Collapsible bag arrangement and method

A collapsible bag comprising:

• a compartment for holding articles having at least a first side, a second side and a bottom, at least the first and second sides constructed of a foldable material, the compartment having an opening at the top, the bottom having an outside surface and an inside surface;
• a bottom strip having a middle portion, a first end portion and a second end portion, the middle portion being attached to the outside surface of the bottom of the compartment, the first and second end portions being of bendable construction and extending outward beyond the ends of the first and second sides;
• a first two-piece fastener, the first piece of the first two-piece fastener attached to the first end portion of the bottom strip and the second piece of the first two-piece fastener attached to the second end portion of the bottom strip;
• wherein the first and second sides of the compartment are foldable to conform generally to the size and shape of the bottom strip and wherein the first and second sides and the bottom of the compartment and the bottom strip are bendable to permit removably fastening of the first two-piece fastener such that the compartment is collapsed and maintained substantially within the perimeter of the bottom strip formed when the first and second end portions of the bottom strip are fastened together.