Jul 28, 2010, 12:08 GMT
Berlin - The billionaire co-founder of the international supermarket chain Aldi, Theo Albrecht, has died aged 88, the company said Wednesday.
Albrecht and his older brother Karl co-founded the supermarket in their home city of Essen, Germany, after World War II. The chain, which can be traced back to their mother's corner shop, became one of Europe's largest retailers.
Albrecht died on Saturday in his hometown.
'Aldi mourns a modest person who always dealt with his business partners and colleagues with the greatest respect,' a statement from the company said.
According to the magazine Forbes, Albrecht was ranked as the world's 31st richest person in 2010, with a net worth of 16.7 billion dollars.
The brothers split their company in half in 1960 - Aldi North and Aldi South - after a dispute, believed to be over whether they should sell cigarettes at the till.
Theo Albrecht took control of the northern firm and went on to open stores outside Germany, in Denmark, France, Belgium, Spain, Poland and other European countries.
Karl Albrecht, 90, whose half of the firm went on to expand into the US, Britain, Ireland, Australia and other European states, is number 10 on the Forbes list, with a fortune of 23.5 billion dollars.
Aldi - an abbreviation of Albrecht Discount - is renowned as a high-volume discount supermarket chain with weekly special offers.
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