See updated http://jsfiddle.net/QFQ5k/21/
$('#mydiv').hide();
var vbackup = $('#txtbox').val();
$('#btn').click(function () {
$('#mydiv').slideToggle('fast', function () {
alert(vbackup);
if ($(this).is(":visible")) {
}
else {
if ($('#txtbox').val() == '') {
// In this alert vbackup
// is empty !!
$('#txtbox').val(vbackup );
}
else
vbackup = $('#txtbox').val();
}
});
return false;
});