Sometimes the right decision is to stop. The platform moved on, the market shrank, or you no longer want to maintain it. How you leave matters, because your other items carry the same name.
Decide before your buyers notice
An item quietly rotting is worse than one honestly retired. Buyers can tell the difference between "no longer sold" and "still on sale and abandoned", and they judge the second one harshly.
Stop selling before you stop supporting
Remove it from sale first and let existing support periods run out naturally. Taking money on a Tuesday for something you abandon on a Wednesday is the version of this that ends in refunds and a damaged store.
Tell the people who own it
A final changelog entry saying plainly that this is the last release, what it is compatible with, and until when you will answer support. Buyers can plan around honesty. They cannot plan around silence.
Ship one last update if you can
Compatibility with the current platform version, and any known security fix. It costs a day and it leaves the people who trusted you with something that works for another year.
What they keep
Their licence does not expire and their download stays in My licences. Removing an item takes it off the storefront, not out of the accounts of people who already bought it.