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, 1996     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 December 31, 1996,  4,440,509  shares of the  Registrant's  common
stock, no par value, were outstanding.





<PAGE>




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

                                                                      Page No.

Part I.    Financial Information

           Item 1.  Consolidated Financial Statements

                    Consolidated Balance Sheet -                        3
                    February 29, 1996 and November 30, 1996

                    Consolidated Statement of Income -                  4
                    Three Months and Nine Months Ended November 
                    30, 1995 and 1996

                    Consolidated Statement of Cash Flows -              5
                    Nine months ended November 30, 1995 and 1996

                    Notes to Consolidated Financial Statements          6

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



Part II.   Other Information

           Item 1. Legal Proceedings                                  15

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

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





<PAGE>




                         PART I - FINANCIAL INFORMATION

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



                                                     February 29,   November 30,
                                                      1996              1996
                                                                    (Unaudited)

ASSETS:
Cash                                                   $   133           $   392
Accounts receivable, less allowance for doubtful
  accounts of $327 and $590, respectively                3,530             5,338
Prepaid expenses                                           509             1,271
Rental furniture, net                                   37,407            49,343
Property and equipment, net                              2,675             3,814
Goodwill and other intangibles, less accumulated
    amortization of $103                                     -             3,711
Other, net                                                 207               256
                                                       -------           -------
        Total assets                                   $44,461           $64,125
                                                       =======           =======

LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable                                        $3,473            $2,863
Customer deposits                                        1,189             1,449
Accrued compensation                                     1,569             1,183
Accrued taxes                                              447               919
Deferred income taxes                                    1,793             2,545
Accrued interest payable                                   120               188
Other accrued expenses                                     633              679

Debt                                                    10,573            25,958
                                                       -------           -------
        Total liabilities                              $19,797           $35,784
                                                       -------           -------

Common stock and other shareholders' equity:
        Common stock, no par, 10,000,000 shares 
          authorized, 4,254,369 and 4,370,509 
          shares issued and outstanding                $18,549           $19,303
        Retained earnings                               10,199            13,122
        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                  24,664            28,341
                                                       -------           -------

        Total liabilities and shareholders' equity     $44,461           $64,125
                                                       =======           =======



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



 
<PAGE>




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

<TABLE>
<CAPTION>


                                                 For the three months ended,     For the nine months ended,
                                                 November 30,   November 30,     November 30,  November 30,
                                                   1995            1996              1995           1996
                                                   ----            ----              ----           ----
                                                       (Unaudited)                      (Unaudited)

Revenues:
<S>                                             <C>            <C>               <C>            <C>     
  Rental sales                                  $ 9,291        $ 13,816          $ 27,661       $ 37,278
  Retail sales                                    3,773           3,788            10,625         11,149
                                                -------         -------           -------        -------
                                                 13,064          17,604            38,286         48,427
                                                -------         -------           -------        -------

Costs and expenses:
  Cost of rental sales                            2,039           5,101             6,211         12,794
  Cost of retail sales                            1,982           2,351             5,616          6,860
  Warehouse and delivery                          1,677           2,102             5,124          6,032
  Occupancy                                       1,369           1,506             4,210          4,355
  Selling and advertising                         1,940           2,273             5,567          6,243
  General and administration                      1,722           2,189             4,925          6,322
                                                -------         -------           -------        -------
                                                 10,729          15,522            31,653         42,606
                                                -------         -------           -------        -------

Operating income                                  2,335           2,082             6,633          5,821

Other (income) expense:
  Interest expense                                  605             470             1,820          1,077
  Other                                              65             (40)               96            (98)
                                                -------         -------           -------        -------
                                                    670             430             1,916            979

Income before income taxes                        1,665           1,652             4,717          4,842

Provision for income taxes                          667             606            1,890           1,849
                                                -------         -------          -------         -------

Net income                                          998           1,046             2,827          2,993

Preferred stock dividends                           132               -               394              -
                                                -------         -------           -------        -------

Net income applicable to common stock           $   866         $ 1,046           $ 2,433        $ 2,993
                                                =======         =======           =======        =======

Earnings per common share:
Net income                                      $   .34         $   .24           $   .96        $   .70
                                                =======         =======           =======        =======

Weighted average number of common shares
  outstanding                                     2,546           4,353             2,546          4,305

