At $50 it's a tough call, unless you really, really like that one particular pair -- but if the headphones could be disassembled to where you could get access to the cable's solder connections, a new cable could be installed.
You could probably get a 3.5mm stereo patch cable of sufficient length and cable diameter from Monoprice or wherever, cut one of the ends off, feed that through the grommet, strip the sheathing and insulation as needed, and resolder. This is assuming you have a soldering iron handy.