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GLOBE FURNITURE RENTALS PURCHASES GRANTREE CORP.

 CINCINNATI, Jan. 4 /PRNewswire/ -- Globe Furniture Rentals announced today the purchase of GranTree Corp., a furniture rental company headquartered in Portland, Ore. Globe Furniture Rentals is a privately held company. The purchase price of the new acquisition was not disclosed.
 GranTree, with operations in 10 major markets in the states of Washington, Oregon, California, Colorado, Nevada, Arizona and Texas, was formerly owned by First Interstate Bank of Oregon. First Interstate became the owner of GranTree under GranTree's reorganization plan when it emerged from bankruptcy in March 1992. Prior to 1987, when GranTree was acquired by the Spectrum Group in a leveraged buyout, GranTree was a public company.
 Globe also announced that Blair D. Neller, president of Globe Furniture Rentals, has been elected president of GranTree and that David D. Hoguet, chairman of Globe Furniture Rentals, has been elected chairman of GranTree. Neller will be relocating to Portland to assume day-to-day responsibility for the management of GranTree.
 Hoguet, chairman of Globe Furniture Rentals, stated, "This is a major acquisition for us. GranTree is the leader in five of its 10 markets which, coupled with Globe's leadership position in six of its seven markets, gives us a very strong position in the industry. Our combined volume of almost $60 million makes us the third-largest player in the industry, behind Aaron Rents and Cort Furniture Rental."
 Commenting on Globe's plans for the operations acquired, Neller, president of Globe Furniture Rentals, stated, "Our plan is to inject GranTree with a marketing and sales-driven culture. Globe has build its reputation on providing unsurpassed customer service, and we are excited about the opportunity to demonstrate this to a new customer base in our new western markets."
 Continuing, Neller stated, "We are fortunate that GranTree has a solid corps of dedicated people at all levels, and we look forward to combining our respective strengths."
 Globe Furniture Rentals, founded in 1971, rents and sells furniture to residential and commercial accounts and has 14 showrooms in the midwest and, through GranTree, 23 showrooms in its new western markets.
 -0- 1/4/93
 /CONTACT: David D. Hoguet of Globe Furniture Rentals, 513-771-8221; or Blair D. Neller of GranTree Corp., 503-526-4001; or Karen Blaha of The Schmidt/Westerdahl Group Ltd., 503-279-4000, for GranTree Corp./


CO: Globe Furniture Rentals; GranTree Corp.; First Interstate Bank of
 Oregon; Spectrum Group ST: Ohio, Oregon IN: SU: TNM PER


LM-SW -- SE004 -- 1484 01/04/93 18:27 EST
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Date:Jan 4, 1993
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