Stephens Supply Company, one of Fuquay-Varina’s oldest family-owned businesses, closed two of its satellite divisions stores last week, blaming hard economic times over the past two years for the cutback.

Stephens Supply Company, at 405 Broad Street, still referred to by many locals as Stephens Hardware, will continue in operation.

Stephens Lighting Company across the street and the building supply business closed Friday. Both were dependent on the building industry which has all but ground to a halt in recent months.

The downsizing steps will reduce Stephens’ employee numbers from 55 to 15, according to Wayne Carver, president, CEO and general manager of the business.

Carver said Friday the downturn has been too long, and the company doesn’t see any end to it. He said Stephens is “going back to its roots.” He said the hardware store has gained business as the satellite operations have faltered. Company officials informed employees of the impending restructuring last week.

A close-out sale will start tomorrow (Thursday) at the lighting store. Carver said building supplies are being sold back to vendors or to competitors.

Once the sales are completed and the spaces emptied, Carver said the company hopes to lease both store and warehouse space.

While Carver runs Stephens, now an affiliate of Ace Hardware, the store is still owned by the five sons of its founder, Isaac Stephens, who opened his first mercantile enterprise at the age of 19. Isaac and his brother, Hoke, opened a service station and general store in the 1920’s on Highway 401 at McCullers.

In 1934, Isaac Stephens opened a general store, known as Stephens Farmers Supply in a 30 x 50-foot building on Broad Street in Varina, selling groceries , work shoes, overalls, seed, hardware, farm machinery and implements and even two-horse wagons.

In the early 1940’s he began selling a complete line of hardware and building materials and subsequently changed the name to Stephens Supply Company.

Over the years the store’s name has changed more than once, a fire destroyed the store in 1968, but operations continued in a warehouse while the store was rebuilt; other branch stores were opened in neighboring towns; but Stephens has continued in business on Broad Street for 76 years. The owners expect it to go on for many more.

In a Favorite Businesses poll conducted recently by The Independent, Stephens got the most votes as Favorite Hardware Store.