</TABLE>

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


<PAGE>

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



                                                      For the nine months ended,
                                                      November 30,  November 30,
                                                          1995          1996
                                                              (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                            $  2,827         $  2,993
Adjustments to reconcile net income to
  net cash provided by operating activities:
    Rental furniture depreciation                        3,567            4,456
    Other depreciation and amortization                    629              778
    Provision for losses on accounts receivable             39              167
    Provision for deferred income taxes                  1,087              752
    (Gain)/Loss on sales of property and equipment         (15)               7
    Book value of furniture sales and rental buyouts     6,612            8,911
    Changes in assets and liabilities:
      Accounts receivable                                 (648)          (1,236)
      Other assets, net                                   (113)               1
      Prepaid expenses                                      56             (111)
      Accounts payable                                     458             (723)
      Customer deposits                                     47             (217)
      Accrued compensation                                (357)            (536)
      Accrued taxes                                       (334)             404
      Accrued interest payable                             (75)              68
      Other accrued expenses                               (29)            (239)
                                                        --------        --------
Net cash provided by operating activities                13,751          15,475
                                                        --------        --------

CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to rental furniture                            (15,131)       (18,260)
Purchases of property and equipment                         (298)        (1,034)
Proceeds from sale of property and equipment                  29              -
GranTree Corporation debenture retirement                      -            (59)
Acquired businesses, net of cash acquired                      -        (10,249)
                                                        --------       --------
Net cash used in investing activities                    (15,400)       (29,602)
                                                        --------       --------

CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on the revolving credit agreements             42,453         70,915
Repayments on the revolving credit agreements            (41,095)       (55,705)
Repayments of other debt                                       -           (594)
Principal payments under capital lease obligations          (275)          (245)
Exercise of common stock options                               -             15
                                                        --------       --------
Net cash provided by financing activities                  1,083         14,386
                                                        --------       --------

Net (decrease)increase in cash                              (566)           259
Cash at beginning of period                                  732            133
                                                         --------      --------
Cash at end of period                                   $    166       $    392
                                                        ========       ========

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


<PAGE>

                         GLOBE BUSINESS RESOURCES, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS



NOTE 1 -- PRESENTATION OF INTERIM INFORMATION

    In the opinion of the management of Globe Business Resources,  Inc. ("Globe"
or the "Company"),  the accompanying unaudited consolidated financial statements
include all  adjustments  considered  necessary to present  fairly its financial
position as of November  30,  1996,  and the results of its  operations  for the
three and nine months  ended  November  30, 1995 and 1996 and its cash flows for
the nine  months  ended  November  30,  1995 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 29, 1996.


NOTE 2 -- ACQUISITIONS

    On June 13,  1996,  Globe  acquired  the assets of  privately-owned  Interim
Quarters, Inc. for $5.7 million in cash, 85,700 shares of Globe common stock and
Globe's assumption of certain liabilities.  Liabilities assumed included bonuses
payable to current  Interim  Quarters  employees  amounting to 13,300  shares of
Globe  common  stock.  Interim  Quarters,   based  in  Dallas,  Texas,  provides
short-term housing to transferring or temporarily  assigned corporate personnel,
new hires,  trainees and consultants.  Interim Quarters has an inventory of over
800 leased  housing  units in the  Dallas/Ft.  Worth  metropolitan  area and had
annual  revenues of  approximately  $11 million for the year ended  December 31,
1995.

    On June 19,  1996,  Globe  acquired  the assets of  privately-owned  Instant
Office Furniture,  Inc. for approximately  $0.7 million in cash.  Instant Office
Furniture, based in Costa Mesa, California,  rents and sells office furniture to
a variety of customers in southern California. Annual revenues are approximately
$1 million.

    On October 3, 1996,  Globe  acquired  all  furniture  rental  contracts  and
various other assets of privately-owned Apartment Furniture Rental, Inc. ("AFR")
for  approximately  $4.2 million in cash and a $300,000  promissory  note. Globe
also plans to purchase  affiliated  real estate for  $300,000 in cash during the
fourth quarter.  AFR, based in Detroit,  Michigan,  rents and sells  residential
furniture and has annual revenues of approximately $5 million.

