Sad to see (from a historical/tradition perspective) but this is probably a necessary move. Madison is...maybe not circling the drain (yet)...but not getting it done in their current state. Of course it needs to be more than moving coed, it will require a design/persona rethink. I hope it works out for them. I fear that it may not.
The Kilties made the same effort in the late 1970's, and were defunct within a couple of years.