Certainly I know it and it's still there. It doesn't have a jazz section, but I used to go in there with my daughter who was an indie fan. The Gallaghers used to reminisce about their youth in Burnage spent trespassing on the railway, breaking into cars and looking through records in Sifters!
P.S. Same daughter tells me there used to be a Criminal Records inside Affleck's Palace (Manchester yoof clothing emporium) owned by one of the Inspiral Carpets.