One of the founders of Nova Scotian Crystal says the financially troubled company could be saved.

Canada's only crystal maker announced it was shutting its doors on Friday.

The president of NovaScotian Crystal said they owe close $2 million dollars to creditors and he plans to put the company into receivership.

But Philip Walsh of Albert Bridge said that doesn't have to be Nova Scotian Crystal's future.

In 1996 Walsh — along with Dennis Ryan and Junie Bowes — started the country's only mouth-blown, hand-cut crystal company.

Both Walsh and Ryan left the company.

Walsh said the closure announcement shocked him

"Probably one of the saddest days, it's really hard to even speak about it you know what I mean. It's a really tough day for everybody," Walsh said.

Philip Walsh lives in Albert Bridge where he runs Island Crystal. (CBC)

"I'm really sure somebody will come in and have a hard look at it. It could be a viable company, no question. Would I be interested myself, yes I would, I certainly would be, definitely."

The world-class crystal maker on the Halifax waterfront is blaming its financial problems on the 2008 economic downturn.

In 2009 the company applied for protection from its creditors.

Its remaining stock will be sold over the next three to four weeks.

Nova Scotian Crystal employs 43 people in Halifax and Dartmouth.

Walsh has remained a shareholder in the company.