BusinessWeek
Obituary: Aldi Co-Founder Theo Albrecht
With his brother, Karl, the German billionaire built their parents' store into a discount grocery empire and became one of the world's richest men

Updated: 07/29/2010





Theo Albrecht, a billionaire German grocery magnate, noted recluse, and survivor of a bizarre kidnapping, made his mark on the U.S. by operating Trader Joe's, a retail food chain known for the cheerfulness and colorful Hawaiian shirts of its employees. Albrecht's expansion of the no-frills Aldi Group stores made him Germany's third-richest man. He died on July 24 at 88.





Little is known about Albrecht or his 90-year-old brother, Karl, who together presided over a global grocery empire with roots in Germany's industrial Ruhr Valley. Aldi had revenue last year of â?¬53 billion $69.9 billion. Their success turned the brothers into two of the wealthiest people in the world. Their combined fortune topped $40 billion in 2010, according to Forbes.


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