I was going to donate it, but I have been trying to be more ecological about clothing and have been altering clothes rather than buying new so here is a new challenge, what to make. I can't alter it to fit me as a vest without cutting off most of the pockets but it's wide enough for my hips, so a skirt.
I cut off the shoulders along the ruler.
And added some fabric from the shoulders to patch the V-neck and make the waist straight and used grossgrain ribbon as waistband facing. Also sewed along the sides removing the armhole fabric and shaping the skirt. Note that there is a waist drawstring in the back of the vest/skirt. I took the string out and left the casing as a design detail. Which just means, I was too lazy to rip it out.