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Christmas Tree Shops plans to lay off 531 workers in New Jersey as the bankrupt discount retail chain works to wind down its business.

According to a notice with the New Jersey Department of Labor & Workforce Development, the company reported the following cuts will take effect by August at all its New Jersey locations:

• 143 in Springfield
• 61 in Brick
• 40 in Bridgewater
• 37 in Cherry Hill
• 33 in Deptford
• 51 in Freehold
• 20 in Mays Landing
• 48 in Paramus
• 40 in Rockaway
• 58 in Woodland Park

The retailer expects to permanently close its 80 stores across the U.S. by the end of this month and is now hosting going-out-of-business sales, offering discounts of between 30% to 70% off.

As of July 21, gift cards are no longer accepted and all sales are final, according to Hilco Merchant Retail Solutions, the firm handling the liquidation event.

After filing for Chapter 11 bankruptcy in May, the Massachusetts-based company hoped to emerge a stronger, more stable business by the end of the summer, shedding about 10 underperforming stores from its 80-plus brick-and-mortar footprint. Amid declining sales over the past two months, though, the chain defaulted on a $45 million loan used to keep remaining shops afloat and said it expected to liquidate remaining locations if a buyer couldn’t be found by mid-July.

Known for selling unique home goods at discounted prices, Christmas Tree Shops started as a holiday boutique in Cape Cod in the 1950s and expanded over the years to more than 80 stores in 20 states.

In 2003, Union-based Bed Bath & Beyond acquired Christmas Tree Shops for $200 million, saying it believed the brand was a great addition to its business, which, at the time, included its namesake banner and Harmon FaceValues.

Two years ago, Bed Bath & Beyond sold Christmas Tree Shops for $250 million to Handil Holdings, which had hoped to revitalize the chain. Bed Bath & Beyond – which has since gone bankrupt – said that the divestiture was part of an effort to simplify its portfolio as well as sharpen its strategic focus on the home, baby, beauty and wellness markets.