I have seen these scenarios play out before with publicly traded colleges, with different outcomes:
Corinthian Colleges "COCO" (Everest College and Wyotech) was bailed out by the feds and student loan servicer ECMC. All the schools eventually closed.
ITT Tech ("ESI") went bankrupt. All schools closed.
Education Management Corporation "EDMC" (including Art Institutes, Argosy, and South University) was bailed out by Dream Center and they are struggling as most of their campuses are closed.
Career Education Corporation "CECO" got rid of all but two brands (Colorado Tech and American Intercontinental University). They are struggling but surviving.
If servicemembers or vets have complaints about campus closings or other issues, that can file formal grievances through DOD's PECS and VA's GI Bill Feedback System. They can also ask Veterans Education Success for help.
PECS (for servicemembers)
https://pecs.militaryonesource.mil/pecs/dodpecs.aspx
http://www.dantes.doded.mil/EducationPrograms/support-in-school/schoolconcerns.html
http://download.militaryonesource.mil/12038/MOS/Reports/PECS-Report-FY15.pdf
GI Bill Feedback System
https://www.benefits.va.gov/gibill/feedback.asp
Veterans Education Success
https://veteranseducationsuccess.org/contact/