Originating from the South, the term fye is simply the word "fire" with a heavy southern accent added. "Fye" and "fire" can be used interchangeably as adjectives in this sense, depending on the preference of the speaker.
"Damn, these burgers are FYE!"
"Those kicks are FIRE!"
Describing a person:
"You see that girl over there? She's lookin FYE today."
Yea bro, that new store's an FYE
As of 2011 they are concentrating on Justin Beiber, and his face can be seen plastered on the majority of merchandise around entire stores, where it sits collecting dust.
Their music selection is not very impressive, as most of the music is new pop/rock and rap aimed at kids, so finding anything from 20 or 30 years ago is hard. Also, alot of the CD's and DVD's are extremely over priced.
Needless to say, it's no surprise they have closed alot of locations due to poor sales, and probably won't exist in another 5 years.