40.4%     43.8%          40.7%     44.5%

Operating expenses                     31.0%     32.6%          31.3%     34.0%
Amortization of intangible assets       1.4%      1.3%           1.5%      1.3%
                                    --------  --------       --------  --------
Operating income                        7.9%      9.9%           8.0%      9.2%
Interest/other                          2.9%      3.0%           3.0%      3.0%
                                    --------  --------       --------  --------
Income before taxes                     5.0%      6.9%           5.0%      6.2%
                                    ========  ========       ========  ========


                                     Page 9


<PAGE>



     Fiscal 2000 second  quarter and first half results were impacted by certain
nonrecurring  expenses related primarily to the consolidation of real estate and
clearance center  inventories in Globe Furniture  Rentals western  markets.  The
following  table  presents  selected  income  statement data in dollars and as a
percentage of total  revenues  after  adjustment  to exclude these  nonrecurring
expenses.


                        For the three months ended,    For the six months ended,
                        ---------------------------   -------------------------
                        August 31,      August 31,     August 31,     August 31,
                           1999           1998            1999          1998
                        ----------      -----------    ----------     ----------

Operating expenses       $12,883         $12,951         $25,348       $24,685
                           30.0%           32.6%           30.4%         34.0%
Operating income         $ 3,844         $ 3,910         $ 7,314       $ 6,668
                            9.0%            9.9%            8.8%          9.2%
Income before taxes      $ 2,607         $ 2,730         $ 4,836       $ 4,493
                            6.1%            6.9%            5.8%          6.2%

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
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  $50.4 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 $1.2 million,  or 1.5% of revenues,  in the first six months
of fiscal 2000 and $0.9 million, or 1.3% of revenues, in the first six months of
fiscal 1999.

     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 40.7% in the first six months of
fiscal 2000 from 44.5% in the first six months of fiscal  1999,  resulting  from
corporate housing's increasing  percentage of total revenues (66.3% in the first
six months of fiscal 2000 versus 57.0% in the comparable period of fiscal 1999).
Gross  profit  margin on rental sales in the first six months of fiscal 2000 was
90.7%,  versus 31.0% for corporate housing.  Comparable gross profit margins for
the first six months of fiscal 1999 were 92.2% and 30.7%, 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,  decreased


                                    Page 10


<PAGE>



to 31.3% of  revenues  in the first six  months  of  fiscal  2000 from  34.0% of
revenues in the first six months of fiscal  1999,  while the  operating  margin,
excluding amortization, decreased to 9.4% of revenues in the first six months of
fiscal 2000 from 10.5% of revenues in the first six 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, the operating margin declined to
8.0% in the first six months of fiscal 2000 from 9.2% in the first six 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 vying with two other corporate housing
companies for the number two 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
six months of fiscal 2000,  unaffiliated  corporate housing customers  accounted
for $3.7 million,  or 4.4%, of Globe's revenues versus $4.3 million, or 6.0%, of
Globe's  revenues  in the first six  months of fiscal  1999.  During  these same
periods,  furniture rental revenues from affiliated corporate housing providers,
which are not included in reported revenues, were $3.6 million and $2.2 million,
respectively.

     The Company is  implementing a  comprehensive  corporate  housing  business
information  system  which  provides  the  tools  for  supporting   Company-wide
standardization,  as well as enhancing  apartment unit inventory  management and
allowing operational efficiencies.  Additionally, the system will facilitate the
national  sales  effort and provide a common  platform as the Company  begins to
implement  its  business-to-business  e-commerce  efforts in 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.  In excess of $0.5  million  of these  costs will be
incurred in the third and fourth quarters.

     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 Second Quarter Fiscal 2000 to Second Quarter Fiscal 1999

     Total  revenues of $42.9 million  increased  $3.2 million,  or 8.2%, in the
second  quarter  of fiscal  2000,  from $39.7  million in the second  quarter of
fiscal 1999, primarily due to acquisitions.

     Corporate  housing sales of $28.5  million in the second  quarter of fiscal
2000  increased  16.5% from $24.5 million in the second  quarter of fiscal 1999.
This increase was primarily caused by acquisitions.

