In a preferred embodiment, the present invention is a plush toy having a body, a first pocket, a second pocket, and an extendable member that may be positioned as a necklace, a headband or a strap. The extendable member may be retracted into one of the pockets through a hole or holes in the body of the toy leaving only a small portion of the extendable member external to the body or may be extended from the body. When retracted, the extendable member may be positioned, for example, as a necklace or a headband.