J.C. PENNEY <JCP> TO BUY EQUITY IN BEEBA'S J.C. PEnney Co Inc said it signed a letter of intent to acquire one mln shares, or a 20 pct equity interest, of Beeba's Creations Inc <BEBA> for 18.75 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 100 Penney stores in early 1988. 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 28, Beeba's reported net income of 1.2 mln dlrs on sales of 39.4 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.