A method and apparatus for producing a plurality of bi-oriented, heat-shrinkable thermoplastic tubular films is disclosed. Thermoplastic resin is extruded through a plurality of annular dies to form a plurality of molten plastic tubes. The tubes are cooled and solidified and sent through a plurality of pinch rollers to stretch the tubes simultaneously in a machine and transverse direction, creating a plurality of tubular films. The films are cooled and heated, and then relaxed simultaneously in a machine and transverse direction. Winding rollers then wind up the finished tubular films.