Francesca Holdings shares ended up 38 cents, or 11%, at $3.77.
Both companies recently executed reverse stock splits as they struggle with slowing sales and sustained losses. Francesca's plans to close at least 30 boutiques this year.
Pier 1 shares fell 63 cents, or 12%, to $4.66 Wednesday. It plans to close 60 stores this year.
Real Money columnist Jonathan Heller said the markets are skeptical about prospects for the companies amid the onslaught of online retailing and falling foot traffic at shopping malls. Both remain "busted companies. They tend to be volatile," Heller said. It "doesn't take a lot to move these," he added.