    The purchase price allocation for Interim Quarters, Instant Office Furniture
and AFR is as follows:

                                                                  (Unaudited)
                                                                    (000's)

      Cash, receivables and prepaids                                $1,884
      Rental furniture                                               7,043
      Property and equipment                                           787
      Other assets                                                      30
      Goodwill and other intangibles                                 3,814
                                                                     ------
                                                                     13,558
      Liabilities assumed                                             (1,771)
                                                                      ------
                                                                     $11,787
                                                                     -------
                                                                     -------


<PAGE>

    The following  table sets forth certain income  statement data on a proforma
basis, as if Interim Quarters,  Instant Office Furniture,  and AFR were acquired
at the beginning of the periods indicated.

                                                  Nine Months Ended
                                                     November 30,
                                                       (000's)

                                                    1995          1996
                                                    ----          ----

    Total Revenue                                 $50,734       $55,332
    Net Income                                      3,502         3,661
    Earnings per common share:  Net Income          $1.18          $.85
    Weighted average number of common shares
     outstanding                                    2,645         4,305


SUBSEQUENT EVENT

    On  December  16,  1996,  Globe  acquired  the  assets and  assumed  certain
liabilities of two privately-owned corporate housing companies.

    Thomas  J.  Koch  &  Associates,  Inc.("TJK"),  based  in  Charlotte,  North
Carolina,  was acquired for $3.6 million in cash, a $1.2 million promissory note
and  70,000  shares  of Globe  common  stock.  TJK  maintains  an  inventory  of
approximately  400 leased  housing  units  which are used to provide  short-term
housing to transferring or temporarily assigned corporate personnel,  new hires,
trainees and consultants. Annual revenues are approximately $7 million.

    Guest  Suites,  Inc.,  based in Raleigh,  North  Carolina,  was acquired for
approximately  $1.5 million in cash plus contingent  consideration not to exceed
$0.9 million.  Guest Suites maintains an inventory of  approximately  150 leased
housing units which are used to provide  short-term  housing to  transferring or
temporarily assigned corporate personnel,  new hires,  trainees and consultants.
Annual revenues are approximately $3 million.


NOTE 3 -- EARNINGS PER SHARE

    Earnings per share for the quarter and nine months  ended  November 30, 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 the
exercise would not cause a dilutive  effect in excess of 3%.  Earnings per share
for the comparable  periods ended November 30, 1995 were  determined by dividing
net income  applicable to common stock by the weighted  average number of shares
of common  stock and common  stock  equivalents  outstanding  during the period.
Outstanding stock options and a warrant are common stock equivalents. Net income
applicable to common stock is net income reduced by preferred stock dividends.



<PAGE>


NOTE 4 -- RENTAL FURNITURE    
                                                February 29,       November 30,
                                                   1996               1996
                                                 (000's)          (Unaudited)
                                                                    (000's)

Furniture on rental                               $30,814            $37,586
Furniture on hand                                  12,811             19,153
                                                  -------            -------
                                                   43,625             56,739
Accumulated depreciation                           (6,218)            (7,396)
                                                  -------            -------
                                                  $37,407            $49,343
                                                  =======            =======


NOTE 5 -- DEBT
                                                February 29,       November 30,
                                                    1996               1996
                                                (000's)            (Unaudited)
                                                                     (000's)
The 1996 Credit Agreement:
   The Fifth Third Bank, PNC Bank, and Society
      National Bank revolving note, average
      interest of 7.42% at November 30, 1996      $ 9,830            $25,041

Capital lease obligations                             743                917
                                                  -------            -------
                                                  $10,573            $25,958
                                                  =======            =======

    The funds required for the Interim  Quarters,  Instant Office  Furniture and
AFR  acquisitions  (see Note 2) were derived from borrowings under the Company's
1996 Credit Agreement.  At November 30, 1996, the 1996 Credit Agreement provided
a total unused credit facility of approximately $5 million.


SUBSEQUENT EVENT

    Effective  December 16, 1996, the Company  obtained a new $45.0 million line
of credit  with The Fifth Third Bank,  PNC Bank and  KeyBank  (formerly  Society
National Bank) which replaced the 1996 Credit Agreement. Interest rates for this
line of credit are based on a leverage formula, which is currently the lesser of
the prime rate plus 50 basis points or LIBOR plus 225 basis points.


