Major Layoffs At MySpace!

This is awful to hear, especially at the start of a new year.

Sources are reporting that MySpace, which has been struggling for awhile now to compete with other social networking sites, may have plans to layoff off a significant amount of its staff - half of them, to be exact.

We're hearing that as much as 50 percent of the 1,100 employees at Myspace could be let go. Most of those folks are based in the U.S., but are also some international offices that could get hit.

But even with the layoffs, the company still finds itself in a lot of trouble. Its recent redesign to an "entertainment hub" hasn't faired as well as they would have liked, so now, there is major talk about selling the company all together.

Such a pity. All those poor, hardworking people with no jobs. Shame.