Theo Albrecht

Theo Albrecht was a German entrepreneur who co-founded the Aldi discount supermarket chain with his brother Karl Albrecht. He was born on March 28, 1922, in Essen, Germany, to a Catholic family of modest means. His father was a miner and later a baker's assistant, and his mother ran a small grocery store. Theo learned the grocery business from his mother and joined his brother Karl in running the store after returning from World War II, where he served in the German army and was captured by the Americans in Tunisia. The brothers expanded their business by opening more stores and offering low prices and high quality products. They named their chain Albrecht Diskont, or Aldi for short. In 1960, they split the company into two separate entities: Aldi Nord and Aldi Süd, after a dispute over whether to sell cigarettes. Theo took over the management of Aldi Nord, which operated in northern Germany and later expanded to other countries, including France, Spain, Portugal, Poland, Denmark, Belgium, and the Netherlands. He also bought the US-based convenience store chain Pronto Markets in 1979 and renamed it Trader Joe's, which became a popular retailer of organic and specialty foods. In 1971, Theo was kidnapped by two men who demanded a ransom of seven million German marks (about US$2 million at the time). He was released after 17 days when the ransom was paid by his brother Karl and delivered by Franz Hengsbach, then Bishop of Essen. The kidnappers were later caught by the police, but only half of the money was recovered. Theo tried to claim the ransom as a tax deductible business expense in court, but failed. The kidnapping made him more reclusive and security-conscious. He drove to work in an armored car and used different routes every day. He rarely gave interviews or appeared in public. Theo retired from daily operations in 1993 but remained as chairman of the board of Aldi Nord until his death. He married Cäcilie Albrecht in 1949 and had two sons: Theo Jr. and Berthold. He was known for his frugal lifestyle and philanthropic activities. He supported various causes, such as education, health care, culture, and sports. He also collected art and owned a large collection of old typewriters. Theo died on July 24, 2010, at the age of 88 in Essen, Germany, after a long illness reportedly caused by a fall. He was buried in Friedhof Bredeney in Essen. At the time of his death, he was ranked by Forbes as the 31st richest person in the world, with a net worth of $16.7 billion. His fortune was inherited by his sons and their families.