<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 operates in the rent-to-rent  segment of the furniture rental industry
and rents quality office and residential furniture to a variety of corporate and
individual customers.
    In addition,  the Company  operates in the  corporate  housing  industry and
provides  short-term  housing  through an inventory of leased  housing  units to
temporarily assigned corporate personnel,  new hires,  trainees and consultants.
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 its account executives.

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


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 sales and retail sales revenues.

                             Three Months Ended            Nine Months Ended
                                 November 30,                 November 30,

                              1995           1996           1995         1996
                              ----           ----           ----         ----

Revenues:
  Rental sales                71.1%         78.5%           72.2%        77.0%
  Retail sales                28.9          21.5            27.8         23.0
                             -----         -----           -----        -----
Total revenues               100.0%        100.0%          100.0%       100.0%
Gross profit:
  Rental sales                78.1%         63.1%           77.5%        65.7%
  Retail sales                47.5          37.9            47.1         38.5
                             -----         -----           -----        -----
Total gross profit            69.2          57.7            69.1         59.4
Operating expenses            51.3          45.8            51.8         47.4
                             -----         -----           -----        -----
Operating income              17.9          11.8            17.3         12.0
Interest/other                 5.1           2.4             5.0          2.0
                             -----         -----           -----        -----
Income before taxes           12.7%          9.4%           12.3%        10.0%
                             =====         =====           =====        =====


  Impact of GranTree acquisition

    In January 1993, Globe acquired GranTree  Corporation  ("GranTree") for $9.3
million.  Until  November  1995,  the  Company's  reported  cost of revenues was
favorably  impacted as furniture  was sold to retail  customers or bought out by
lease  customers  because  of two  factors:  (i)  the  adoption  of  fresh-start
reporting in March 1992,  at which time  GranTree  reduced the net book value of
its rental  furniture by approximately  $7.1 million,  and (ii) the $3.3 million
amount by which the book value of GranTree  exceeded the purchase  price paid by
the Company (collectively, the "GranTree Gross Profit Accounting Effects").

    The following  table sets forth for the periods  indicated the dollar amount
of the GranTree Gross Profit  Accounting  Effects and certain  income  statement
data as a percentage of total  revenues  adjusted to exclude the GranTree  Gross
Profit Accounting Effects.


<PAGE>



                                    Three Months Ended       Nine Months Ended
                                        November 30,           November 30, 
                                     1995       1996         1995         1996
                                  (dollars in thousands)  (dollars in thousands)

GranTree Gross Profit
  Accounting Effects                $449     $  -             $1,527      $  -
Adjusted to exclude the
  GranTree Gross Profit
  Accounting Effects:                     As a Percentage of Total Revenues

  Total gross profit                65.8%     57.7%             65.1%      59.4%
  Operating expenses                51.3      45.8              51.8       47.4
                                    ----      ----              ----       ----
  Operating income                  14.4      11.8              13.3       12.0
  Interest/other                     5.1       2.4               5.0        2.0
                                    ----      ----              ----       ----
  Income before income taxes         9.3%      9.4%              8.3%      10.0%
                                    ====      ====              ====       ====

    Due to the  significant  impact of the GranTree  acquisition and the related
GranTree  Gross  Profit  Accounting  Effects  on the  Company's  operations  and
financial  results,  the Company's  historical  results of operations for fiscal
1996 and period-to-period comparisons will not be indicative of future results.

  Impact of Corporate Housing acquisitions

    In June  1996,  Globe  entered  the  corporate  housing  industry  with  the
acquisition of Interim Quarters.

    Interim Quarters has a lower gross profit margin, as well as lower operating
expenses as a percentage of sales, than Globe's 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 third  quarter  and first  nine  months of fiscal
1997  than the  corresponding  periods  of the  prior  year.  Interim  Quarters'
operating margin, since the acquisition, is 9.2% compared to an operating margin
of 12.5% for  Globe's  furniture  rental  business  in the first nine  months of
fiscal 1997.

    Globe  is  planning  to  become  a  consolidator  in the  corporate  housing
industry,  thereby  capitalizing  on the desire of many  corporations  to have a
corporate housing company that can handle their needs nationally.  With the June
Interim  Quarters  acquisition  and the December  acquisitions  of TJK and Guest
Suites,  Globe has become the market leader in three  markets,  with  annualized
corporate housing revenues in excess of $20 million. Globe is vying with a small
number of  corporate  housing  companies  for the  number  two  position  in the
industry.

