Best Buy says Apple iPad 2 units are being held for an 'upcoming promotion'

In response to rumors, Best Buy issued an official statement on Friday to Boy Genius Report, in which the company denied it is in any hot water with Apple. Instead, it said that stock is being held for an upcoming promotion, on which it provided no further details.

"Best Buy continues to receive iPad 2 inventory from Apple on a regular basis," the company said. "As we've said previously, we are fulfilling customer reservations first.

"Our stores have been asked to temporarily hold non-reserved iPad 2 inventory for an upcoming promotion. This is a customary practice for us when there are supply constraints. Best Buy enjoys a great partnership with Apple, and we're delighted by customer response to iPad 2."

This week, rumors began to swirl that Best Buy had caught the ire of Apple over an alleged policy to stop iPad 2 sales once the company met a certain quota for the day. One report claimed that Apple had "blacklisted" Best Buy for the purported practice.

It was also claimed that Apple Chief Operating Officer Tim Cook was personally involved in "negotiations" with Best Buy over the dispute. A separate report said that Apple had "ordered a freeze" on all Best Buy iPad 2 sales.

Best Buy has been a close partner with Apple, debuting Apple-specific boutiques in its stores with the approval of the Mac maker starting in 2008. And last year, when the first-generation iPad went on sale, Best Buy was an exclusive launch partner, while other retailers like Target and Walmart were forced to wait for the right to sell the iPad.