Founder of German retail giant Metro dies at age 89

“He was suffering from an incurable disease and departed this life due to the hopelessness of his health situation,” said a statement from the Otto Beisheim group.

Mass circulation daily Bild said he committed suicide.

Founder of Metro Group, which now comprises 2,200 retail outlets in 32 countries in Europe, Asia and Africa, Beisheim amassed a fortune estimated by Forbes in its 2012 billionaires list at US$3.3 billion (2.4 billion euros).

According to Forbes, he was the 344th richest person in the world and the 22nd wealthiest person in Germany.

Beisheim brought the concept of cash and carry wholesaling, where retailers pick up goods themselves and pay for them immediately, to Germany in the 1960s after witnessing its success in the United States.

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