Karl Albrecht, a reclusive German billionaire who with his younger brother Theo turned his mother's corner store into a worldwide grocery empire, has died. He was 94.
Albrecht's July 16 death in Essen, Germany, was confirmed by Aldi, the no-frills discount chain that he and Theo co-founded. Separately, Theo Albrecht acquired Trader Joe's in 1979 and placed it in a family trust. Theo died in 2010.
Described by Forbes magazine as "more reclusive than the Yeti," the brothers shunned publicity. Only a few public statements were attributed to Karl, most notably his pithy 1953 summation of Aldi's credo: "Our advertisement is the cheap price."