CONCORD, Calif. -- Concord's Willows Theatre will close at the end of the month due to financial difficulties, the theatre's artistic director announced Tuesday.

"It is with enormous regret, reluctance and emotion that we have been forced to make this painful decision," artistic director Richard Elliott said in a statement.

Elliott said private donations and fundraisers were unable to raise the necessary $350,000 by Nov. 1.

The Willows Theatre opened in 1977 and has since presented more than 200 productions.

The theater's last production is the comedy "Barefoot in the Park," closing Nov. 8.

The Willows Theatre Company will continue to operate the Willows Cabaret at the Campbell Theatre in Martinez and has planned improvements to that venue.

Charles Lewis, the theatre company's board president, attributed the closure to higher costs, increasing debt, a decline in patronage and the economic recession.

"These factors left us no choice but to sharply reduce our expenses," Lewis said.

"In the end, the reality is that we could no longer operate two theaters and conduct business as usual," he said.