Polzela's receiver Zlatko Hohnjec sold the brand, which goes back almost a century, along with the finished goods inventory, for the asking price of EUR 390,000.

The Estonian textiles-specialised wholesale trader plans to revive Polzela's retail chain in Slovenia and Croatia and also start exporting to other former Yugoslav markets.

Sirekar Hulgi OÜ, which has 20 years of experience in the Baltic region and is also present on most markets of Eastern Europe, plans to further develop Polzela as an internationally known quality brand.

The Estonian company is said to also be examining the chance of producing certain products in Slovenia, where it will also be marketing and distributing its remaining portfolio.

Polzela, whose workforce exceeded 1,000 during its heyday in the former Yugoslavia, went into receivership in December 2016. Several attempts to salvage it or sell it failed. Prodcution was shut down in July and its last remaining shops in the country are being closed down.