    Oakwood Corporate Housing, the only national corporate housing company, does
approximately  $2 million  annually in furniture  rental with the  Company.  The
Company  believes that Oakwood  perceives the Company as a competitor due to its
entrance into the corporate  housing  business and therefore has started to move
its furniture rental business to other vendors.

    Additionally,  two corporate housing customers in Portland, Oregon, Chamness
and K&M, moved their  business to CORT  following  CORT's recent opening in this
market. These two customers are multi-market operators who use CORT in all other
markets.  These  customers'  combined annual  furniture  rental with the Company
approximates $0.8 million.

    It is possible that other  corporate  housing  companies may transfer  their
furniture  rental  business to other vendors as Globe  increases its presence in
the industry.


  Comparison of Third Quarter Fiscal 1997 to Third Quarter Fiscal 1996

    Total  revenues of $17.6 million  increased $4.5 million,  or 34.8%,  in the
third quarter of fiscal 1997,  from $13.1 million in the third quarter of fiscal
1996,  primarily due to the acquisitions of Interim Quarters and AFR.  Excluding
these acquisitions, total revenues increased $0.3 million, or 2.1%, in the third
quarter of fiscal 1997 compared to the third quarter of fiscal 1996.

<PAGE>

    Rental  revenues  of $13.8  million  in the third  quarter  of  fiscal  1997
increased 48.7% from $9.3 million in the third quarter of fiscal 1996. Excluding
the  Interim  Quarters  and AFR  acquisitions,  rental  revenue  increased  $0.4
million,  or 4.6%, over the same period.  This growth in rental revenues was due
to a 7.3% increase in the average monthly lease amount  partially  offset by the
reduction in rental revenues from certain corporate housing customers.

    Sales  revenues of $3.8 million for the quarter were flat when compared with
the prior year third  quarter  due to the closure of one store and the impact of
several large sales in fiscal 1996 which were not repeated in fiscal 1997.

    Gross profit of $10.2 million in the third quarter of fiscal 1997  increased
$1.2  million,  or 12.3%,  from $9.0 million in the third quarter of fiscal 1996
and  declined  as a  percentage  of  revenues  to 57.7% from 69.2% over the same
period due primarily to the lower margins  associated with the Interim  Quarters
corporate  housing  revenues.  Excluding Interim Quarters and the GranTree Gross
Profit  Accounting  Effects,  gross profit margin declined to 64.7% in the third
quarter  of fiscal  1997  from  65.8% in the third  quarter  of fiscal  1996 due
primarily to lower margins on retail sales.

    Operating  expenses  of $8.1  million in the third  quarter  of fiscal  1997
increased 20.3% from $6.7 million in the third quarter of fiscal 1996. Excluding
Interim Quarters and AFR, operating  expenses  increased $0.4 million,  or 5.5%,
due primarily to higher  warehousing costs and higher general and administrative
costs  related  to Globe  becoming  a public  company  in  February  1996.  As a
percentage of total revenues,  operating  expenses  declined to 45.8% from 51.3%
over the same period as a result of the acquisition of Interim  Quarters,  which
has  lower  operating  expenses  as a  percentage  of sales  than the  Company's
furniture rental business.

    As a result of the changes in revenues,  gross profit and operating expenses
discussed above,  operating income decreased 10.8% to $2.1 million,  or 11.8% of
revenues in the third  quarter of fiscal 1997,  from $2.3  million,  or 17.9% of
revenues in the third  quarter of fiscal 1996.  However,  excluding the GranTree
Gross  Profit  Accounting  Effects,  operating  income  increased  10.4% to $2.1
million in fiscal 1997,  or 11.8% of revenues,  from $1.9  million,  or 14.4% of
revenues, in fiscal 1996.

    Interest/other  expense decreased $0.3 million, or 35.8%, to $0.4 million in
the third  quarter  of fiscal  1997 from $0.7  million  in the third  quarter of
fiscal 1996 and as a percentage  of total  revenues  decreased to 2.4% from 5.1%
over the same period. The decreased expense for fiscal 1997 was due primarily to
lower interest rates on the outstanding debt.

