I cut apart each sentence strip and store them in an envelope with the label on the front. I keep them right in my Blue LLI folders with the lessons. You could also laminate them to last longer since they can be used again and again.
The story retell can be done right after the new book or it can be done the next day with the black and white book. I use these whole group for our lesson with the black and white book. You could also copy them for each student to cut and glue into a journal.