Social network MySpace Inc. announced Tuesday it will close at least four overseas offices and slash its overseas workforce by 300 employees.

The proposed restructuring plan would reduce MySpace's international staff to about 150 people from 450, the company said in a statement.

The social networking website owned by Rupert Murdoch's News Corp has been losing ground to archrival Facebook Inc., based in Palo Alto.

The move comes a week after the company said it would cut 420 jobs in the U.S., or nearly 30 percent of its domestic work force. Combined, the cuts will reduce MySpace's employee base by nearly 40 percent to about 1,150.

MySpace has had difficulty growing its user base, which stands at about 125 million worldwide. Meanwhile Facebook has said that its usage has doubled to more than 200 million in less than a year.