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Loose Cover upholstery repair

I have an armchair with a loose cover that has shrunk in the wash. (See pics). We don’t have the money to get a new cover at the moment so wanting a quick fix. Thinking a single pleat down inside back and seat (under cushions) and/or a single pleat down the outside back. I don’t have the same fabric but some could be borrowed from under cushions and replaced with calico or similar.