"The Greatest!" wrote in message
...
The Family That Owns Trader Joes Is Having a Frugality War
https://consumerist.com/2016/08/15/t...ium=socialflow
€śPeople all over the world celebrate the companies that run stores under the
Aldi brand for their super low prices. Yet the branch of the family that
owns Aldi Nord, parent company of Trader Joes in this country and the Aldi
stores in countries like France and Denmark, is currently having a family
feud over frugality that has dragged their business into the public eye,
something that the family has avoided for the last half-century or so.
The Aldi grocery empire began with one small store in Germany, and the owners
sons turned that one store into a chain with hundreds of outlets. Their
family name was Albrecht, and the store name is an abbreviation of Albrecht
Discount. The separate Aldi companies came about 50 years ago: the brothers
disagreed about some business practices and decided to split the company
along geographic lines across Germany.
When expanding to new countries, only one of the companies will take the new
territory. Thats how Aldi Nord has France, Spain, Belgium, and the
Netherlands, and Aldi SĂĽd has Australia, Switzerland, the United States, and
the United Kingdom.
That makes the U.S. the only country where the two Aldis actually compete
with each other: maybe not directly, but they do share some customers. Aldi
in this country is making changes like removing artificial colors,
hydrogenated oils, and MSG from its products, and has been attracting
food-conscious but also budget-conscious millennials.
To sum up: were talking about Aldi Nord, the company that owns Trader Joes,
and Aldi stores in the other big English-speaking countries. The Albrecht
brother in charge of that branch had two children, and now one brother is
fighting with the others widow over control of the company and her familys
spending.
According to Bloomberg, Babette Albrecht and her five adult children receive
‚¬25 million ($28 million) from the trust that runs the company every year,
and her brother-in-law has been working to remove their branch of the family
from having very much control over company decisions.
The surviving brother, Theo Jr., has tried various methods to remove his
nieces and nephews from control of the company. After their fathers death,
the trust was changed to give their side less influence over the company.
Theo Jr. offered to buy the family out for an amount that they found too
low, and even offered to pay them ‚¬25 million per year to vote his way on
trust matters.
When the five siblings won in court, with the changes to the trust board
reversed, their uncle went to the press, sharing lurid details of his late
brother and his sister-in-laws spending with a newspaper.
This isnt just a glimpse into a family thats been pretty secretive, as
billionaires go: the disagreements within the board could hold up changes
that the company needs to make. Oh, youll still find an entire seasonal
pumpkin spice department at your local Trader Joes, but the other branches
of Aldi may suffer and fall behind their competitors in Europe and
elsewhere€¦€ť
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Interesting! Thanks, Greg. We have Aldis everywhere but it is not a
store I use.
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http://www.helpforheroes.org.uk