From this past fall: https://www.insidehighered.com/news/2015/10/21/why-two-colleges-are-allowing-themselves-shrink-rather-chase-volume
From spring 2014: https://www.insidehighered.com/news/2014/04/09/vermont-liberal-arts-college-expecting-things-will-get-bad
Maybe they’ve changed course since these were published? (edited to add: or maybe my characterization doesn’t adequately represent their planned course of action?)
The ongoing decline in the population of high-school graduates in the northeast now into the next decade is a well-documented demographic trend – one reference from a quick search: http://www.rockinst.org/observations/lanej/2013-02-Are_Colleges_in_the_Northeast_Prepared_for_the_New_Demographic_reality.aspx