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German supermarket tycoon Albrecht dead at 94

Associated Press Published: July 22, 2014 4:00 AM

BERLIN -- Karl Albrecht, 94, co-founder of the Aldi grocery store empire and one of the world's richest people, has died in Essen. He was 94.

Albrecht and his brother Theo in 1962 rebranded their grocery chain Aldi -- a contraction of "Albrecht Discount. He was ranked No. 24 on this year's Forbes list with an estimated net worth of $25.9 billion.

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