Germany-based discounter Aldi has confirmed on its website that Theo Albrecht, one of its co-founders, has passed away at the age of 88.
Mr Albrecht built the retailer with his elder brother Karl, and was at the time of his death the second-richest man in Germany worth an estimated €17bn, with Karl topping the list.
Aldi, which is actually a shortened name for 'Albrecht Discount', was split in two in Germany in 1960, with Karl taking charge of the stores in southern areas of the country under the Aldi Süd banner and Theo heading up the northern division, Aldi Nord.
The brothers helped build the company into one of the world's largest retail chains, with stores now found across 19 countries in Europe, the US and Australia.
In later life, the brothers passed control of the company over to a board of family members and other representatives.
'Aldi mourns a person who was always decent with his business partners and employees and always treated them with respect,' a statement on Aldi Nord's website read. 'We are losing our highly respected founder and an upright person.
'We thank Theo Albrecht for his always exemplary, dedicated and courageous action,' the group added. 'We will continue his legacy in a respectful sense.'
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