The company does say that users who have purchased Movies & TV content from the Microsoft Store in the past will continue to be able to access that content via the Movies & TV app, which can be downloaded from the Microsoft Store. It's just the storefront itself that's going away.
This has been a long time coming, especially after
Microsoft killed its music streaming service, Groove Music, all the way back in 2017. Ever since, people have assumed Movies & TV would be next, and now that day is finally here. Microsoft says it will not be offering refunds for recent purchases.
If you live in the US, you can utilize a service called Movies Anywhere to sync your purchased content to other services that also support Movies Anywhere. For those not in a region where this is possible, you will have to keep using the Movies & TV app to stream the content you've purchased in the past.
This will be frustrating news for anyone who has built up a large collection of Movies & TV content using Microsoft's service over the years. They'll now have to switch to a new platform to continue that collection. If you wanted all your stuff in one place, that's no longer an option.