	j c penney jcp to buy equity in beeba s j c penney co inc said it signed a letter of intent to uire one mln shares or a pct equity interest of beeba s creations inc beba for dlrs a share penney said the agreement also calls for beeba s a major supplier of junior sportswear to work with penny in the establishment of junior specialty shops to be created in about penney stores in early freestanding stores are also being planned the company said beeba s will be the principal source of merchandise to the shops it said for the six months ended february beeba s reported net income of mln dlrs on sales of mln dlrs penney said it will establish an independent merchandising and marketing organization to manage and support the shops which will be staffed by personnel both from within and outside the company the company said the new agreement would have no impact on its current supplier base and it will continue to work with as braod base of suppliers of junior sportswear as it does in its other merchandise areas reuter 
