Unfortunate news for Patch.com staffers and fans of the network of neighborhood news sites: AOL chief executive Tim Armstrong announced in a conference call this morning that the jobs of hundreds of Patch employees are up the air as the company searches for financial partners and looks to dramatically cut costs. (In an especially dramatic twist, Armstrong also reportedly fired one higher up on the spot for taking out a camera during the call.) At his media blog, Jim Romenesko reports Armstrong announced a plan to focus on the 500 “most important towns” covered by Patch sites. That means roughly 400 will fold into other media companies or shut down entirely. Layoffs are expected to take place in the next seven days.