    Income  before  income taxes of $1.7 million in the third  quarter of fiscal
1997 was flat  compared  to the third  quarter  of fiscal  1996.  Excluding  the
GranTree Gross Profit Accounting  Effects,  income before income taxes increased
$0.4 million, or 35.9%, to $1.7 million in the third quarter of fiscal 1997 from
$1.2 million in the third quarter of fiscal 1996.

    The Company's  effective tax rate, which includes  federal,  state and local
taxes,  decreased  to 36.7%  from 40.1% in the third  quarter of fiscal  1997 as
compared to the third  quarter of fiscal 1996.  This rate change for the quarter
is partially attributable to the impact of a nine month adjustment to the fiscal
1997 tax  rate  based  on  changes  in  individually  insignificant  book to tax
differences.


     Comparison  of Nine Months  Ended  November  30, 1996 to Nine Months  Ended
November 30, 1995

    Total revenues of $48.4 million  increased  $10.1 million,  or 26.5%, in the
first nine months of fiscal 1997 from $38.3  million in the first nine months of
fiscal  1996  due in part to the  acquisitions  of  Interim  Quarters  and  AFR.
Excluding the acquisitions of Interim Quarters and AFR, total revenues increased
$2.2  million,  or 5.7% in the first nine months of fiscal 1997  compared to the
first nine months of fiscal 1996.


<PAGE>

    Rental  revenues  of $37.3  million in the first nine  months of fiscal 1997
increased $9.6 million, or 34.8%, from $27.7 million in the first nine months of
fiscal 1996. Excluding the Interim Quarters and AFR acquisitions, rental revenue
increased  $1.8  million,  or 6.7% over the same  period.  This growth in rental
revenues was driven by a 4.5% increase in the average monthly lease amount and a
3.3% increase in the average number of leases  outstanding during the first nine
months,  partially  offset by the  reduction  in rental  revenues  from  certain
corporate housing customers which principally affected the third quarter.

    Sales  revenues of $11.1 million  increased  $0.5  million,  or 4.9%, in the
first nine months of fiscal 1997 from $10.6  million in the first nine months of
fiscal 1996.

    Gross  profit of $28.8  million  in the  first  nine  months of fiscal  1997
increased $2.3 million,  or 8.7%, from $26.5 million in the first nine months of
fiscal 1996 and  declined as a  percentage  of revenues to 59.4% from 69.1% over
the same period due primarily to the lower margins  associated  with the Interim
Quarters corporate housing revenues. Excluding Interim Quarters and the GranTree
Gross Profit  Accounting  Effects,  gross profit margin declined to 64.4% in the
first nine  months of fiscal  1997 from 65.1% in the first nine months of fiscal
1996 due primarily to lower margins on retail sales.

    Operating  expenses of $23.0 million in the first nine months of fiscal 1997
increased  15.8% from $19.8  million  in the first nine  months of fiscal  1996.
Excluding Interim Quarters and AFR,  operating  expenses increased $1.4 million,
or 7.0%,  due  primarily  to higher  warehousing  costs  required to support the
increased revenues and higher general and administrative  costs related to Globe
becoming a public company in February  1996. As a percentage of total  revenues,
operating expenses declined to 47.4% from 51.8% over the same period as a result
of lower operating expenses as a percentage of sales at Interim Quarters.

    As a result of the changes in revenues,  gross profit and operating expenses
discussed above,  operating income decreased 12.2% to $5.8 million,  or 12.0% of
revenues, in the first nine months of fiscal 1997 from $6.6 million, or 17.3% of
revenues,  in the first  nine  months of fiscal  1996.  However,  excluding  the
GranTree Gross Profit  Accounting  Effects,  operating income increased 14.0% to
$5.8 million,  or 12.0% of revenues,  in fiscal 1997 from $5.1 million, or 13.3%
of revenues, in fiscal 1996.

    Interest/other  expense decreased $0.9 million, or 48.9%, to $1.0 million in
the first nine months of fiscal 1997 from $1.9  million in the first nine months
of fiscal 1996 and as a percentage of total revenues decreased to 2.0% from 5.0%
over the same period. The decreased expense for fiscal 1997 was due primarily to
lower interest costs  associated with lower average debt balances as a result of
the  February  1996  initial  public   offering  and  lower  interest  rates  on
outstanding debt.

