Dollar stores are hitting hard times, amid shoplifting and inflation-weary shoppers

Since their beginnings in the 1950s, dollar stores have mushroomed across the U.S., sprouting up in urban and rural communities alike. But their rapid growth appears to be hitting a speed bump as their low-income customers struggle with inflation, cuts to government benefits and other problems.

Dollar Tree on Wednesday said it will shutter about 15% of its Family Dollar locations, leading to the closures of roughly 1,000 stores. It also plans to close about 30 of its own Dollar Tree-branded stores, with the company singling out unprofitable locations amid a hit to its customer base from inflation and cuts to food stamps.