I bought this 8 year old variegated serissa in August.
8 years is not old, but very young for a bonsai (if you want to consider this a bonsai)..
Serissa is a difficult plant. In my experience, once it is in this state, it will not come back.
You can try and continue to care for it properly. Read the guidelines on this website, under Tree Species. Chances are slim though.