I think Joe may be partially correct, especially with the menu. It seems they could have done so much more with it. The menu wasn't unique. I always felt they should have at least some park food (i.e. cheese-on-a-stick!!).
I think a lot can be said, though, about the location. It may be OK from May to October, but that area is dead during the winter. The McDonalds across the street is only open to something like 6pm or 7pm during the winter - and only because the McD's corporation says they have to stay open that late. Other than a little bit of a lunch crowd, there just isn't much business during the off-season. They probably just weren't making enough money being open for 6 months. Just a guess.
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Cedar Point Virtual Midway
http://www.virtualmidway.com