Here’s How Best Buy is Betting on Bezos

One day after Amazon (NASDAQ:AMZN) founder and CEO Jeff Bezos unveiled the company’s newly redesigned e-readers, Best Buy (NYSE:BBY) announced it has started taking pre-orders for all Kindle devices: the new Kindle, the updated Kindle Fire, the 7-inch Kindle Fire HD, and the Kindle Paperweight.

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Best Buy currently faces a myriad of problems stemming from increasing competition and low sales, which threaten the future of the company.  Sales dropped three percent in the second quarter, shares in the company have fallen 22 percent since January, and rivals Amazon and Wal-Mart (NYSE:WMT) erode the company’s customer base.

“The situation requires urgent action, not because there is a fire but because this is a very competitive world,” said the company’s CEO Hubert Joly in an interview with Business Week.

Today’s launch of the company’s Kindle presale could prop up sales.

“Adding these new Kindle products to our stores, especially as we gear up for the holidays, is going to be big for Best Buy and our customers.” said Vice President of merchandising Scott Anderson in the company’s press release.

The new Kindle, on sale for $69, along with the updated Kindle Fire, priced at $159, and 7-inch Kindle Fire HD, priced at $199, will be available at all Best Buy and Best Buy Mobile standalone stores on September 14th. The Kindle Paperwhite, $119 for WiFi and $179 for 3G, will be available at all Best Buy and Best Buy Mobile standalone stores in October.

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