After the ride's manufacturer, TOGO, went out of business in 2001, parts for the ride became more expensive and harder to find. Following the 2001 season, Paramount Parks began to dismantle King Cobra and put it up for sale.

The King Cobra at Kings Island, which was the first roller coaster designed specifically for a standing position from its inception, officially closed at the end of the 2001 season because its manufacturer, the Japanese firm TOGO, went out of business. Once TOGO ceased operations, the park found it increasingly difficult and expensive to source the specialized replacement parts required for the ride's unique "stand-up" mechanical systems. Facing rising maintenance costs and the unavailability of manufacturer support, Paramount Parks (the park's owner at the time) decided to dismantle the ride. While it was briefly put up for sale, no buyer was found, and much of the track was eventually scrapped, though some components were kept to provide spare parts for a similar TOGO coaster at Kings Dominion. Its removal in early 2002 marked the end of an era for stand-up coasters in Ohio, eventually making way for newer attractions like Delirium in the Action Zone area of the park.