[Q] S Memo Retired?

After installing the new XXLRC update for my Galaxy Note, it appears when I open S Memo there is a notification saying that the S Memo has been retired to move into the improved S Note. The S Memo application then disappears from the menu.

S Note didn't import the S Memo files :(
I had some important files in the S Memo how can I restore them? And why is the S Memo app retired??