A foldable power strip having a pair of housing members having one or more outlets thereon and being rotationally connected together about a hinge or vertical axis. A power cord housing is also connected about the hinge or vertical axis to permit the housing members and power cord to be independently rotated relative to one another. The inside walls of the housing members may include side members that define a recess for receiving and protecting the power cord when the housing members are in the closed position.