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Sunglass Hut International Inc. plans to close 150 stores and all 28 of its EyeX optical outlets. The Coral Gables, Fla., company lost $24.4 million, or 45 cents a share, in the fiscal fourth quarter, contrasted with net income of $4.9 million, or 9 cents, a year ago. Sales rose 17% but same-store sales were down 3.7%. . . . Phillips Petroleum Co. and Texaco Inc. received approval from the Venezuelan government to join a venture to produce and upgrade heavy oil in the country. Phillips and Texaco would each have a 20% stake in the 35-year project, which could top $3.5 billion. . . . PTP Industries Inc. of Baltimore, which organized many of America Online Inc.’s promotional mailings, said it has laid off 600 workers because AOL refuses to pay it millions of dollars it is owed. The online service has acknowledged the nonpayment, saying PTP overbilled it. . . . The Treasury Department is in discussions with Wal-Mart Stores Inc. over the retailer’s sale of Cuban-made pajamas at its 136 Canadian stores. A spokesman for Bentonville, Ark.-based Wal-Mart wasn’t immediately available for comment. . . . Borden Foods Corp. of Columbus, Ohio, plans to sell its famed Cracker Jack candy-coated popcorn and other non-core product lines to concentrate on its pasta and food businesses.