     Rental  sales of  $10.2  million  in the  second  quarter  of  fiscal  2000
decreased  8.6% from $11.1 million in the second  quarter of fiscal 1999 largely
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 $0.5 million,  or 3.8%, when compared
with the prior year quarter,  reflecting a general  softness in the  residential



                                    Page 11


<PAGE>


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 trade) have not offset this slowdown.

     Retail sales of $4.2 million increased $0.1 million, or 3.7%, in the second
quarter of fiscal 2000 from $4.1  million in the second  quarter of fiscal 1999,
driven by the growth of new office furniture sales.

     Gross  profit  of $17.3  million  in the  second  quarter  of  fiscal  2000
decreased  $0.1 million,  or 0.1%,  from $17.4 million in the second  quarter of
fiscal 1999 and  declined as a  percentage  of revenues to 40.4% from 43.8% over
the same  period due to the higher mix of  corporate  housing  revenues  and the
lower  margins  associated  with these  revenues.  Gross  profit  percentage  on
corporate  housing sales  dropped  slightly to 31.2% from 31.9% over the period.
Gross profit  percentage on rental sales  decreased to 91.2% from 93.0% over the
period  primarily  due to an  increase  in  housewares  expenses.  Gross  profit
percentage  on retail  sales  decreased  to 35.8%  from  38.1%  over the  period
resulting from lower margins on clearance center revenues.

     Operating expenses of $13.3 million (excluding  amortization) in the second
quarter of fiscal 2000  increased  2.9% from $13.0 million in the second quarter
of fiscal 1999 as a result of  acquisitions  and  approximately  $0.4 million of
nonrecurring expenses associated primarily with the consolidation of real estate
and clearance  center  inventories  in the western  markets.  As a percentage of
total revenues,  operating  expenses  declined to 31.0% from 32.6% over the same
period due to corporate  housing's lower  operating  expenses as a percentage of
revenues.  Excluding the nonrecurring expenses,  operating expenses decreased to
30.0%  of  revenues  from  32.6%  of  revenues  during  the  period.  Additional
nonrecurring expenses,  estimated at approximately $0.7 million, are expected to
be  incurred  during the second half 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 21.7%, to $0.6 million in the
second quarter of fiscal 2000, from $0.5 million in the second quarter of fiscal
1999. As a percentage of revenues,  amortization  expense increased to 1.4% 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 12.9% to $3.4
million,  or 7.9% of revenues in the second  quarter of fiscal  2000,  from $3.9
million,  or 9.9% of revenues in the second  quarter of fiscal  1999.  Excluding
nonrecurring expenses, operating income decreased to 9.0% of revenues during the
quarter from 9.9% of revenues in the prior year quarter.

     Interest/other  expense remained flat at $1.2 million in the second quarter
of fiscal 2000 versus the second  quarter of fiscal 1999 and as a percentage  of
total  revenues  decreased  slightly  to 2.9% from  3.0%  over the same  period.
Interest  expense was  comparable  during the periods  despite an increased debt
balance due to the effects of lower  interest  rates in the current year period.
The debt increase was the result of funding required for acquisitions.

     Income before income taxes of $2.2 million in the second  quarter of fiscal
2000 decreased $0.5 million, or 20.6%,  compared to the second quarter of fiscal
1999 and as a percentage  of revenues  decreased to 5.0% from 6.9% over the same


                                    Page 12


<PAGE>



period. Excluding nonrecurring expenses,  income before taxes as a percentage of
revenues  decreased to 6.1% from 6.9% 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 41.4% in the second quarter of fiscal 2000 from 39.0% in the
second 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 Six Months Ended August 31, 1999
to Six Months Ended August 31, 1998

     Total revenues of $83.3 million  increased $10.7 million,  or 14.8%, in the
first six months of fiscal 2000,  from $72.6  million in the first six months of
fiscal 1999,  primarily due to  acquisitions.

     Corporate  housing sales of $55.2 million in the first six months of fiscal
2000 increased  33.5% from $41.3 million in the first six months of fiscal 1999.
This  increase  was  primarily  caused by  acquisitions.

