Beeba’s Completes Sale to J.C. Penney

Beeba’s Creations announced the completion of its previously announced sale of a 20% interest in its stock to J.C. Penney Co. for $19.2 million. The transaction involved the sale of 1,025,995 newly issued shares at $18.75 per share. Beeba’s stock closed up 75 cents Wednesday at $15.50 per share in over-the-counter trading.

The agreement with Penney also calls for Beeba’s, a specialty clothing manufacturer, to assist Penney in setting up a new sportswear retail chain directed toward young working women. Penney will own the retail chain while Beeba’s will be a major supplier of clothing to be manufactured at off-shore plants.