Collectors, parent company of PSA, has recently reduced its employee roster, but the company insists it’s just shuffling the deck.
SC Daily has learned that 11 workers, including several members of PSA’s marketing staff were abruptly laid off last week. Among them was Dave Steinberger, hired less than three years ago as the company’s director of customer experience. Terry Melia and Todd Tobias, both long term employees who contributed to the company’s content platforms, were also among those who were let go.
None of the 100+ members of the grading and authentication teams are thought to be among the employee cuts.
The action comes one month after PWCC Marketplace laid off what’s now believed to be more than 40 employees ahead of its acquisition by Fanatics.
Unlike the employees terminated by PWCC, PSA’s laid off workers did receive some severance pay.
A PSA spokesperson told us late Thursday that the moves are part of “strategic organizational changes” and that the company has recently added to its staff with “several more” hires planned for its marketing department. “The business remains profitable and we are continuing to invest in areas that drive growth,” they added in a prepared statement.
In February of 2021, PSA and its sister grading and authentication companies were purchased for $853 million by an investor group, turning the firm formerly known as Collectors Universe from public to private ownership.
One source close to the situation believes Collectors has begun cutting certain expenses in anticipation of a possible future sale, much like what occurred with PWCC. Our source indicated more layoffs were expected.
SC Daily has learned that Collectors was among those interested in purchasing PWCC before the sale to Fanatics, which continues to gobble up properties in the sports collectibles space.
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