Replacement cords are available from both manufacturer and third party appliance centres for about $20.
This looks relatively expensive as the cost of just the cable and cord would be less than $5-6. Then you have to get the cable (a right pain unless you want to buy a 100 metre roll), wire the connector and ensure that the cover holds in place (so that it does not "shrink" as you have experienced.
You should get an electrician replace the cord as often the connectors of the replacement cord do not match that of the appliance and further modification of the cord is needed.
Doug, December 2007