We present new imaging and spectral data for globular clusters (GCs) around NGC 4365 and NGC 4342. NGC 4342 is a compact, X-ray luminous S0 galaxy with an unusually massive central black hole. NGC 4365 is another atypical galaxy that dominates the W' group of which NGC 4342 is a member. Using imaging from the MegaCam instrument on the Canada-France-Hawaii Telescope we identify a stream of GCs between the two galaxies and extending beyond NGC 4342. The stream of GCs is spatially coincident with a stream/plume of stars previously identified. We find that the photometric colours of the stream GCs match those associated with NGC 4342, and that the recession velocity of the combined GCs from the stream and NGC 4342 matches the recession velocity for NGC 4342 itself. These results suggest that NGC 4342 is being stripped of GCs (and stars) as it undergoes a tidal interaction with the nearby elliptical galaxy NGC 4365. We compare NGC 4342 to two well-known, tidally stripped galaxies (M32 and NGC 4486B) and find various similarities. We also discuss previous claims by Bogdan et al. that NGC 4342 cannot be undergoing significant tidal stripping because it hosts a large dark matter halo.