The 400 employees left at Myspace will have to weather yet another round of layoffs if reports by TechCrunch and Gawker are true. Both indicate that it's gonna happen before the week ends. Some reports say they may happen on Wednesday. The troubled social network laid off about 500 employees (47 percent of its total staff) back in January. This time around, at least 150 employees will lose their jobs, with another 150 reportedly put on a transition plan, allowing them to keep their families fed for another couple of weeks while they look for a new job. A Myspace veteran told Gawker: "Apparently everyone is expecting it and actually hoping for it." The last bit isn't surprising at all. Working in an environment where you can lose your job anytime is akin to sitting next to a time bomb. Not cool. Myspace's Relaunch Isn't Helping Much Back in October last year, Myspace reestablished itself to focus on entertainment, also launching a new logo and site design. The redesign was supposed to get people talking about Myspace again. Michael Jones, the company's president, believed that "niche players have long staying power." Alas, it's not happening. Nine months after the relaunch, the site's monthly count of U.S. visitors has dropped by a whopping 50 percent. User engagement has dropped by an average of 85 percent, according to comScore. It's hard to blame the users when founders themselves -- Chris DeWolfe and Tom Anderson -- have stopped updating their status. Sources: TechCrunch, Gawker