Kodak has announced it plans to lay off between 3,500 and 4,500 workers, while AOL is jettisoning 700 more people - about 10 percent of its work force. The tough economic times are slamming every industry—for instance, Boeing and Starbucks both announced major job cuts in the last two days—and technology companies are continuing to feel the pinch. Photography giant Kodak has announced it plans to cut between 3,500 and 4,500 positions during 2009, a move which would represent a 14 to 18 percent reduction in its total workforce. Between 2,000 and 3,000 of those positions will be eliminated through a restructuring plan the company announced today, but the reductions will also include executive positions—and the company announced no execs are getting performance-based compensation in 2009.

"The second half of 2008 will go down in history as one of the most challenging periods we have seen in decades," said Kodak chairman and CEO Antonio M. Perez, in a statement. The company reported an operating loss of $133 million for its fourth quarter of 2008, and blames a sharp decline in its digital and film photography business for the restructuring and layoffs. In addition, industry reports have the one-mighty AOL getting ready to lay off about 700 people, or roughly 10 percent of its staff, due to a downturn in its digital advertising business.

The company is also restructuring around three primary areas: People Networks (sharing, communications, and social networking), MediaGlow (its in-house content studio), and Platform-A (its online advertising unit). In addition, AOL is reportedly looking to sell off portions of its international operations. Most of AOL's staff is located in the U.S., and the company expects more of the layoffs will be completed by the second quarter of 2009.