/cgl/ - Cosplay & EGL

Is there any way to shorten and take in an already made pleated skirt? I need to shorten it substantially, basically to half it's current length.. I've considered cutting off the waistband (which would open up the pleats) and just using it as fabric to remake it shorter and a few inches tighter. Would that work?

Pic isn't the skirt in question but you get the idea.