Aldi has confirmed that Theo Albrecht, the discount grocer’s co-founder, has died aged 88.

Albrecht died in his home town of Essen, Germany on Saturday (28 July) following a long illness.

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In 2010, Albrecht was ranked by Forbes as the 31st richest person in the world, with a net worth of US$17.7bn.

He has not been seen in public following his release from kidnap nearly 40 years ago.

Aldi opened its first outlet with Theo Albrecht’s brother Karl in 1961.

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