Before you cut it up please consider donating it to a local high school where it will be given to a young girl who would otherwise not be able to go to her prom because she or her family do not have the means to purchase her a dress. Most high schools have a special program set up just for this purpose and those that don't usually have someone on staff or a volunteer who will assist the girl with the selection of a dress and see that the necessary alterations are made so it will fit her and in and in some cases given a few extra nips and tucks to make it fit into the current styles. While this may not seem like much to many, it is a really big deal to the girl receiving the gift of your dress and being able to attend her prom.
And, for those of you with formal type dresses and/or men's dress clothes that are hanging in your closet but you know you will never ever ware again, please consider donating them.