Mr. Theo Albrecht, the discount grocer Aldi's  co-founder, has died aged 88. Mr.Albrecht died in his home town of Essen, Germany on Saturday 28 July following a long illness.

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.