     Rental  sales of $20.3  million  in the  first six  months  of fiscal  2000
decreased  9.7%  from  $22.5  million  in the first  six  months of fiscal  1999
primarily due to the elimination of intercompany revenues.  Excluding the impact
of these  eliminations,  rental revenues  decreased  3.2%,  reflecting a general
softness in the  residential  market and a loss of business from some  competing
corporate  housing  customers.  Management  believes the slowdown is cyclical in
nature and is attributable  to the fact that corporate  housing has taken over a
substantial  portion of the furnished  apartment  distribution  channel.

     Retail sales of $7.8 million decreased $0.9 million,  or 10.5% in the first
six  months of fiscal  2000 from $8.7  million in the first six months of fiscal
1999,  resulting from a decrease of $0.9 million,  or 22.9%, 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 $33.9  million  in the first  six  months of fiscal  2000
increased $1.6 million,  or 5.0%,  from $32.3 million in the first six months of
fiscal 1999 and  declined as a  percentage  of revenues to 40.7% from 44.5% over
the same  period due to the higher mix of  corporate  housing  revenues  and the
lower  margins  associated  with these  revenues.  Gross  profit  percentage  on
corporate housing and retail sales revenues improved versus the comparable prior
year period,  while gross profit  percentage on rental sales  decreased to 90.7%
from  92.2%.  The  decrease  in  rental  gross  profit  percentage  was  largely
attributable to higher housewares expenses.

     Operating expenses of $26.0 million  (excluding  amortization) in the first
six months of fiscal  2000  increased  5.5% from $24.7  million in the first six
months of fiscal 1999 as a result of acquisitions and approximately $0.7 million
of nonrecurring  expenses  associated  primarily with the  consolidation of real
estate and clearance center inventories in the western markets.  As a percentage
of total  revenues,  these  expenses  declined to 31.3% from 34.0% over the same
period due to corporate  housing's lower  operating  expenses as a percentage of
revenues.  Excluding the nonrecurring  charges,  operating expenses decreased to
30.4% of  revenues  during  the first six  months of fiscal  2000 from  34.0% of
revenues  in the  first  six  months of  fiscal  1999.  Additional  nonrecurring
expenses,  estimated at approximately $0.7 million,  are expected to be incurred
during the second  half 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 $0.3 million, or 32.5%, to $1.2 million in the first


                                    Page 13


<PAGE>


six months of fiscal  2000,  from $0.9 million in the first six 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  0.7% to $6.6
million,  or 8.0% of revenues in the first six months of fiscal 2000,  from $6.7
million,  or 9.2% of revenues in the first six months of fiscal 1999.  Excluding
nonrecurring  charges,  operating income decreased to 8.8% of revenues from 9.2%
over the period.

     Interest/other  expense increased $0.3 million to $2.5 million in the first
six  months of fiscal  2000 from $2.2  million in the first six months of fiscal
1999 and remained  flat at 3.0% of total  revenues.  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
acquisitions.

     Income  before  income  taxes of $4.1  million  in the first six  months of
fiscal 2000 decreased $0.3 million, or 7.7%, compared to the first six months of
fiscal 1999 and as a percentage of revenues decreased to 5.0% from 6.2% over the
same period.  Excluding  nonrecurring charges,  income before taxes decreased to
5.8% of  revenues  from  6.2% of  revenues  during  the  period.

     The Company's  effective tax rate, which includes federal,  state and local
taxes,  increased  to 40.7% in the first six months of fiscal 2000 from 39.0% in
the  first six  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 six 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 October 4, 1999, the
unused  line of credit was $9.2  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  October 4, 1999 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 $11.5 million in the
first six  months of fiscal  2000 and $12.9  million  in the first six months of
fiscal  1999.  The lower  level of  purchases  in the first half 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.



                                    Page 14


<PAGE>



     Capital  expenditures  were $1.8  million and $1.4 million in the first six
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 six months of both  fiscal 2000 and fiscal 1999 were
largely  attributable  to continued  development of computer  systems.  Costs to
further develop the computer systems,  which are anticipated to be approximately
$1.5  million,  will be incurred in the next 6-18 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  six  months of fiscal  2000 and 1999,  net cash  provided  by
operations was $13.6 million and $15.6 million,  respectively,  generating  $0.3
million more cash than was  necessary to fund  investing  activities  (excluding
acquisitions)  in the first six months of fiscal 2000 and $1.3 million more cash
than was necessary to fund investing activities (excluding  acquisitions) in the
first six months of fiscal 1999.

