Someone posted something very similar after a facebook discussion, but here is my version. No felt involved--just a receiving blanket, a few straight pins, and some laminated bears I found lying around. I love the challenge of making use of things that have lost their story!
I pin the blanket to the board at he top corners. I fold the bottom edge up so the blanket is in half. Then I fold that bottom edge back down to meet the fold I created. I secure it at the middle fold. Then the bears get tucked in.