Although, technically, terrible candy could also be “peerless,” because no other candy sinks to its level of mediocrity — like those “Good-n-Plenty” candies I got as a kid.  

People say I think too much.

Anyway, we can safely mock the name because the Peerless Candy Company here in Roanoke is long gone.  The Internet informs me that it was established in 1916 and lasted for about 35 years.