Francesca's Holdings (FRAN - Get Report)  shares rebounded Wednesday after it disclosed in an SEC filing that Cross River Capital Management has a 20% stake in the specialty retailer.

Francesca Holdings shares ended up 38 cents, or 11%, at $3.77.

On Tuesday, the stock fell sharply, along with that of fellow specialty retailer Pier 1 Imports. (PIR - Get Report) .

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.