Actually, according to the article HD 140283 is only 190 light years away. That's practically right next door to us. So no, the star could quite possibly still be alive and well in its old age.
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Ah you are right and given the theory that the universe is expanding, it may have been even closer to us at one point.
The expansion of the universe is visible in the very very very big scale. The galaxies are generally spreading away from one another. But it is only the general direction. The gravity makes them move in complex trajectories so some of then are aproaching or even colide.
The Milky Way ~100,000 light-years in diameter, so this star is inside it. Inside a galaxy the movements of the individual stars are even more complex, so they get closer or more distant.
Steller and galactic motion is much more important at that scale than cosmic expansion.