A soft sided insulated cooler bag has a base and side panels. The base includes a rigid or semi-rigid reinforcement or batten that serve to provide a relatively hard or stiff edge about which the bag can be panel folded over on itself. The upper edge of the bag has a length that is as great as half the periphery of the bottom panel. The bag can be collapsed to a flat position and then panel folded to a storage position. Retainers are provided to keep the bag in the storage position. The bag has lifting apparatus, which may be strap. The straps may be anchored to the bag at a plurality of anchor points, some of which may be sliding keepers, such that the handle can be moved to a first position in which the bag may be held in a predominantly up-and-down orientation, and to a second position in which the bag may be held in a predominantly flat or horizontal position.