Karl Albrecht

Karl Albrecht, Aldi co-founder and Germany's richest person, dies at 94

Karl Albrecht, the man credited with bringing discount stores to Europe with the no-frills Aldi supermarket chain, died aged 94 last Wednesday, Aldi said in a statement.

Publicity-shy Albrecht co-founded privately held Aldi with his brother Theo after World War II and seventy years later was ranked by Forbes as Germany's richest person with a fortune of almost $26 billion.

He resigned from the operational business in 1994 and stepped down from the company's advisory board in 2002.

The Albrecht family did not issue a statement. It has fiercely guarded its privacy since the kidnapping of Theo for 17 days in 1971. He was eventually released after a ransom of about $3...