“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.”
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