Is there any way this coat can be updated by reforming the shoulder area?

The story: I got this coat from my mom around 1992 or whereabouts. It is by Cacharel, and my mom got it on a trip abroad, so it was very special. I wore it and loved it much in the early to mid-90s. Then the shoulder line and shoulder pads began to look too big for the changing fashions and I put it at the back of my closet ever since, not having the heart to part with it.

Now, in addition to the overside shoulder area (the side and back photos show this is an all-around issue), it has another problem--it is a little misshapen from hanging in the closet for so long.

It is warm, though, and fits me well from the chest down...

Is it worth the effort and expense to change? Can it be reasonably updated?

PS. My husband had quite a laugh at the shoulder line as he was taking the pics... I had to laugh, too!

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