After it began to sell off its stock of bicycles, the family-owned Toronto Island Bicycle Rental company learned yesterday it wouldn't need to shut down after all.

Earlier this month, the city of Toronto awarded the contract to rent out bikes on the Islands to a different organization.

However, as the Toronto Star reports, the successful bidder for this contract withdrew, so the city went with its second choice: Toronto Island Bicycle Rental, which has been renting out bikes, tandem bikes and so-called Flintstone cars on the Islands for the past 32 years.

Toronto Island Bicycle Rental cancelled its inventory sale, so you'll have to look elsewhere if you want to score a great deal on a new bike.

You'll be able to start renting bikes on the Islands starting on May 1. And thanks to the fact that they already sold off a number of bikes, the rental company will have a new fleet for this year.