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Theo Albrecht, Aldi & Trader Joe's Owner, Dies at 88
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by Jordan Yerman | July 28, 2010 at 07:51 am
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Theo Albrecht, Co-Founder of Aldi and Owner of Trader Joe's, Dies in Germany
Theo Albrecht, who founded the international Aldi discount grocery chain along with his brother Karl, has died in Essen, Germany. Described by Forbes as "more elusive than the Yeti", Theo and Karl Albrecht were Germany's two richest men, and they shunned publicity.
The world's 31st richest man, Theo Albrecht was last in the news when he was kidnapped for a 7 million deutschmark ransom in 1971.
From Aldi to Trader Joe's
Along with expanding Aldi into the USA, Theo Albrecht bought American discount grocery chain Trader Joes, expanding it to nearly 350 stores across the country.
Albrecht and his elder brother Karl both served as German soldiers in World War II then returned home to Essen and took over a small grocery store their parents owned. By 1950, they were already running 13 stores and five years later, they had expanded throughout Germany's western industrial Ruhr basin.
"Aldi mourns a person who was always decent with his business partners and employees and always treated them with respect," the company said. "We are losing in him our highly respected founder and a upright person."
Theo Albrecht is survived by his Karl and by his wife and two children.
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Most RecentMost Recommended Comments (1)
at 18:19 on July 30th, 2010
Dear Owners, Thank you so much for two wonderful stores. Our deepest sympathy goes out to your family. I wish you could bring trader joes to florida where there is now aldi stores. it would be a benefit to all. God Bless. Daneshoen. Mikols familie