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Knockouts employs an attractive all-female staff of licensed hair stylists and massage therapists. The services include haircuts, hair coloring, waxing, manicures, pedicures, and six types of massage therapy. Grooming products are also available for purchase. Some locations also offer hair replacement and facial shaves. Knockouts salons provide a free beverage to customers while they wait, including water, sports drinks and beer (where legally permitted). Knockouts has sold over 500 franchised salons in 29 states including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Kentucky, Louisianna, Maine, Massachusetts, Missouri, Montana, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Pennsylvania, Rhode Island, Texas, Vermont, Virginia, Washington, and Wisconsin.

The enterprise was founded as a limited partnership by Thomas P. Friday, his wife, Karin, and friend, Steven Turman, in Dallas, Texas in the summer of 2002. The first Knockouts salon opened on October 3, 2003 in Addison, Texas. In January 2005, the Fridays bought majority control in the partnership. The partnership was converted to a limited liability company, Knockouts LLC, in January 2008 and is now based in Irving, Texas. Tom Friday is Chief Executive Officer of the company, while Karin Friday is President and Steve Turman is Chief Compliance Officer.

Knockouts currently sponsors an automobile NASCAR racing series team consisting of drivers Bret Guzik and Matt Barndt, as well as Dawson Guzik, a racer in the American Motocross Association. Knockouts has sponsored the Indiana Ice of the United States Hockey League and mixed martial arts fighter Michelle Waterson.