    Income  before  income  taxes of $4.8  million in the first  nine  months of
fiscal 1997  increased  2.6%  compared to the first nine months of fiscal  1996.
Excluding the GranTree  Gross Profit  Accounting  Effects,  income before income
taxes increased $1.6 million, or 51.8%, to $4.8 million in the first nine months
of fiscal 1997 from $3.2 million in the first nine months of fiscal 1996.

    The Company's  effective tax rate, which includes  federal,  state and local
taxes,  decreased to 38.2% from 40.1% in the first nine months of fiscal 1997 as
compared to the first nine months of fiscal 1996  partially due to the impact of
changes in individually insignificant book to tax differences.


LIQUIDITY AND CAPITAL RESOURCES

    In February  1996, the Company  raised net proceeds of  approximately  $17.4
million in an initial  public  offering of its common  stock.  The Company  used
those  proceeds  to pay a portion  of the  Company's  outstanding  bank debt and
redeem all outstanding shares of the Company's  redeemable  preferred stock plus
accrued dividends.

     At the completion of the initial public offering,  a new $30.0 million line
of credit  replaced the credit  agreement in place at that time.  Interest rates
for this line of credit  were based upon a leverage  formula.  At  November  30,
1996, the interest rate was the lesser of the prime rate plus 50 basis points or
LIBOR plus 200 basis points and the line of credit provided up to $30.0 million,
or the maximum available under borrowing base calculations  ($28.8 million),  of
financing for the Company.

<PAGE>


    Effective  December 16, 1996, the Company  obtained a new $45.0 million line
of credit  which  replaced  the  above-mentioned  $30.0  million line of credit.
Interest rates for this line of credit are based on a leverage formula, which is
currently  the lesser of the prime  rate plus 50 basis  points or LIBOR plus 225
basis  points.  At  December  30,  1996,  the line of credit  provided up to $45
million,  or the maximum  available  under  borrowing base  calculations  ($33.8
million),  of financing for the Company which will be available for acquisitions
and general  corporate  purposes.  The unused line of credit as of December  30,
1996 was $15.4 million.

    From June through December, 1996 Globe used approximately $15.7 million from
its line of credit,  issued  169,000  shares of stock,  issued  $1.5  million of
promissory  notes and  assumed  certain  liabilities  in  completing  five asset
acquisitions.  (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 $18.3 million in the first nine months of fiscal 1997
and $15.1  million  in the first nine  months of fiscal  1996.  These  purchases
funded  increased  balances in both furniture on rental and furniture on hand in
the  first  nine  months of  fiscal  1997.  The  Company's  furniture  purchases
typically  are  seasonally  weighted  to the first  half of the year.  Furniture
purchases  were  down  significantly  during  the third  quarter  from the level
experienced in the first two quarters.  This decreased purchase rate is expected
to continue during the fourth quarter of fiscal 1997.

    Capital  expenditures  were $1.0  million and $0.3 million in the first nine
months of fiscal 1997 and 1996, respectively. The significant increase in fiscal
1997 is largely  attributable  to development  of a new computer  system and the
opening of a new store in Columbus, Ohio. Acquisitions of property and equipment
financed  through  capital  leases,  and not reflected in the preceding  capital
expenditure data, were $0.1 million and $0.3 over the same periods.

    In the first  nine  months of fiscal  1997 and 1996,  net cash  provided  by
operations was $15.5 million and $13.8 million,  respectively,  generating $14.1
and $1.6 million,  respectively,  less cash than was necessary to fund investing
activities,  thus requiring use of the Company's credit facilities.  The Company
expects cash flow from  operations to be sufficient to fund all of the Company's
needs,  other than  acquisitions,  during the  balance of fiscal  1997.  The new
credit line will be used in funding future acquisitions.


<PAGE>


                                     PART II



                                     ITEM 1
                                Legal Proceedings

                                      None



                                     ITEM 4
               Submission of Matters to a Vote of Security Holders

                                      None



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

(a)        Exhibits:  27 Financial data schedule

(b)        Reports on Form 8-K filed during the third quarter of 1996:


Amendment No.1 to Form 8-KA filed  September 12, 1996,  including  amendments to
note C in the  notes to the  proforma  financial  statements.  The Form 8-KA was
originally filed August 27, 1996.



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

Signed:  January 3, 1997