U of Phoenix, a for-profit chain of universities, is closing 155 of their colleges in the US. This is over half of their facilities:
Enrollment at U of P and at the other for-profit schools like Devry has been shrinking due to bad publicity based on both poor result outcomes and high default rates on student loans. In addition, more traditional unis have been getting into the online market, so students have more choices.
U of P has been doing other things behind the scenes, such as increasing class sizes and letting faculty go, which are not discussed in that article.