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Saw this cooler bag at Factory Direct in Richmond Hill today and bought one for 9.99 + tax.

I think it can be converted into a camera bag with some simple modifications.
Approximate dimensions in inches are 8W x 12L x 9H with a 9W bottom as it is unfortunately, a little bit tapered in shape.

It looks like a reasonable deal at this price, therefore wanted to share with fellow RFD'ers