Theo Albrecht

Theodor Paul Albrecht (German: [ˈalbʁɛçt]; 28 March 1922 – 24 July 2010)[1] was a German entrepreneur. He established the discount supermarket chain Aldi with his brother Karl Albrecht. In 2010, Theo was ranked by Forbes as the 31st richest person in the world, with a net worth of $16.7 billion.[2]

Theo Albrecht
Born
Theodor Paul Albrecht

(1922-03-28)28 March 1922
Essen, Rhine Province, Prussia, German Reich
Died24 July 2010(2010-07-24) (aged 88)
Essen, North Rhine-Westphalia, Germany[1]
NationalityGerman
OccupationEntrepreneur
Known forCo-founder of Aldi, owned Trader Joe's and Aldi Nord
Spouse(s)Cäcilie Albrecht
Children
Relatives

Business career

Theo learned the grocery business from his mother, in order to escape the fate of his father in the mines. He and his brother Karl developed Albrecht Diskont, one of Europe's largest chains of supermarkets, with the motto "The best quality at the lowest price," and now known by its acronym, Aldi.[3] Forbes has estimated Theo's fortune from the supermarket chain as approximately £11 billion.[4] Theo and Karl Albrecht split the Aldi Company they founded in 1960 after a dispute about whether to sell cigarettes. The supermarket divided into two legally separate operating units with two distinct geographical locations. Theo's Aldi Nord set to operate in the north of Germany, while Karl's Aldi Süd set to operate in Germany's south. Theo retired from daily operations in 1993 and remained as chairman of the board.[5]

Kidnapping

In 1971, Albrecht was kidnapped for 17 days. A ransom of seven million German marks (approximately US$2 million at the time) was paid for his release.[6] He was held at gunpoint by Heinz-Joachim Ollenburg, a lawyer, and his accomplice Paul Kron. The ransom sum was delivered by the Bishop of Essen. His kidnappers were eventually caught by authorities, but only half of the money was recovered.[5] Albrecht later unsuccessfully[7] claimed the ransom as a tax deductible business expense in court.[5]

Personal life

Theo was raised in a Catholic household.[8] During World War II, Theo was conscripted into the Wehrmacht and served with Rommel's Afrika Korps.[3] Theo was captured by the Americans in Tunisia. In 1946 he returned to Germany.

Theo's kidnapping in 1971 partially explains his and the family's hermit-like manner of existence. The kidnapping caused him to drive to work in an armored car, using a different route every day. Little is known about Theo and the Albrecht family's personal lives. The Albrecht family members are known to be very reclusive and have been described by Forbes as ‘more reclusive than the yeti’.[5] Theo was rarely pictured by photographers, and he never made a public statement. The last published photo of Theo Albrecht dates from 1971, one day after his kidnapping. Another photo of the two Albrecht brothers together was taken in 1987 by journalist Franz Ruch.[9]

Theo and his brother Karl were once said to own an island located in the North Sea, where they indulged their hobbies such as golf and pastimes, including the collecting of antique typewriters.[10] Theo had, as do members of the Albrecht family now, a highly secure estate overlooking the Ruhr valley. Obsessed with frugality, Theo is said to have collected and used pencil stubs frequently. He was also known to wear cheap, poorly fitting suits, and preferred plain meals with many potatoes.[10] When he was asked to approve the plans for a new store in the Netherlands, he stated that the design was good, but the paper it was drawn on was too thick: "If you use thinner paper, we will save money." [6]

Theo Albrecht died 24 July 2010, in his hometown of Essen.[1][11]

References
  1. "Aldi-Gründer Theo Albrecht ist tot" [Aldi co-founder Theo Albrecht is dead]. Der Spiegel (in German). 28 July 2010.
  2. Forbes profile page on Theo Albrecht March 2010
  3. "Theo Albrecht: One of the two brothers behind the Aldi supermarket empire". The Independent. London. 14 August 2010. Retrieved 2 April 2014.
  4. "Theo Albrecht, Jr. & family". Forbes. 3 March 2014. Retrieved 2 April 2014.
  5. "Theo Albrecht". The Telegraph. London. 30 July 2010. Retrieved 2 April 2014.
  6. Brown, Emma (29 July 2010). "Theo Albrecht, 88, dies; started Aldi food chain and expanded Trader Joe's". Washington Post UK. Retrieved 2 April 2014.
  7. https://www.spiegel.de/spiegel/print/d-39867665.html
  8. "Theo Albrecht Jr Story - Bio, Facts, Networth, Home, Family, Auto | Famous Entrepreneurs | SuccessStory". successstory.com. Retrieved 8 September 2020.
  9. "The World's Billionaires". Forbes.
  10. van der Vat, Dan (5 August 2010). "Theo Albrecht obituary". The Guardian UK. Retrieved 2 April 2014.
  11. https://www.forbes.com/sites/billions/2010/07/28/billionaire-owner-of-trader-joes-theo-albrecht-dies/
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