I started by cutting off the lower legs. The cuff was already sewn and the side seams I left as is. I just had to turn it inside out to sew the cut edge together and I had two bags.
The top part of the PJ's had enough material for two more bags. I even took the tie ribbon out to use to decorate the gifts.
Since I had more gifts to wrap than just four, I started pulling out more fabric from my stash. Stuff I'd been holding onto forever but hadn't used. I'm pretty happy to have made a good sized dent in my fabric stash. I was getting tired of storing all that fabric without have a purpose for it.
When I put my Christmas stuff away for the year, these gift bags and ribbons went into the storage box all ready for next year. Hooray for upcycling and "going green".