repairing leather shoes

I just dug these shoes out of my closet after about 4 years of sitting there. I'm wondering if the cracking and peeling in the leather can be repaired and if so if it is worth it to do.
I paid about 100 euro for them 4 years ago.

tanks.

Link to imageshack gallery

http://yfrog.com/7gimg2365gjx

Ilyaho Express
132 East 17th Street
between 3rd and Irving Place
(between 3rd Ave & Irving Pl)
New York, NY 10003

(212) 777-1380

Check out Yelp for further info.

Ilyaho Express
132 East 17th Street
between 3rd and Irving Place
(between 3rd Ave & Irving Pl)
New York, NY 10003

(212) 777-1380

Check out Yelp for further info.