ModCloth, the fashion retailer with $63.7 million in funding from some of Silicon Valley's biggest investors, has announced another round of layoffs. According to TechCrunch, "around 40 or 50" jobs were axed yesterday.

ModCloth, the online clothing retailer, laid off 70 employees yesterday. The Los Angeles-based company has raised $63.7 million since it launched in 2002, including investment from Accel Partners and First Round.