On both ends of the drawcord:

Use flush cutters to pry off the tip of the end cap.

Pull the drawcord end out of the end cap and untie the knot.

Remove the base of the end cap and any plastic discs (if present).

Wear safety glasses.

Save all these pieces.

Unthread the drawcord by releasing the tension from the cord locks and pulling it out of the garment completely.

The drawcord end knots can also be cut for faster removal (reference image #2). If doing so, add 1 inch (~25 mm) to the measurement in Step 3.