Trader Joe's Owner Dies at 88
(FILES) - Picture taken on December 17, 1971 shows Theo Albrecht, the joint founder of budget supermarket giant Aldi, waving at his villa in the western German city of Essen. Albrecht has died on July 14, 2010 aged 88, the firm said on July 28, 2010. AFP PHOTO / ROLAND SCHEIDEMANN GERMANY OUT (Photo credit should read ROLAND SCHEIDEMANN/AFP/Getty Images)
Updated at 1:00 PM EDT on Wednesday, Jul 28, 2010
The supermarket pioneer behind Trader Joe's and the international grocery chain Aldi died at his home in Germany.
Theo Albrecht, who was 88, was a German soldier in World War II who returned home after the war to his parents' grocery store in Essen, Germany. By 1950, he and his older brother Karl had expanded to 13 stores. Aldi, an acronym for Albrecht's Discounts, now has more than 4,000 stores in Germany alone.
Albrecht bought Monrovia, Calif.-based Trader Joe's in 1979, and oversaw exponential growth in the specialty grocer over the last 30 years.
Albrecht was worth an estimated $16.7 billion, according to Forbes.
Published at 12:45 PM EDT on Jul 28, 2010