Theo Albrecht | Founded Aldi chain, 88
Theo Albrecht, 88, the secretive cofounder of Germany's worldwide discount supermarket chain Aldi, a co-owner of Trader Joe's in the United States, and one of Europe's richest men, died Saturday in Essen, Germany. No cause of death was given.
Theo Albrecht, 88, the secretive cofounder of Germany's worldwide discount supermarket chain Aldi, a co-owner of Trader Joe's in the United States, and one of Europe's richest men, died Saturday in Essen, Germany. No cause of death was given.
The retail machine that Mr. Albrecht built with his brother Karl has won over German consumers with its no-thrills but super-cheap offer, making billionaires of the two and spawning imitation "hard discount" stores across Europe.
The brothers took over a family grocery after World War II and flourished as the German economy came back to life. By 1950, they ran 13 stores; five years later, they had expanded ito Germany's industrial Ruhr basin.
Aldi, an acronym for "Albrecht Discount," now has more than 4,000 outlets in Germany alone, where it is known for its no-frills shopping environment and a limited range of discount products.
The publicity-shy Mr. Albrecht kept a very low profile. In 1971, he was kidnapped in Germany and released after 17 days after paying a ransom of 7 million German marks.
In 1979, a family trust established by Mr. Albrecht bought the U.S. specialty grocery chain Trader Joe's.
Forbes magazine's 2010 list of the world's richest people estimated Mr. Albrecht's fortune at $16.7 billion. - AP