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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: June 1, 1998
GLOBE BUSINESS RESOURCES, INC.
Incorporated under the laws of Ohio
Commission File No. 0-27682 IRS Employer Identification No. 31-1256641
11260 Chester Road, Suite 400, Cincinnati, Ohio 45246
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(Address of Principal Executive Offices) (Zip Code)
(513) 771-8287
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(Registrant's Telephone Number, Including Area Code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On June 1, 1998 Globe Business Resources, Inc. ("Globe" or the "Company")
acquired substantially all the assets of the privately owned Village Suites
division of Village Green Management Company("Village Suites") pursuant to an
Asset Purchase Agreement dated as of June 1, 1998 among Globe and Village Green
Management Company.
The purchase price for the business consists of $7,721,000 in cash. The
funds required for the cash component of the purchase price were derived from
borrowings under the Company's Credit Agreement with The Fifth Third Bank and
PNC Bank.
Village Suites, with operations in Illinois, Michigan, Minnesota, Ohio, and
Wisconsin, provides short-term housing to transferring or temporarily assigned
corporate personnel, new hires, trainees and consultants. Village Suites
maintains an inventory in excess of 700 housing units and had revenues of
approximately $13.0 million for the fiscal year ended September 30, 1997.
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.
/s/David D. Hoguet
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By: David D. Hoguet
Chief Executive Officer
Signed: June 8, 1998