Since it's a misdemeanor (less than $500) the police have up to 1 year to decide to press charges. The letter will be sent to your parents, so yes, they will find out. Maximum penalty for misdemeanor shoplifting is 1 year in jail and $1,000 fine.
It could take anywhere up to one year. More than likely, you will be issued a notice to appear in juvenile court and your parents will need to go to court with you.
Depending on the county, it may take a few weeks. Generally, the larger the county the longer it takes the court to set a date for arraignment. I would strongly recommend you retain a criminal defense attorney. While it is potentially only a juvenile charge, theft charges have long lasting implications on people's ability to find future employment.
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