Wikipedia says that you are indeed correct as in the name reflected the original opening hours of the stores from 7am to 11pm. Obviously things have moved on since then in terms of opening hours
The "n" is lowercase in the 7-Eleven logo because the company president's wife suggested the change in the 1960s, believing that the all-caps version looked too harsh. She thought a lowercase "n" would make the logo seem more graceful and approachable, a design choice that was implemented and has been used ever since. Reason for the change: The wife of the company's president, John P. Thompson Sr., thought the all-uppercase "ELEVEN" looked too harsh. The suggested solution: She proposed changing the capital "N" to a lowercase "n" to make the logo appear more graceful and less aggressive. Result: The new design, implemented in 1968, was adopted and has been the standard ever since, creating a softer, more friendly brand identity.
