Theodor Paul Albrecht (; 28 March 1922 – 24 July 2010) was a

German German(s) may refer to: * Germany (of or related to) **Germania (historical use) * Germans, citizens of Germany, people of German ancestry, or native speakers of the German language ** For citizens of Germany, see also German nationality law **Ge ...

entrepreneur. He established the discount supermarket chain

Aldi Aldi (stylised as ALDI) is the common company brand name of two German multinational family-owned discount supermarket chains operating over 10,000 stores in 20 countries. The chain was founded by brothers Karl and Theo Albrecht in 1946, when ...

with his brother Karl Albrecht. In 2010, Theo was ranked by ''

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...

'' as the 31st richest person in the world, with a

net worth Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities. Since financial assets minus outstanding liabilities equal net financial assets, net ...

of $16.7 billion.

Business career

Albrecht 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. ''Forbes'' has estimated Theo's fortune from the supermarket chain as approximately £11 billion. 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.

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. He was held at gunpoint by Heinz-Joachim Ollenburg, a lawyer, and his accomplice Paul Kron. The ransom sum was delivered by

Franz Hengsbach Franz Hengsbach (10 September 1910 – 24 June 1991) was a German Cardinal of the Roman Catholic Church who served as Bishop of Essen from 1957 to 1991, and was elevated to the cardinalate in 1988. Biography Franz Hengsbach was born in ...

, then Bishop of Essen. His kidnappers were eventually caught by authorities, but only half of the money was recovered. Albrecht later unsuccessfully claimed the ransom as a tax deductible

business Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." Having a business name does not separ ...

expense in court.

Personal life

Albrecht was raised in a

Catholic The Catholic Church, also known as the Roman Catholic Church, is the largest Christian church, with 1.3 billion baptized Catholics worldwide . It is among the world's oldest and largest international institutions, and has played a ...

household. At the age of 18, Theo was conscripted into the

German Army The German Army (, "army") is the land component of the armed forces of Germany. The present-day German Army was founded in 1955 as part of the newly formed West German ''Bundeswehr'' together with the ''Marine'' (German Navy) and the ''Luftwaf ...

and served in the North African campaign. Theo was captured by the Americans in

Tunisia ) , image_map = Tunisia location (orthographic projection).svg , map_caption = Location of Tunisia in northern Africa , image_map2 = , capital = Tunis , largest_city = capital , ...

. In 1946 he returned to

Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwee ...

. Albrecht'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’. 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. Albrecht and his brother Karl were once said to own an island located in the

North Sea The North Sea lies between Great Britain, Norway, Denmark, Germany, the Netherlands and Belgium. An epeiric sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the Norwegian ...

, where they indulged their hobbies such as golf and pastimes, including the collecting of antique typewriters. 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. 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." Albrecht died 24 July 2010, in his hometown of Essen.

References

{{DEFAULTSORT:Albrecht, Theo 1922 births 1970s missing person cases 2010 deaths 20th-century German businesspeople Aldi people Businesspeople from Essen German businesspeople in retailing Formerly missing people German billionaires German company founders German people taken hostage German retail chief executives German Roman Catholics German Army personnel of World War II German prisoners of war in World War II held by the United States Kidnapped businesspeople Kidnapped German people Missing person cases in Germany People from the Rhine Province Trader Joe's

Business career

Kidnapping

Personal life

See also

References