Absolutely right. They are not preferential creditors. They are, to put it in the vernacular, totally stuffed. The bigger chains will swallow the loss and gain a great deal of PR, but the small hotels will suffer enormously. The travel world has been self-evidently changing for a long time. Younger people particularly are booking bucket-flights and using AirBnB. Many visitors to Agios Stefanos now prefer to get a flight and book local non-aligned accommodation. TC's dinosaur management failed to grasp this. Having loads of High Street shops is pointless. BA saw this years ago, and closed them all. I fully expect TUI to follow suit before long. We have a TUI shop five minutes away on a free bus, but we've never used it to book anything. In January 2019 TUI closed 100 UK shops.