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San Francisco’s Magic Theater has joined the list of regional theaters hit by economic woes, with the org declaring it must raise $350,000 by Jan. 9 to stay open.

The 42-year-old institution, already engaged in a staff shutdown, carries an accumulated debt of $600,000, and also has experienced dips in earned and contributed income.

Company already has cut its $2 million budget by more than $300,000. “We were trying to be really proactive in the first quarter,” said Magic a.d. Loretta Greco, adding that the theater plans to trim its six-play season down to five.

Still, company must now raise the $350,000 by early January in order to bring back staff and continue with its current season.

Last month another California theater troupe, Shakespeare Santa Cruz, put out a similar plea for a quick cash infusion of $300,000. Soon thereafter the org announced it had managed to drum up more than $415,000.

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Also in December, Baltimore Opera Company filed for Chapter 11, scuttling two spring productions.

Dedicated to new legit work, the Magic has served as a showcase for writers including Sam Shepard, whose plays “Buried Child” and “True West” preemed there. Company’s focus on new plays already ups the org’s financial risk factor, which has lately been exacerbated by the worsening economic climate.

Rehearsals for the theater’s next production, “Tough Titty” by Oni Faida Lampley, are skedded to begin early this month, but can only remain on track if the Magic’s fundraising goal is met.