The market may have pushed notably higher on Tuesday, but the same cannot be said for the Harvey Norman Holdings Limited (ASX: HVN) share price.
In fact, the retailer's shares sank to a multi-year low of $3.45 at one stage in morning trade.
Why are Harvey Norman's shares under fire?
Investors have been heading to the exits in their droves over the last couple of months following the release of a weak first-half result which saw profit in its Australian franchise business decline for the first time since FY 2013.
This has led many to believe that Harvey Norman is now facing a down cycle amid increasing online competition and a cooling housing market.
Fellow retailer JB Hi-Fi Limited (ASX: JBH) appears to be under pressure as well for the same reasons. So much so, short sellers have been scrambling to get hold of its shares.
At the last count, JB Hi-Fi Limited was the third-most shorted share on the Australian share market with 16.5% of its shares held short.
