Located on Longmeadow Road, the store is owned by Dharl and Mary Wilfong of Hagerstown.
The store will close sometime between Dec. 15 and 20, Dharl Wilfong said.
"It is time to retire," he said.
The Wilfongs said they are appreciative of the community for supporting them through the years.
"It saddens us to leave," Mary Wilfong said.
The couple bought Martin's Fine Furniture from Mary's uncle and aunt, Aldus and Mary Martin, in May 1979.
"Aldus called me and said: 'I want you to buy my furniture store,'" Dharl Wilfong said with a chuckle. And he did.
The couple's son, Kevin Wilfong of Frederick, Md., said: "I grew up in this store. My parents have passed on a legacy of service."
During the 32 years as owners, the couple has not only provided furniture and service to the community, but they have been involved in raising funds for nonprofit organizations.
Mary Wilfong arranges the advertising for the store and also organizes funding for nonprofit groups.
She said one of the fundraisers the store hosted was a bed race in downtown Hagerstown in the early 1990s. Participants designed beds with wheels and raced them in the street. Funds from the race were distributed to nonprofit organizations.
Even though the couple is retiring, they will remain involved in the furniture business with their ownership of Ethan Allen, a home interior store in Frederick, Md. They are passing on the major responsibilities of operating Ethan Allen to Kevin, Dharl Wilfong said.
The Wilfongs want to continue their commitment of community involvement through the Ethan Allen store, Dharl Wilfong said.