During the company's most recent quarterly call with investors and analysts, Kohl's reported a 4.1% sales decrease, continuing a streak of quarterly sales decreases that has started more than two years ago. The company is also expecting a net sales decrease between 5% and 7%.

There is a sudden interest by investors in highly shorted stocks this week that has led to some outsized rallies. Kohl's Corporation (NYSE:KSS) did not show any clear signs of letting up in premarket action on Wednesday after a wild ride on Tuesday that saw the department store stock surge 38% on volume that was 20X the normal activity.

Shares in the retailer jumped 38% as investors discussed whether it was the next meme stock. The heavily-shorted shares are still down nearly 30% over the past year. Target (TGT) s