Just one day after being allowed to re-open, PSA was again forced to shut down grading and authentication Friday, following a new “stay at home” order that has effectively shuttered all non-essential California businesses.
The company posted this on its website:
Pursuant to Executive Order N-33-20, issued on March 19, 2020 by the Governor of California, Collectors Universe’s Orange County office has closed until further notice.
As a result, Professional Coin Grading Service (PCGS) and Professional Sports Authenticator (PSA) have temporarily ceased operations, effective immediately.
It is evident to all that we are in uncharted territory. For now, the larger public good mandates this closure. We will share our reopen date once it is established by the state of California.
Thank you for your patience and understanding, and please stay healthy.
On Wednesday, Orange County officials abruptly shut down all non-essential businesses through the end of the month because of the Coronavirus, forcing Collectors Universe to shut down. However, on Thursday they were back in business after the county order was “clarified” and PSA announced it would be back in operation on Thursday.
That lasted less than 24 hours.
On Saturday, New Jersey Governor Phil Murphy ordered all state residents to stay home and non-essential businesses to close, shuttering PSA’s east coast offices as well.
“As evident by the multiple policy changes, this situation remains extremely fluid,” PSA President Steve Sloan stated earlier. “Thank you for your patience and understanding as we navigate this ordeal. Ultimately, we are committed to both the health and safety of our employees and the delivery of our services to our loyal customers.”
Sloan asked customers not to ship submissions to its California office until operations are reopened. “If you have an inbound shipment to Collectors Universe, it will be received and securely stored at our facility,” he stated via Twitter.
PSA has been overloaded with business, receiving and authenticating record numbers of collectibles, especially modern era cards and an extended shutdown wouldn’t have helped matters. The company received an average of over 68,000 items per week in the second quarter of fiscal 2020, with peaks north of 85,000 near the end of the quarter, which ended December 31. In the second quarter, they shipped over 770,000 cards, autographs and other items, surpassing the prior record of roughly 735,000 items set in the first fiscal quarter that ended in September.
While business has been booming because of a robust trading card market and increased interest in current era cards from new customers, the company has fallen behind in filling orders. Earlier this year, Collectors Universe CEO Joe Orlando reported that PSA had a backlog of one million items to process.
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