     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, except for significant  acquisitions
and any  repurchases  that may be made  under  the  Company's  stock  repurchase
program.


YEAR 2000

     The Company has  developed a Year 2000  Remediation  Plan and is  currently
evaluating the potential  impact of the Year 2000 issue on both its  information
technology  systems  and its  non-information  technology  systems.  The initial
phases of the plan consisted of planning and assessment and involved  developing
complete  inventories  of all hardware and software  containing  potential  date
sensitivity,  completing  vendor and customer surveys and performing a series of
controlled  tests to  determine  compliance.  These phases of the plan have been
successfully  completed.  No issues have been  identified  to date.  A Year 2000
consultant  has been retained to review  Globe's  progress to date and assist in
the final stages of testing and remediation. Costs associated with the Company's
Year 2000 project are not expected to exceed $0.1 million.

     All mission critical aspects of the Company's  existing internal  financial
and  operational  systems have been tested and  remediated.  Testing on internal
reporting  programs  will  continue  through the month of October  1999. A small
number of desktop computers needing remediation have been identified and will be
addressed by mid-November 1999. The new corporate housing system, which is fully
compliant,  is  currently  being  implemented  in  locations  where the existing
software is non-compliant.  This implementation will be completed during Globe's
third quarter.

     While  Globe  is not  aware  of  exposures  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,  there can be no assurance that the
systems of other  companies  on which the Company  relies will be converted in a
timely manner or that the failure to convert would not have an adverse impact on
Globe's operations.  Costs associated with any such failure cannot be reasonably
estimated.



                                    Page 15

<PAGE>



                                     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 August 31,
---------------------------------------------------------------------------------------------------------------------------
(Dollars in thousands)                2000         2001        2002        2003         2004      Thereafter      Total
                                     -------     --------     -------     -------      -------    ----------     ----------
<S>                                    <C>         <C>         <C>         <C>           <C>        <C>            <C>
Debt Characteristics:

Unsecured revolving note                           $35,340                                                         $35,340
Average interest rate                                 6.66%                                                           6.66%

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                            $ 70         $ 75        $ 80        $ 85         $ 90      $ 1,017       $ 1,417
Fixed interest rate                      6.25%        6.25%       6.25%       6.25%        6.25%        6.25%         6.25%

Other debt issues                      $1,001        $ 575        $502        $323                                 $ 2,401
Average fixed interest rate              5.64%        5.81%       5.77%       5.63%                                   5.71%


</TABLE>






                                    Page 16

<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

     The Company's  Annual  Meeting of  Shareholders  was held on July 20, 1999.
Each of the  following  matters  was voted upon and  approved  by the  Company's
shareholders as indicated below:


1.   Elected the following directors:
     a.       David D. Hoguet,         4,528,643 votes for,      96,444 withheld
     b.       Blair D. Neller,         4,528,643 votes for,      96,444 withheld
     c.       Alvin Z. Meisel,         4,526,643 votes for,      98,444 withheld
     d.       William R. Griffin,      4,528,943 votes for,      96,144 withheld
     e.       Thomas C. Parise,        4,528,443 votes for,      96,644 withheld


2.   Adopted the Amendment  to the Globe 1998 Stock Option and  Incentive  Plan,
     4,274,048 votes for, 175,239 votes against, 175,800 abstentions.

3.   Ratified  the  appointment  of  PricewaterhouseCoopers  LLP as  independent
     public  accountants  for fiscal  2000,  4,566,736  votes for,  55,844 votes
     against, 2,507 abstentions.

                                     ITEM 5
                                Other Information

     The  Company  announced  on  September  13,  1999  that  it has  hired  the
investment banking firm of Friedman, Billings, Ramsey and Co., Inc. to assist it
in completing a review of strategic  alternatives to maximize shareholder value.
The alternatives under review include the possible sale of business segments, an
expansion of the Company's  previously  authorized share repurchase  program,  a
possible merger or sale of the corporation or taking the company private.


                                    Page 17
<PAGE>



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

(a)      Exhibits:


         27   Financial Data Schedule

         99   Safe Harbor Statement

(b)      Reports on Form 8-K filed during the second 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:  October 12, 1999




                                    Page 18