This is my first time posting pics so I hope it works!
Here are a couple Christmas gift pants leg bread bags I made, and also the one for myself that can hold four loaves of bread. (I shop at the outlet so I get a lot of bread at a time.)
I posted a tutorial for the pants leg bread bag on my blog here: http://gitdownkitty.blogspot.com/2010/12/pants-leg-bread-bag-tutorial-warning.html
It's really very simple and if you're handy with sewing at all you probably won't need the tutorial. The bags are just 12 pack boxes- the fridge pack kind- and either the leg from a pair of pants or a vintage pillowcase (for the four loaf bag).
I never have squished bread anymore!!