Pros
You learn a lot when other employees leave and you are reassigned their workload. Gaining of useful work experience. You can also learn a lot about how not to manage.
Cons
There is a lack of real management knowledge at the highest level. Groupthink is prevalent and is the only way to get ahead. If you have learned knowledge and attempt to offer it, you are shunned and sometimes fired due to intimidation by insecure management. I also experienced unethical business dealings with customers and employees. Management by fear and intimidation. Managers also openly admitted disapproval of women and old folks in authoritative positions. Finally, pay not equitable amongst sexes, or for those with experiences, and benefits were old school (no flex time). Overall not a positive place or place for real growth.