No, it's still open, although it will eventually be closed and demolished to create a double roundabout at the biggest bottleneck in the morning traffic.
Frankly, apart from TT time when it's buzzing, it is the most depressing place! Friends and i went there a couple of times last year, and won't be going back. There will be a vacancy for provision of food and drink (not alcoholic, though, and I imagine someone will set up in the car park nearby, if it still exists then.
It win't affect the corner in the TT, as the roundabouts will be removed, but it will probably create a clearer corner... don't know what the spectator effect will be.