PARSIPPANY — The Rite Aid pharmacy located in Lake Hiawatha is set to close its doors soon. This decision comes as a result of various factors, including business strategy, lease and rent considerations, local business conditions, and store performance, as stated by a company spokesperson. According to a store employee, the pharmacy, located at 480 North Beverwyck Road, Lake Hiawatha, will conclude its operations on April 26, with the remaining store sections closing in early May.
With over 2,000 locations across 17 states, Rite Aid announced anticipated fiscal losses for 2024, expected to range between approximately $650 million and $680 million. A company spokesperson emphasized the regular review of locations to align with customer needs and overall business goals.
A settlement has been reached between Rite Aid and its lenders, the U.S. Department of Justice, and drug supplier McKesson Corp, facilitating the completion of Rite Aid’s bankruptcy case by late April, as per a company lawyer. This settlement, unrelated to ongoing lawsuits over opioid medications, addresses the pharmacy chain’s high debt and strategic restructuring efforts initiated since filing for bankruptcy in October 2023.
Apart from Lake Hiawatha, several other Rite Aid stores in New Jersey have either closed recently or are scheduled to close soon, including locations in Morristown, Bayonne, Haddon Township, Logan Township, Newark, and Newton. Nationwide, a total of 77 additional stores are slated for closure, bringing the total count of planned closures since last October to 431.
Customers seeking to transfer prescriptions before the closure can reach out to Greenhill Pharmacy at (973) 887-9444, located at 64 Parsippany Road, or Lakeshore Pharmacy at (862) 701-5808, situated at 299 Parsippany Road. Both pharmacies are locally owned and operated. Alternatively, Rite Aid will automatically transfer prescriptions to a nearby location for customers who do not opt for a transfer.
