“Albrecht was the second-richest person in Germany and the 35th-wealthiest in the world, with an estimated fortune of $20.9 billion. With his brother, Theo, he built a business that ranked as the world’s 11th-biggest retailer in 2013.  The retailer’s name derives from a combination of Albrecht and the German word Diskont, or discount. His father was a miner and baker, and his mother ran a grocery store.  The Albrecht brothers took over their mother’s store in Essen in 1946 and within seven years they developed it into a 30-outlet network of discount supermarkets that served the region.  Theo Albrecht, who also owned Trader Joe’s stores in the U.S., died in July 2010.”

http://www.bloomberg.com/news/2014-07-21/karl-albrecht-billionaire-co-founder-of-aldi-stores-dies-at-94.html

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