Theo Albrecht, one of Germany's richest people and the man who brought the Trader Joe's to America, died July 24 in Essen, Germany.
He was Known as reclusive and secretive, but Theo Albrecht and his brother Karl made their fortune taking over their parents' grocery store and turned it into the international Aldi chain.In 1971, Mr. Albrecht was kidnapped for 17 days until his family paid a ransom of 7 million deutsche marks ($4.6 million).
In 1979, through a family trust established by Theo Albrecht, Trader Joe's was purchased from founder Joseph Coulombe.
In 1967 Joseph Coulombe had turned his Pronto convenience stores into Trader Joe's and opened the first one in Pasadena.
But now it belonged to the Albrecht family.
Even in death, his privacy and secrecy continues,
Keeping loyal to secrecy and privacy, Trader Joe's refused Wednesday to comment on Theo Albrecht, even refusing to confirm that the chain is owned by the Albrecht family.
The business information provider Hoover's confirms that the billionaire brothers bought the U.S. company in 1979. The chain now has 342 outlets and last year had sales of about $8 billion.
Besides his brother, Albrecht is survived by his wife and two sons.
