Rumors started circulating last week that the PlayStation Store would soon be closed on the PlayStation 3, PSP, and PS Vita. Sony has now confirmed the news, with the PS3 and PSP stores closing on July 2nd. The PlayStation Vita store will close less than two months later on August 27th. The closures will impact new purchases, but players will still retain access to any games and content they purchased prior to the shutdown.
Once the stores have closed, players will not be able to purchase any new games or video content on these platforms. Sony went into more detail on what players will and will not be able to do after the store closures:
Features you will still be able to access:

You will still be able to re-download and play previously purchased game titles. You will still be able to access previously purchased video/media content.
You will still be able to redeem game and PlayStation Plus vouchers.
You will still be able to re-download and play claimed game titles through PlayStation Plus as long as you remain a member of the service.

Features you will lose access to:

You will no longer be able to purchase PS3, PS Vita and PSP digital content, including games and video content.
You will no longer be able to make in-game purchases through games on PS3, PS Vita and PSP.
You will no longer be able to redeem PSN wallet fund vouchers (e.g. gift cards) on PS3, PS Vita or PSP devices once PlayStation Store and purchase functionality for these devices close. Your PSN wallet fu...