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My own chapter was in your situation and I've seen others. Usually the chapter by that point has insurmountable odds and closes.
The ONLY chapter I've ever seen turn it around was one at a very small college then associated with the Southern Baptist church. The chapter had fewer than 20 members and half of them were graduating.
It wasn't the sorority members, nor the sorority regional and national/international leaders (who were trying to save a neighboring chapter at a bigger school) that did it.
It came down the the Greek advisor, a wonderful lady who was not a member of any Greek org. She decided that the chapter would not close. After the usual recruitment in the winter, she determined that the chapter would holds its own recruitment after the formal recruitment was done.
First, she ordered all the sororities and fraternities to quit saying nasty things about the flailing chapter. Every sorority and fraternity member plastered their backpack with buttons supporting the chapter. They learned lots of about the sorority. Freshmen women were encouraged to sign up for the recruitment parties.
I think about 100 signed up. Three rounds of parties, I think, were held, and sorority sorority members helped our original members talk to the PNMs. Invitations were issued and the chapter pledged somewhere around 50 new members.
Believe it or not, attrition was very low and the chapter is thriving today, 20+ years later.
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